Self-service Business Intelligence Tools: The Function Of Gartner Magic Quadrant – What is self-service BI? Why is self-service BI important? Benefits of self-service BI How does self-service BI work? What should I look for in a self-service BI tool? How are different industries using self-service BI? How will self-service BI evolve in the future?
Self-service business intelligence (BI) is a tool or application that enables an organization’s end users to analyze and present data without the help of the IT department. That means teams in operations, marketing, product development, sales, finance, and more can use data every day to help drive decisions while easily following data governance processes.
Self-service Business Intelligence Tools: The Function Of Gartner Magic Quadrant
The goal of self-service BI is to give stakeholders in organizations more freedom and democratize data analysis and reporting. A single, easy-to-use source of information means fewer people rely on IT to answer data questions.
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A traditional business intelligence approach relies on IT teams and data analysts to maintain and operate a highly controlled environment. If someone within the organization requests a data report or dashboard, they must wait for the IT team to query the data and deliver the reports. In large organizations or businesses that are heavily focused on data insights, this approach can quickly create an IT backlog full of delays, making it difficult for data-driven decisions to be made in a timely manner.
Self-service BI seeks to alleviate this backlog by giving teams an intuitive user interface that makes working with data simple, even for those with a non-technical data background. Data can still be kept secure and compliant as IT teams control who has access to specific data sets, but IT no longer has to be the sole source of data analysis. Self-service BI is a solution that helps stakeholders access and analyze data and then create reports that clearly communicate the findings. With this information in hand, each level of an organization can make more informed decisions.
Self-service BI isn’t trying to make everyone a data analyst or trying to take responsibilities away from IT. Instead, it’s about helping teams across the company understand and interact with the data they generate and collect every day.
Self-service makes data analysis and usage simple and accessible to all end users. Many of the data requests made by teams in an organization are not complicated, but the systems for retrieving the required information are. The answer is to simplify the system. That’s self-service BI. With self-service BI tools, anyone can retrieve data whenever they need it.
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When teams have pressing questions, self-service BI gives them the analytical tools they need to quickly get accurate answers. It’s a more efficient process that bottlenecks information with IT and helps everyone be more productive with streamlined analytics and reporting.
When teams wait for data reports, they sometimes have to make urgent decisions without having all the information in front of them. Self-service BI enables decision makers to quickly extract specific data from the questions at hand. With a complete picture of the situation, they can make better decisions to advance their goals.
When teams can more easily access and understand data, they can streamline processes, identify areas for improvement, and even manage inventory more efficiently. All of these elements give an organization a competitive advantage.
When IT teams spend their days completing data requests and creating reports, there is little time for anything else. Self-service BI tools free up IT teams and data analysts to focus on high-level priorities that justify their technical expertise, such as data mining or data modeling.
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A self-service BI tool ensures higher data quality across the organization by reducing the risk of human error when collecting and compiling reports.
Self-service BI makes it possible for more stakeholders to interact with data and see analytics in action. This increases data literacy throughout your organization, contributing to a data-driven culture.
Self-service BI starts with an intuitive interface, often a dashboard. From this dashboard, users can designate what they want to see in a report, both at a high level for the question they want answered, and at a more granular level, such as the columns they need and the calculated fields. Once the information has been collected, users can choose from a selection of chart types to display the results. This allows them to display their KPIs in the most meaningful way for their team.
Just like you would when incorporating any new solution, there are several things to consider when finding the right self-service BI tool for your organization.
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Your self-service BI tool must fit into your current data architecture. Tools like working with an organization’s existing cloud data warehouse, ELT tools, and BI tools. It should also allow you to create the kinds of reports you’ll need to make common decisions. Make sure your self-service BI tool doesn’t sacrifice data control for ease of use. It should allow administrators to ensure that the right data is in the right hands.
Look for tools that can be easily implemented and determine how much training your employees will need to use the self-service BI interface. The faster your team can get up and running, the better.
All industries can benefit from self-service BI. These tools are especially useful in industries that rely heavily on data analytics, such as finance, marketing, and real estate. By training employees to use a self-service BI solution, IT teams can alleviate bottlenecks and help organizations get trusted information faster than ever before.
Education is another excellent example of the power of BI. Think of all the data that a public school district collects each school year. Administrators and teachers must compile this data into reports for state and federal funding, grants, size ranking, and student support. If the district’s IT team were the only source of those reports, they wouldn’t do much more with their workday.
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With a self-service BI tool, administrators and teachers can request and create reports on their own anytime they need them, leaving IT to focus on data security and control.
Self-service BI tools will continue to innovate and simplify the way the average employee interacts with data. The interfaces will be easier to use and will be based on drag and drop and visual functions.
All these advances will continue to fuel the trend towards the democratization of data, allowing non-specialists to collect and analyze data without the help of data experts. As the average user interacts with data more frequently, overall data literacy in organizations will increase.
Data security and governance will also take center stage as IT teams balance the need for data democratization and control. Solutions like the new Dashboards default view mean IT teams can designate exactly what certain users or certain departments see when they log in to the self-service BI tool. This way, no one is overwhelmed by seeing data that isn’t relevant to their work, and data that needs to stay secure isn’t put at risk. The Self-Service BI Market is segmented by Type (Software, Services), Application (Predictive Asset Maintenance, Security and Fraud Management, Sales and Marketing Management, Risk and Compliance Management, Supply Chain Management and Procurement, operations management, customer engagement and analytics), deployment model (on-demand, on-premise), User industry (healthcare, manufacturing, BFSI, retail and e-commerce, telecommunications, media and entertainment, transportation and logistics, energy and utilities, government and defense) and region. Market sizes and forecasts are provided in terms of value (USD million) for all of the above segments.
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The self-service BI market is expected to grow at a CAGR of 15.5% during the forecast period. Self-service business intelligence (BI) enables business users and operators to access and examine business data to generate insights, even if they do not have any data science and analytics skills and experience. The self-service BI market has witnessed remarkable adoption in numerous business fields such as marketing, sales, HR, operations, and finance, attributed to in-depth competitive analysis and ease of application for non-technical staff.
Self-service business intelligence software enables business users to implement and install analytics solutions without the help of IT or data professionals and perform data analysis without any knowledge or understanding of coding. These tools allow the average employee to gain insight and insight from data to better inform business strategy and decision making.
The Self-Service BI Market is segmented by Type (Software, Services), by Application (Predictive Asset Maintenance, Fraud and Security Management, Sales and Marketing Management, Risk and Compliance Management, Supply Chain Management, and Procurement , operations management, customer engagement, and analytics), by deployment model (on-demand, on-premises), by end-user industry (healthcare, manufacturing, BFSI, retail and e-commerce, telecommunications, media and entertainment, transportation and logistics, energy and public services), Government and Defense) and Region.
Market sizes and forecasts are provided in terms of value (USD million) for all of the above segments.
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The self-service BI market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with prominent market share are focusing on expanding their customer base in other countries. These companies are taking advantage of strategic collaboration initiatives to increase their market share and increase their profitability.
In June 2022, Basis Technologies, a cloud-based workflow automation and enterprise
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