Enterprises in the U.S. are making major investments in analytics platforms to enable data-driven approaches to decision-making at all levels, according to a new research report published today by Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm.
The 2022 ISG Provider Lens™ Analytics Platforms report for the U.S. finds that many U.S. companies, facing tougher competition and a wave of startups with disruptive business models, have shifted their objectives from capturing and storing data to extracting real-time insights from it. Both large and small enterprises are investing in embedded analytics, business intelligence (BI) and data governance platforms to reach these objectives.
“Modern analytics tools help organizations turn data into stories that guide decisions,” said Sush Apshankar, ISG analytics lead for the Americas. “Most U.S. companies are in the early stages of data maturity, so demand for analytics platforms is soaring.”
In 2023, enterprises are likely to continue initiatives that empower more employees to use data for insights and decision-making, the report says. As the volume of data in most organizations quickly grows, companies will also seek platforms that enable more efficient data management. Adoption of data governance tools is also rising as organizations face a growing need for trust in critical data as the single source of truth.
Data governance has become more essential partly because of the growing number of internal and external cybersecurity risks, ISG says. Data breaches, especially ransomware attacks, can place the quality and reliability of data into question. Data governance platforms also help companies put data into context, a requirement for informed decision-making.
Enterprises with higher data maturity are also investing in tools for embedded analytics, which allow them to share real-time insights in reports and web portals rather than keeping them locked in the applications where the data resides, the report says. Data self-service tools, which allow non-technical users to leverage analytics capabilities using natural language, are also on the rise.
“U.S. companies no longer view data only through a technology lens. They are concentrating on its business impact,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “Analytics platforms are helping them reach data literacy, with a much deeper understanding of what data can do for them.”
The report also explores other U.S. trends in the use of analytics platforms, including the increasing availability of industry-specific tools and the prospect of greater cognitive abilities and voice-based queries to come.
For more insights into the analytics challenges faced by U.S. firms, along with advice for how to use analytics platforms to overcome those hurdles, see the ISG Provider Lens™ Focal Points briefing here.
The 2022 ISG Provider Lens™ Analytics Platforms report for the U.S. evaluates the capabilities of 37 providers across two quadrants: Embedded Analytics and Business Intelligence Platforms and Data Governance Platforms.
The report names IBM, Qlik and TIBCO as Leaders in both quadrants. It names Alation, Collibra, Denodo, Informatica, Microsoft, MicroStrategy, SAP, SAS, Tableau and Talend as Leaders in one quadrant each.
In addition, Precisely and ThoughtSpot are named as Rising Stars — companies with a “promising portfolio” and “high future potential” by ISG’s definition — in one quadrant each.