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Budapest BI Forum 2021

Although advances in technology would allow all applied BI tools to work and would no longer be a particular barrier to this, the business penetration of business intelligence remains low. Its wider organizational spread also requires the development of a corporate culture that understands and evaluates fact-based decision-making.

Business leaders are beginning to recognize the importance of basing their initiatives on data and analysis. Bence Arató, Director of BI Consulting, host of the Budapest BI Forum 2021 in November, gave an overview of the market and technology trends in business intelligence in his opening speech.

However, along with Gartner’s cited favorable forecast (Top 10 Data and Analytics Trends, 2021), the enterprise-wide expansion of data analysis solutions is far from seamless. According to the latest survey by the BARC (Business Application Research Center) in Berlin (BI Survey 2022), organizations are hampered by a variety of difficulties in applying business intelligence more widely. For example, nearly a third (32 percent) of users surveyed complained of poor data quality, more than a quarter (26 percent) a problem of internal power struggles over data ownership, and business users’ lack of interest and poor governance caused problems in more than a fifth (21 percent) of companies. in this area. Just over a quarter of respondents (27 per cent) say they have no particular problems with BI practices in the workplace. among companies. Respondents most often mentioned the use of Logi Analytics and Microsoft Excel (40 to 38 percent) and Yellowfin and Zoho Reports (33 to 30 percent). Nearly a quarter of organizations (23-21 percent) work with Phocas, Information Builders, and Microsoft SQL Server Reporting Services, while 19 percent have implemented Oracle BI, Qlik Sense, Targit, Sisense, and Pyramid Analytics. . And 17 percent of companies use all of these products, and more than a dozen BI software. According to a study), less than 10 percent of employees still work with BI devices in a quarter and less than 20 percent in a fifth. Although advances in technology would make it possible for business needs to give everyone access to BI capabilities – which would make the license fee of around $ 15, or about $ 5,000, affordable – less than 15 percent of companies say they have more employees. more than 80 percent use these solutions. According to Dresner Advisory Services, this proportion has hardly increased since 2015.

It is understandable that the majority of respondents (77-59 per cent) say that management support, good internal communication and cooperation, and evidence-based a corporate culture that understands and evaluates decision-making is most needed to make BI initiatives a success. Clear goal setting, reliable data, and the availability of trained professionals are the second most important group of success factors (49-42 percent of responses), followed by self-service and easy-to-use tools (38-35 percent)

Look for Critical Capabilities

While opaque many players and tools are crowding the data technology market from Gartner’s Magic Quadrant for Analytics and BI Platforms last year and this year judging by the leading vendors of analytics and BI platforms, the lead has not changed, with Microsoft, Tableau and Qlik maintaining their podium positions, with only ThoughtSpot being transferred to a quarter of a strong visionary in the lead. According to Bence Arató’s admittedly non-scientific research, the big triple is the most popular supplier in Hungary, in the same order. Power BI’s user base has more than doubled in three years to 2,800, and the number of professionals working with Tableau has risen by 8,000 to 2,000. Qlik users are the smallest, expanding from 380 to just 430 during this time – but these are only estimates based on familiar LinkedIn profiles.

Of course, companies are not the magic square, but the and these lists (Gartner Critical Capabilities for Analytics and Business Intelligence Platforms, 2021) already show a wide variety of suppliers with the highest scores.

even the largest investments, tens and hundreds of millions of dollars, are pouring into challenging emerging companies (such as Preset, Streamlit, Metabase), and larger players are also looking at this offering. After a significant consolidation wave in the previous two years, more tactical acquisitions have taken place this year. For example, Qlik has acquired machine learning and metadata management companies (Big Squid, NodeGraph) and Tableau has chosen Narrative Science

Typical for emerging data companies. that an open source version of a device already available on the market as a closed source product is being developed. The software itself is thus free, but companies can use it as a paid cloud service if they do not want to or cannot bother with its implementation.

Bence Arató also mentioned a Hungarian example from this circle. Working on the prototype of the promising open source data visualization solution, Vizzu received a capital injection of HUF 66 million this spring. Like many OS players, this team develops JavaScript, and data professionals should be familiar with this programming language.

Technology requires data literacy

Although dashboards ) have served as a pillar of data visualization and sharing for more than two decades, judging by the end of their careers. This is because their preparation is too complicated and cumbersome to keep up with the events of the accelerated world. We’re used to the urgency of online service, but even the speed of physical transactions has leveled off, with the world’s longest direct flight between Singapore and New York taking less than 19 hours and an overseas home taking just 48 hours to the U.S. and between the United Kingdom. In contrast, users wait an average of 4-5 working days for a dashboard report.

It is understandable that the profession buryes the dashboard and turns its attention to alternatives such as natural language processing (NLP) interfaces. , search-based user interfaces (ThoughtSpot) and intelligent agents (Yellowfin Signals) as part of the analytics platform, which send alerts to users about changes in business data that are important to them.

A notable trend is headless BI – the emergence of business intelligence software without visualization capabilities, which serves as a unified, central source of metrics as a metric layer. They help to avoid the chaos that will soon prevail in companies if different areas define their own metrics. there is still room for improvement in the field. Bence Arató cited a study by Forrester Consulting (The Great Data Literacy Gap: Demand for Data Skills Exceeds Supply) commissioned by the analyst from Tableau. According to the underlying survey, 83 percent of company executives expect more explicit data control from the organization they manage, while only one-third (33 percent) of employees are proficient in using analytical tools to support decisions.

Managers and recruiters surveyed According to the unanimous opinion of companies, data literacy is already by far the most sought-after skill in the labor market, ahead of, for example, skills for collaboration and project management, and this trend will continue over the next five years.

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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