What this blog covers:
- Is your Business Intelligence platform efficient?
- Factors that are hindering the success of your organization
- How Kyvos can be the answer to all your BI problems
Are you confident that your analytics initiative delivers a comprehensive perspective on the insights? Or are you struggling to become analytics-driven?
Today, organizations invest in modern Business Intelligence platforms that come with flexible and interactive reporting features to enable ad-hoc reporting and reduce reliance on IT teams. However, despite spending a fortune, they fail to enhance their decision-making efficiency.
According to researchÂ by Gartner, 70-80% of enterprise business intelligence initiatives fail.
Want to know what’s holding your organization back? Let’s look into some of the factors that are impacting your business bottom line:
Long Waiting Times Affect Decision-Making
When you go shopping, how likely do you prefer to stay in a line that stretches out the door? It’s a fact that long queues scare the customers away, and in the same way, long waiting times for reports cost sales.
Now let’s talk about how long waiting times for reports impact your bottom line. When business leaders have ad hoc questions not answered by pre-created dashboards or reports or require in-depth, complex analysis, they turn to analysts.
Imagine the situation where the manager wants to perform ad hoc investigations to understand why, in the last six months, there has been such a drop in the sales of household items. Complex questions like this could take hours or days to bring back the answers, delaying business decisions or pushing managers to rely on their intuitions.
Unfortunately, the growing demand for answers and complex analysis on cloud-scale datasets means business leaders have to wait longer for the analysis they need. By the time manager receives the report, the information becomes irrelevant to the sales team because they have already moved on to another direction. Just because the data is not analyzed on time, the organization is deprived of the profit it might otherwise have been able to generate.
Organizations get frustrated when their analytical efforts fall short due to data lags and the inability of BI platforms to leverage billions of rows of data on time. What you need today are instant insights on ad hoc questions to act at the moment.
Siloed Reporting Costs More
Every organization has different departments for handling various operations. And with the ever-growing data volumes, it’s difficult for organizations to use a single standard for consuming and driving analytics. Therefore, they opt for more than one BI platform to generate reports, as teams across the organizations prefer having their version of the truth. This results in missed business opportunities, unfavorable customer experience, and ineffective revenue forecasts all because of inconsistent reports and siloed analysis that severely affects your business. And instead of seeking solutions, organizations accept fate and live with the problem.
According to research conducted by Gartner, “On an average, organizations had to bear a loss of $9.7 million per year as a consequence of sample data reporting”.
Today, businesses must work on consistent, unified data because insufficient data or poor reporting can cost them enormously.
Inability to Leverage Complete Data, Leads to Missed Opportunities
Typical Business Intelligence platforms limit the scale of data you can analyze. For instance, your sales team wants to analyze 15 months of data to get a broader picture of the business. The sales manager wants to ensure stock availability to cross-sell/upsell based on the product’s popularity. But since it is challenging for your BI platform to analyze data at this scale, organizations have to restrict their analytics and miss the insights on what’s happening right under their nose that requires attention.
According to research, 67% of data in cloud data warehouses is going unused for analytics.
No matter how rich your data is, you need a solution that can overcome performance and scale limitations and enable you to take advantage of every opportunity and have a competitive edge in the market.
Too Much Dependency on Data Teams Can be a Roadblock
Organizations often provide enterprise-wide data access to all data analysts and data engineers. However, as the demand for information rises, the overworked data experts fail to answer even the simplest questions the employees ask.
According to research, 90% of organizations say the success of any business depends on empowering all employees to make data-driven decisions at the moment.
You need a solution to empower every employee to bridge the gap between data and business and create reports to get business insights without relying on others.
The symptoms mentioned above alert you that something is wrong with your Business Intelligence platform and is slowing down your business. Instead of sticking with an ancient paradigm and forcing square pegs into round holes, it’s time to adopt a next-generation analytics solution that can deliver business users data-driven insights when needed.
Envision a solution that can overcome all these challenges and enable you to analyze years of data and get instant reports, even while performing ad hoc analysis.
The Kyvos Solution: One Stop to All your Analytical Barriers
Kyvos is what all modern enterprises need today. It is a solution that can help you perform accelerated analytics on billions of data while providing a consistent view of your business. It helps BI tools thrive in this new world of modern data analytics. Using its cloud-native Smart OLAPâ„˘ technology, Kyvos builds a BI acceleration layer on modern data platforms that enable users across your organization to perform self-service, interactive analysis on cloud-scale data using any BI tool. Let’s see how it can solve all BI challenges –
Get Instant Answers to Critical Business Questions in Seconds
Even though both your data and the Business Intelligence platform are on the cloud, you still face some interaction issues that present a performance bottleneck. Kyvos resolves this problem by materializing the cubes for speed. As it does all heavy lifting in advance, these cubes provide instant responses to all complex queries fired across hundreds of dimensions and measures. With Kyvos in your BI architecture, you can use your existing BI platform to query data without limitations, slice and dice, and drill down to granular levels with high performance and instant response times.
Empower Employees by Providing a Consistent Data View
Kyvos builds a high-performing semantic layer on the cloud that bridges the gap between complex data sources and business users. It enables you to define business metrics, and data access, in one place to get a unified view of data by hiding its physical complexity from consumers. This way, all users will use a single standard for consuming and performing analytics and are more likely to generate accurate reports, regardless of their use case or toolsets. No matter how many BI tools an organization uses, Kyvos can empower all business users to speak the same language by introducing a semantic layer in your BI architecture.
Elastic Architecture can Help you Uncover Hidden Insights
The more data you analyze, the higher your chances of identifying anomalies, uncovering trends, and other visual analyses that can help you run your business more effectively. Kyvos leverages the cloud for elasticity to optimize resource utilization, deal with peak loads, and deliver cost-effective BI. With a solution like Kyvos, you can scale out to billions of data and never miss an opportunity to become a proactive organization that takes advantage of newly found opportunities instead of reacting to stale insights.
Provide Democratized Access and Slash your Dependency on Analysts
Providing democratized access to all employees can empower them with the ability to answer questions and uncover insights on their own. But with great power comes great responsibility. How can you be sure that by providing democratized access, your data is secure and is not misused? It’s essential to ensure data governance with data democratization.
Kyvos provides a native three-tiered security architecture that enables granular-level access control through row and column security at the group and user levels. To implement column-level security, you can explicitly define a centralized set of rules for a group of users. For row-level security, you need to specify the rows you want to hide and users or a group that can access that information.
Kyvos ends your analytical quest by accelerating your current BI platform and freeing you from all the challenges that affect the success of your organization.