With the vast amount of data available, businesses find themselves in the need for data visualization tools to fully benefit from it. A number of powerful solutions are already available on the market with many more upcoming in the nearest future to redefine the industry’s demand.
Recent years were marked by the astounding development in the field of business intelligence. According to Gartner, entrepreneurs lose on average $15M annually due to data of poor quality. This, in turn, stimulates the demand for BI solutions. Luckily, there are organizations that eagerly meet this demand by giving ventures data analytics tools to leave spreadsheets behind and make analytical insights available to general users.
But whom to trust your data to? It’s hard to answer this question by naming the ultimate front-runner. Some of the popular solutions on the market include Tableau and Power BI. However, with the help of API-integrated third-party services, more and more enterprises choose to develop their custom-made software for solving tasks primarily relevant to them.
Regional analytics for retailers and transportation companies are the most widespread use cases. Entrepreneurs use these tools for monitoring overall operation, as well as different sales regions individually. This allows gaining insights from spatial data analysis important for making business decisions.
We are witnessing remarkable shifts in the ways business is done thanks to the availability of vast demographic data sets that empower decision-makers with relevant and necessary information about the prevailing market trends.
Previously, chief executives didn’t need to examine sales data visualization in their yearly reports. But this is changing with the accessibility of geospatial analytics for all players of the market, including smaller firms. It reveals such information as the number of salespeople visiting a given area, how competitors expand their chains, etc.
Consulting Services Reinvented
More and more companies are making a SasS model the foundation of their profit. Organizations offering analytical services are next in line. For instance, McKinsey Solutions already provides uncomplicated statements immediately upon request. This contributes to the companies agility and dynamics since the decisions are made promptly and effectively. And the best part is that with these reports, even small businesses can leverage insights from geodata visualization without seeking the assistance of knowledgeable yet expensive data scientists.
Among other things, the latest years are characterized by the rapid development of online demographic maps. Utilizing them, companies gather diverse information by just setting the filters to choose what’s relevant to them. Following the link is all it takes to get access to such solutions.
It is interesting to observe how such products bring consultants and developers together for building new unique projects by gathering and processing data. It’s worth mentioning that the evergrowing demand for tailormade solutions is driving the market forward, and it won’t be long before “services within services” start to emerge.
This is another technical wonder that gives us the feeling we’re already living in the future. GIS spatial analysis allows us to create “digital twins” — digital replicas of any physical entity. This is particularly useful for understanding phenomena, how they work, and what’s their full potential. Thus, using the available data, we can make accurate predictions and uncover hidden possibilities regardless of the complexity.
Presently, such digital modeling doesn’t come cheap, but with each passing year the technology is gradually improving, therefore solutions based on it are becoming more and more affordable.
Pain Points to Anticipate
1. As prices for AI products decrease, businesses will be able to afford their own analytical departments. This builds the market demand for tools of very narrow specialization. As a result, multiple services will become irrelevant to many organizations. Eventually, it will lead to increasing market fragmentation.
2. The competition is going to involve also data formats apart from the prices and quality of services. Map as a product and prediction as a product are stepping into the market. These specialized solutions are designed to shed light on the current “state of affairs” and “the best course of action”.
3. Low scale ventures may find themselves in a complicated position trying to juggle data management, marketing, and other fundamental processes. As a result, effective outsourcing must be introduced in the company at least for refining collected data.
Analytics as the Wave of the Future
Both the quality and quantity of information is rising exponentially, unlocking impressive opportunities with insights available. Yes, the complexity of data skyrocketed, but so did the sophistication of analytical tools. In the new decade, vast sets of data can be processed immediately providing instant results.
To sum up, we live in a fascinating time with powerful tools at our fingertips. These tools empower our society with force to create truly inspiring things previously possible only in sci-fi novels.