Five trends towards 2020
Key trends defining the scene for our business the next three years
- Ensuring the quality of data to establish sufficient trust in BI
- More relevant external data will become available
- The use of data will change from reactive to predictive
- Speed will increase, faster access to data, and more or less live access to external data sources
- Working with external data sources will become Cloud based data
One – Quality of data
It will become clear to many companies that their data and many spreadsheets are insufficient when it comes to business intelligence (BI).
To be able to get relevant and actionable BI output. Key players will require absolute data accuracy, clear data definitions and a clear semantic model among the involved,
We believe that everybody agrees to this fact. BUT in reality, we very often experience data slack and in consistency which makes it impossible to use and work with the data in terms of real intelligence
There is an old saying that goes: “crap in = crap out”. That is completely true, especially when it comes to BI
Ease of use does not correlate with data accuracy. Just because a spreadsheet can be pulled and mashed up with data that already exists within the data warehouse, does not mean that the analysis is true!!
Two – More data
More relevant data form several data sources to be used in one solution.
Both internal and external data will be used in one solution, creating true and real actionable BI. Developing competitive knowledge and understanding combining data sources such as:
- Own data – ERP, CRM, TPM data etc.
- POS data – From customers, retailers, store pictures, IoT etc.
- Market data – From Nilsen, GFK etc.
- Media data – From Kantar, Google, Facebook etc.
- Weather data
- Central statistics
Three – from reactive to predictive
Until now very few companies have had the technical resources to use historical data to predict future outcome of various parameter changes.
That is changing while “we are talking”. The access to machine learning (artificial intelligence) will become widespread and change the way companies work with analyse data.
We will see more and more focus on live use of historical data to predict
future results understanding business effectiveness of different parameters and their interactions such as:
- The expected online and offline sales results related to different promotion and media campaigns.
- Sales potential related to demography with different channel and banner strategies.
- Price elasticity combined with weather predictions for the next 7 days.
- The expected effect of “new product introductions” based on future learnings and banner agreements.
Four – Faster access to data
Just a few years ago many companies could only dream of instantaneously access to several external data sources, and many companies still accept working with monthly or weekly data – This will change!
Companies will reject slow query performance on both internal and external data.
The willingness and the need to wait for analyses will disappears as enormous amounts of data won’t slow down the time to real knowledge.
Thanks to CatMan Solution all consumer goods companies and retailers can take advantage of near real time analytics on both internal and external data, alongside traditional data warehouse solutions. As more and more companies become aware of the opportunities they won’t live with slow query performance
Five – Cloud based data
Cloud and on-premise data and applications will melt together when working with business intelligence.
An increasing number of BI users will be able to connect to, integrate, mashup and analyse several data sources outside the exciting data warehouse.
Cloud and on-premise applications become one. This could be a major benefit for companies who chooses to take advantage of the freedom from traditional BI structures.
The new set up and the Initium solution can and will drastically improve the way you can use external data sources in one BI solution.