In the data world, there are simply too many fancy phrases that are overused. “Big data” is one that is often said in an attempt to describe what actually is our data industry. This leads us to the point of our blog post about the phrase “Data Analytics Products”.
When you do a basic Google search on it, you end up with results that include solutions like Tableau, PowerBI, and Looker. These companies do in fact sell a product that is focused on Data Analytics. But, to us, that only solves part of the need.
Our definition of Data Analytics Products is software that is based on Data as the core ingredient (the heart). There are two ways you can look at a Data Analytics Product:
- A software solution that delivers visual insights (aka dashboards via BI platform).
- A custom software solution or product that recognizes existing workflows and enhances the workflow(s) by leveraging data into the mix. As a custom solution, addressing workflow is only of many features that can be offered.
The ROI on both products are clear to see:
- Dashboards focused on the right data story can deliver actionable insight opportunities, both internally and externally. The value isn’t focused just on the tech used to deliver the insight, but also the right data story using the right tool to represent itself. We consider this a one-way conversation the user has with the data provided.
- A custom software solution leverages existing data an organization has in order to help users navigate workflows. As the user provides the custom software solution with more information/data, growing Data behind the scenes offers prescriptive solutions for the user. This example alone, amongst the many available features available, is the ROI that defines growth strategies for most organizations.
One solution isn’t better than the other, as each serves a different need. Data is becoming a more quantifiable asset, causing some of the leading Private Equity firms to reexamine how to conduct company assessments with the Data they own. This need to “rethink” business evaluation formulas is a major indicator of what the future may hold.
The question really becomes: how well are you leveraging your data?