SAP, Microsoft, IBM: our top three BI analytics tools
As the need for greater efficiency and seamless, curated customer experiences becomes a business imperative, companies need ways to better understand the world around them. Some of the most powerful tools at these companies’ disposal are those that allow them to analyse and draw insights from the oceans of data generated every day. However, while business analytics adoption rose as high as 59% in 2018, and continues to be adopted across every vertical, research by UK business intelligence (BI) firm MHR Analytics released yesterday revealed that, two-thirds of organisations are without a dedicated analytics or data science function.
Laura Timms, Product Strategy Manager at MHR Analytics, said: “Most businesses are still relying on spreadsheets to store, analyse and report on their data. The latest findings from our Data Maturity Quiz show 39% of medium to large organisations remain in the early stages of data maturity scale, with their data still managed in Excel.”
For companies still stuck in a world of spreadsheets, the hunt for the right BI suite is undeniably daunting. BI tools are costly, complex (whole verticals exist of companies that make billions each year showing other companies how to pick and install the right tool) and the wrong one can sink a business.
Thankfully, the good folks at MHL have put together their recommendations for the top BI tools for companies starting out on the road towards their own dedicated analytics or data science function. Here’s Gigabit Magazine’s breakdown of the top three.
1. Microsoft Power BI
Power BI’s immediate appeal lies in its ability to quickly digest and translate complex swathes of data into “rich, easy to understand visualisations using a drag and drop canvas to communicate insights.” The data is then shareable, cloud based and easily made mobile-friendly. It also has a free version, with the Pro version costing $9.99 per user per month. Visually, Power BI resembles many Microsoft offerings - particularly Excel - so may be a comfortable transition for teams working on legacy systems.
2. IBM Cognos Analytics
Cognos Analytics is billed as a “self service” platform, meaning great attention has been paid in its design process to ensure that users with little to no BI analytics experience can turn raw data into visualisations that express patterns and trends. According to MHR, “it can produce ‘data stories’ by combining charts with overlays and voiceovers, can quickly reveal hidden patterns and hard-to-find answers and relationships, and has a natural-language assistant.”
3. SAP Analytics Cloud
Built on its HANA BI platform, SAP’s latest analytics SaaS offering bills itself as a fully comprehensive service, allowing users to “experience everything analytics has to offer” through a sleek, cloud based solution with a minimalist design. According to MHR, “It makes data easy to understand with powerful visualisations. SAP Analytics Cloud enables organisations to plan and forecast in advance and can utilise machine learning to automatically generate insights.”
IoT market expected to grow due to increase in IoT use cases
An increase in the internet of things use cases is expected to drive the IoT service market, according to the IoT Services Global Market Report 2021: COVID-10 Growth and Change to 2030.
IoT has found its use in many areas over the years. It can be used in manufacturing, farming, smart cities, transportation and in many other industries and fields.
Due to the fact it can be utilised in many industries, there is an increased need for IoT services and applications. IoT services that provide support by delivering services such as consulting, data management, network management and security services, are in much higher demand.
The impact of COVID-19 on the IoT services market
According to the report, the global IoT services market is expected to grow from $139.24 billion in 2020 to $162.39 billion in 2021 at a compound annual growth rate (CAGR) of 16.6%.
In the coming years, the IoT managed services market size is expected to reach $381.16 billion in 2025 at a CAGR of 24%.
This growth lends itself to companies resuming operations and adapting to the new normal as we emerge and recover from the pandemic.
Previously, COVID-19 restrictions led to restrictive containment measures, remote working and the closure of commercial activities that resulted in operational challenges.
IoT use cases driving growth
The IoT services market consists of the sales of IoT services and their related products. IoT services are delivered by the IoT services providers. These providers provide consulting, security and analytics services as per the requirements of the business.
Major players in the IoT services industry are Cisco Systems, Cognizant, Google, Infosys and Tieto Corporation, to name a few.
An increase in IoT use cases is expected to drive the IoT service market; this is where IoT can be used to automate processes and increase productivity. As it has found many uses cases over the years, this increases the demand for IoT services and this is expected to drive growth.
Enhancing deployment workloads with edge or cloud computing
Despite the expected growth, low enterprise adoption is expected to hinder the IoT services market. Although IoT has its use in many industries, due to factors such as low awareness, enterprise adoption is low, the report states.
Only 29% of enterprises have adopted IoT solutions according to the Omida data survey.
Edge or cloud computing however is enhancing the deployment workload on IoT devices, according to the report. This solution facilitates data processing and data storage in the cloud.
Microsoft released its Azure IoT Edge recently. This fully managed service is built on Azure IoT Hub. By moving certain workloads to the edge of the network, businesses that utilise Microsoft’s IoT platform spend less time communicating with the cloud, react more quickly to local changes and operate reliably in extended offline periods.
The IoT Services Global Market Report 2021: COVID-19 Growth and Change to 2030 is one of a series of new reports from The Business Research Company that provides an IoT services market overview