Did you know that, in 2018, there were 6,800 SaaS companies (up 27% from 2017) available in the Marketing industry alone, not to mention other verticals like Customer Service, Human Resources, and Sales?
Research shows that companies are spending 50% more on SaaS products, and the number of unique apps per company grows 30% year over year.
Over the past half-decade, new technology has eased and quickened data collection. Self service business intelligence is what makes it possible to access that data.
An Influx of Data
This new technology makes it possible to collect data regarding everything from consumers’ online behavior to confidential medical information. This raw data, if properly analyzed, contains answers to questions. like, “What are the characteristics of a successful marketing campaign?” and “Which lifestyle choices result in increased longevity?”
Creative data analysis can identify patterns, which then promotes better decision-making. In many cases, the results are unexpected.
For example, in 2012, Walmart examined consumer behavior before hurricanes to determine which supplies to stock for impending bad weather. In addition to obvious items like flashlights, bottled water, and batteries, analysts discovered that individuals preparing for hurricane-force winds tend to purchase higher quantities of strawberry Pop-Tarts.
This product was then added to the emergency supply shelves, and Walmart enjoyed a windfall of extra sales.
As data collections grow larger, the skills required to find meaningful patterns have grown more complex. In fact, many businesses and agencies are hiring data scientists for the sole purpose of mining enormous quantities of information and analyzing the results to create evidence-based recommendations.
Unfortunately, the skills required for successful data analysis are in short supply, reducing many companies’ ability to make the most of their valuable data collections. While a number of solutions have been proposed to close the data analysis skills gap, the fact is that, eventually, most jobs will require some ability to conduct big data analysis for evidence-based decision making.
The Rise of Self Service Business Intelligence
However, there is some good news: this shortage of data analysis skills has led to new technology products that enable “self service business intelligence.” Companies such as Looker and Tableau are stepping in to bridge the gap with user-friendly platforms that simplify the data analysis process. With a bit of preparation from data teams, these tools provide dashboards, graphs, and charts that present large, complex amounts of data in a simple, easy-to-understand way.
These solutions are important to help augment the skills of information workers and help them be more nimble and data-oriented while making better business decisions.
However, there is still a noticeable gap when it comes to accessing the raw data that can be further converted into beautiful dashboards. There’s also a gap in the flexibility and agility of the business intelligence tools themselves—most are limited in their analysis, and without proper preparation from data teams, business users can’t do too much with the tool.
While other companies are solving the data visualization problem, our mission at Kloudio to democratize data access—to provide data for all.
As part of that, we’ve built features into our product that simplify data access from any data source (e.g., databases, enterprise applications, and web services) for any user, regardless of technical savvy.
Kloudio makes it possible to leverage data through your favorite spreadsheet tool, like Google Sheets or Excel.
Empowering all users to access, prepare, and act on data significantly levels the playing field and ensures that everyone benefits from this extraordinary increase in data collection. Create a free Kloudio account to see how our platform can complement (or replace) your self service business intelligence tool.