Technology leaders want to harness the power of their data to gain intelligence about what their customers want and how they want it. This is why the overall data and analytics (D&A) market is projected to grow astoundingly and expected to jump to $279.3 billion by 2030. Yet, despite years of investment in varied solutions, many companies still need help to enable their people and partners to connect disparate data sources and effectively collaborate in fully compliant spaces, let alone incorporate AI. That failure can be costly.
In a recent Gartner data and analytics trends report, author Ramke Ramakrishnan notes, “The power of AI and the increasing importance of GenAI are changing the way people work, teams collaborate, and processes operate. Amidst this technological revolution, organizations that fail to make the transition and effectively leverage D&A, in general, and AI, in particular, will not be successful.”
The problem isn’t that organizations lack a wealth of data or advanced analytical tools. What’s missing is the ability to unlock their total, end-to-end values easily. After all, those data sources may be deep, but they’re also usually fragmented across separate data stores and repositories. Analytics applications may individually be state-of-the-art, but they’re commonly disconnected — all of which inhibits ready access, stymies collaboration, limits the customer picture and, worst of all, increases time to insights and marketplace impact.
What’s needed is a unified environment that can enable even multiparty teams to manage the complexity Gartner points to as a significant barrier to success. This is especially important to companies whose bottom lines depend on having robust, real-time pictures of their customers and prospects – any organization dealing with risk assessment, fraud prevention and detection, or marketing. Thankfully, the challenges are being met, and companies are now offering options.
