With half of the year already behind us, many companies who purchased technologies in Q1 have been able to evaluate the return on those spends as well as better understand where business pains still lie. Right now, there is time for companies to purchase products and services that can still impact their 2017 numbers.
As we did in Q1, RainKing wanted a better understanding of the tech landscape in Q2 2017: where companies and organizations are feeling pain and where technology budget dollars are being spent. So, our Research Department conducted multiple technology category-themed surveys in Marketing, Business Intelligence, Enterprise Applications, Network, Storage, and Security. We asked business professionals who work in these sectors at companies spanning all different industries, sizes, and revenue bands, to indicate the pains they experienced as well as any new spending (as opposed to maintenance or recurring spending) made throughout April, May, and June of this year.
In our full report we have graphed all of the results and compared them to results from the same survey conducted a year ago in Q2 2016. We then shed a little light on the top five most commons responses for pain and spending within each category with help from our CTO, Dennis Arndt.
Q2 2017 Business Intelligence Trends
Top 5 Business Intelligence (BI) Pains
- Unstructured Data (+4% YoY) — Unstructured data is difficult to control. Data is complex and often massive in size, making it harder to synthesize, organize, and store. It also comes from a multitude of channels, including emails, files, PDFs, and other documents. Easily shared via email, sensitive data is no longer protected in an unstructured system. This is why it is now the new target of hackers. The impending GDPR deadline in 2018 means that companies must get a handle on their unstructured data or face severe penalties if sensitive data is ever exposed.
- Data Security/Compliance Issues (+3% YoY) — We hear about new data breaches practically every day which is why making sure sensitive data is secure is of the utmost importance. Security regulations and compliance exist to force businesses and organizations to keep data safe. However, developing policies and procedures as well as validating, implementing, and enforcing them takes a lot of time, money, and dedication.
- Lack of Real-Time View into Critical Data (+3% YoY) — In today’s fast changing world, waiting a day to discover an issue may be too long. Having real-time data allows execs to understand the impacts of changes made to their bottom line in real time. This gives them a competitive advantage with the ability to make quick changes to strategy as needed to capitalize on an opportunity or to avoid a crisis.
- Backlog of Report Generation for Managers (+/- 0% YoY) — Businesses today are becoming increasingly data-driven—but what good is this valuable data if it cannot be digested or used for actionable insights? A backlog of report generation for managers could lead to missed opportunities and less-informed business decisions.
- Lack of Integration of Critical Data (-1% YoY) — Data integration is essential for business operations. Big data is only getting bigger and the data is only useful when it is integrated and virtualized. However, getting this widely dispersed data from all different sources integrated is a huge feat. There are multiple factors that come in play such as handling and storing the different types of data, devices to be installed, communications, and more.
Top 5 Business Intelligence (BI) Spends
- Cloud-Based BI and Analytics (+1% YoY) — The amount of data moving to the cloud continues to increase and Cloud-based BI and Analytics are no different, providing scalable, more affordable, information and actionable insights.
- Predictive and Statistical Analytics (-2% YoY) — Being proactive as opposed to reactive can be the difference between growth and loss within a company. Predictive and Statistical Analytics takes data and turns it into a story of patterns and trends, giving execs the ability to make better strategic decisions and forecasts. They can help garner a competitive advantage and keep the company moving forward.
- Embedded BI Solutions (+/- 0 YoY) — Data is great, but only if sense can be made of it and a story can be told. Embedded BI Solutions help analysts do just that—ultimately creating dashboard, reporting, charts, and more to share with managers and the C-Suite. The more data and trends are understood, the more quickly and easily data-driven decisions can be made.
- Data Warehousing Platforms (-2% YoY) — Data Warehouse Platforms/Software is a top 5 spend because it allows customers to not only store large amounts of data (think petabytes) but also allows the data to be analyzed in ways that would be impractical if not impossible using the ubiquitous RDBMS systems.
- Mobile BI and Analytics (-4% YoY) — Having real-time data available anywhere, 24/7 is the biggest draw of Mobile BI and Analytics, giving decision makers the ability to quickly pivot strategy as needed. It boosts productivity and gives a leg up on the competition while also avoiding crises. However, two big concerns with mobile access: data security and usability for end-users which may be slowing investment in the technology.
RainKing will continue to follow technology pain and spending throughout the year, so be sure to check back after Q3 for new trends and insights.
Data and analysis by RainKing Analytics