Immersive Data Experiences and Why You Need One
By Max Bielfeldt
Today, the ability to quickly make meaningful and strategic decisions is one of the most sought after leadership skills. In fact, research indicates that Fortune 500 CEOs have the ability to save their companies millions of dollars if they increase their decision making accuracy by a mere 2%. But improving the accuracy of decision making is easier said than done. Often times, our decisions are only as good as the data we have access to. Is this data correct? Am I looking at accurate information? Do I even have access to the right data? Can I gather this information in a timely and actionable way?
Traditional Business Intelligence tools are quickly being cast aside and entering to take their place are custom data experiences. These data experiences are much more than static snapshots and dashboards. Rather, they provide multiple users within a company the ability to see relevant information in perspectives that are meaningful to them. This customization not only empowers employees to leverage data more strategically, but provides access to valuable information across a multiple levels of the organization. From c-suite executives to front line employees, immersive and accessible data experiences provide everyone a single source of truth from which to base decision making.
The days of digging into siloed spreadsheets only to view outdated information are gone. Rather, organizations are looking to purpose-built applications to deliver relevant, timely, and connected data. Whether you are interested in real-time information regarding sales analytics, how that information is directly impacted by your organization’s marketing data, and what resources are allocated to support the sales pipeline, purpose-built apps provide a the ability to connect all that previously siloed data.
However, not all custom data solutions are created equal. Some solutions provide easy to use, quick to implement purpose-built applications that sit on top of an organization’s IT infrastructure, while others require a “rip and replace” approach. Solutions that require the abandonment of your existing infrastructure should be approached with caution. These solutions not only come with a massive price tag, they often require deep technical expertise that limits the number of users who can effectively use them. Organizations should instead opt for solutions that are low to no code, allowing every member of the organization - regardless of technical ability - to quickly start interacting with their business data.
Out of the box, purpose-built applications have emerged because they provide quick and meaningful access to previously in accessible data. Traditional BI tools are losing steam as custom data experiences become more popular. But while all custom data experiences tout the promise of increased operational efficiency and enhanced organizational visibility, not all solutions are created equal. Before pulling the trigger, users should carefully evaluate a solution’s total cost of ownership and speed to deliver value – two critical success factors in a solutions implementation.