BI (business intelligence) and analytics will remain a top investment priority for CIOs, but by 2015 BI vendors will make ad-hoc data discovery, rather than report generation, the prime focus of their product development efforts, according to a new Gartner report.
During the past 10 years, the BI industry has grown based on “IT-centric BI platforms for large-scale systems of record,” Gartner said. “These have tended to be highly governed and centralized, where IT production reports were pushed out to managers and knowledge workers.”
While ad-hoc querying and other analytic tools have been available, “they were never really fully embraced by the business analyst masses, primarily because they are perceived by most as being too difficult to use,” the report adds.
In today’s competitive marketplace, as executive leaders are racing to convert data-driven insights into meaningful results, business analytics and Big Data is proving to deliver big payoffs for organizations. The good news is successful leaders are infusing analytics throughout their organizations to drive smarter decisions, enable faster actions and optimize outcomes. Indeed, over 75 percent of organizations are seeing positive returns and organic growth from applying Big Data and analytics in their organization. In addition 40 percent of companies are seeing a rapid return on investment (ROI) within the six months of analytics adoption.
Data visualizations are commonly used in reports and presentations; however, they can also be used in on-screen dashboards. When using loan processing software with data visualization and dashboard features, you could set up a dashboard to contain a set of key performance indicators and predetermined thresholds. Each time you log in, you’d be able to see exactly how your loan processing business is going. Depending on the software, you could even set alerts so that you are automatically notified anytime a threshold is crossed.