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6 Things European BI Vendors Must Consider
Service providers can optimize offerings in the European business intelligence market by aiming at data-centric futures.
FREMONT, CA: Europe has arrived at the crucial data juncture as data is gradually becoming central to businesses across industries. Technology is becoming the fundamental driver giving rise to improved intelligent models of operation. At the core of these developments are the business intelligence connoisseurs and enterprises which are trying to cater to client companies and craft effective solutions perfectly. According to a market forecast by Inkwood Research, the BI market in Europe is expected to grow at a CAGR of 9.68 per cent between 2018 and 2026. However, this period will also be marked by continual and extensive changes in the ways European firms would address their data management requirements. When coupled with the evolving capabilities of the vendors, the BI segment will follow a growth trajectory as data-driven culture becomes predominant in the continent. European vendors now need to prioritise features, requirement, and opportunities.
• Governance and Compliance
Following the implementation of GDPR, companies rethink many of the data management policies and processes. The stringent regulations have made it necessary that firms evaluate working models and introduce remedial measures to ensure data privacy. BI solutions can promote compliance to GDPR with data governance tools by giving quick and deep insights. Additionally, data governance also sets the tone for making data centralised and thus is critical for any data-related strategy. Governing data prevents mismanagement of data and simplifies full exploitation of available resources, leading to improved business decisions and better data protection. Although Europe is behind other global markets when it comes to the popularity of data governance, the telecommunication and financial industries have created demand for this subset.
• Data Discovery
Data discovery is the precursor to analytics, thus being of strategic importance to BI. Several sources of information surround businesses. The ability to identify valuable data allows users to take the right steps towards discovering trends from it. Thus, most of the industries across the European region have shown a great deal of interest in data discovery products and solutions. Vendors can solve the complex visualisation challenges that firms face by introducing features that help connect all the data channels. Machine learning has been helping service providers create innovative tools, and they should keep focusing on the area. Most of the bigger companies from all the sectors have expressed their need for this range of solutions.
• Interpretation Solutions
Data discovery should be effectively integrated with tools that can help businesses interpret the information. Unless the data is relayed to a business user with varying degrees of simplicity, companies cannot take advantage of it. As competition grows, companies want intelligence to become interactive and faster. Vendors can approach this demand with tools that allow faster analytics and comprehensive reports. Customisable dashboards and better user-interfaces are in demand throughout Europe as companies aim to redirect tasks from IT departments to business departments. BI companies can deliver extraordinary value to business clients by making analytics user-friendly and versatile. Utilities and transportation sectors are the primary consumers for these products.
• Mobile Solutions
The explosion of mobile devices and the growing favour among companies towards remote workforce has changed many fundamental business dynamics. When it comes to BI, these developments have created a place for mobile solutions. Mobile BI solutions are different from their conventional counterparts in many respects, but there have not been many vendors specialising in this area. As the European manufacturing and retail sectors foster higher growths, they require better mobile intelligence. Vendors thus have a lot of opportunity in mobile BI development and must capitalise on the available technologies to create an exclusive set of features which allow remote access and enhanced compatibility with a range of mobile devices. In the near future, Europe can depend on the potential of mobile BI capabilities to overcome numerous business challenges.
• Cloud-based Solutions
The cloud revolution that started some years ago has affected data management in many ways. Service providers have also preferred cloud environment over on-premise solutions. Cloud based-BI in Europe has seen slow but steady acceptance. The initial reservations among businesses about going cloud with BI can be attributed to the increased security and privacy concerns. Now, with companies shifting to cloud-based models, BI is also following the same path. Vendors can develop secure applications with higher degrees of reliability to attract business users. With the desirable features of scalability and agility, clouds cam optimise BI solutions.
• Incorporation of Internet of Things (IoT)
IoT is one of the exciting technologies in the fray right now. It will subsequently have many implications for BI solutions. The potential of IoT in BI emerges from the fact that it aids in seamless information generation and real-time monitoring using an extensive network of connected points of input. BI vendors, as well as users in Europe, are employing IoT methods and strategies, and there is sure to be a rapid rise in demand for smarter BI solutions that can keep pace with IoT generated data.
The European business landscape is in the midst of the transition. Vendors chart innovative courses with their BI offerings in order to make an impact in the market. Investing in upcoming technologies will take the developers, experts, and consultants far ahead in the competitive scenario.