The accuracy of the data received is paramount, and the data needs to be actionable as a wrong business decision can be extremely costly to an organisation.
“Every step of the data journey presents a challenge for organisations,” said Advani. “This can come in the form of governing, managing, storing, accessing and analysing data for actionable insights.”
“If organisations make a wrong step in any of the process, they may face severe penalties and economic losses,” added Advani.
Advani believes that as the market matures more customers will move from traditional business intelligence to modern business intelligence.
“In the past, a request for a dashboard or analysis was submitted to the IT or business intelligence department,” said Advani. “Often IT and business intelligence departments were overwhelmed due to the sheer volume of data coming in, combined with the increasing demands of the business.”
However, to deal with this challenge, businesses are now introducing self-service analytics platforms which are meant to empower every user to interact with the data to derive what they need to make decisions.
“With the right data available, the right tools and the right culture, people will finally be able to use data to its full potential thereby greatly increasing the competitive edge of their companies,” said Advani.
Furthermore, as datasets grow faster and larger, more organisations are looking to empower all workers - not just the technical specialists - with data skills. One example is GoJek, which has a data-first mindset.
“Like many companies, GoJek faced the challenge of having its data residing in many sources and forms – from Go-Ride to e-payment platform Go-Pay and food delivery service Go-Food.”
“With such disparate data sources, Go-Jek faced difficulties making sense of data,” said Advani. “Go-Jek’s IT team hence turned to Tableau to help it make sense of its data, as it enabled the team to integrate many data sources and build a dashboard from a billion rows of data in just a few clicks - Tableau can now be used to present data at every meeting and discussion.”
“Every business sits on mountains of data,” said Advani. “The challenge is to leverage and learn from that data to arrive at strategic insights which drive the best and most informed decisions that in turn help a business to reach its strategic goals.”
According to Advani, an ever-increasing number of businesses are turning to self-service analytics. “This is because the traditional analytics method, where departments ask the IT or data scientists for data insights, often takes too long and can result in people working with outdated data.”
“Instead, businesses are moving towards modern, easy to use visual analytics platforms which allow people across different departments, at all levels, to perform analytics themselves,” he added.
As a result, said Advani, the firm introduced tailored subscription offerings in 2018 – Tableau Creator, for heavy users like analysts; Explorer, for users that want to explore governed data in a self-serviced way and Viewer, for users who only need to access analytics dashboards.
“This allows our customers to strike the appropriate analytics mix to meet their specific needs,” said Advani.
Many businesses are also looking at the advantages of migrating data to the cloud due to its added flexibility and scalability.
"Lastly, developments in technology such as artificial intelligence and machine learning are shaping our business,” said Advani. “We see a lot of potential for these technologies to further democratise data.”
“Like in any business relationship, vendors and partners may not always see eye to eye,” added Advani. “However, if each party trusts that the other is acting in good faith, it helps to drive mutual success even if there are differences in points of view.”
The other area is profitability, where, according to Advani, vendors must be conscious that every action will impact how much money partners make.
“We must do everything possible to ensure that both the vendor and partner are in the black,” added Advani. “Only then can we develop a long-term, mutually successful relationship.”