A few months back, we asked this question on LinkedIn. What does it mean to have a great Data Analytics Platform?
Does it mean:
- Confidence in accessing and using the right data from a single source, without worrying about systems, formats, protocols, and security.
- Flexibility in building your own custom big data and analytics applications, without worrying about tools and databases.
- Being able to unlock new possibilities from your data, without worrying about the scale.
- Having the capacity to extract, process, analyse, and derive insights out of your data in real-time.
The consensus within TIBIL – gathered from multiple teams that have worked on global client engagements across Data Engineering and Advanced Analytics – is that it means all of the above.
Before we get to a platform-driven approach to data analytics, let us understand the business imperative for investment in Data and Analytics. Quite simply, the use of data analysis drives competitive edge.
You may be looking to achieve it through deriving new insights that support the development of new products and solutions, or it could be for designing and refining business strategies based on trends. Some other business requirements that can effectively be met through data analytics include keeping a finger on the pulse of your customer’s needs, capitalising on trends, identifying new market opportunities, and devising a new operational model.
Experience has shown that while business benefits are many, long term success depends on moving beyond the hype and building the right platform to help your business adapt, scale and innovate. A journey that delivers sustainable ROI.
The real benefits of an iterative analytics process usually come at a high cost. But a platform-driven approach to data analytics can not only make the entire process cost-effective, but also improve productivity through faster iterations (a fail fast approach).
Fail fast. Finish strong.
Your ability to create value out of your data depends on your ability to identify the problem and create solutions based on the data. The faster you test your solutions in the market, the better you will be able to evaluate the opportunity cost. You can test different hypotheses with a faster feedback cycle, thereby improving the ability to roll out solutions faster.
A platform-driven approach helps you to move fast by leveraging reusable components, microservices and an API-based architecture. This lets focus only on the tweaks to your solution or data models at a faster pace and lower cost. You can then get your final solution to market faster and at lower cost. You can finish strong.
Talk to TIBIL Solutions. Our Data Analytics Platform offers enterprises a jump start on their data and analytics journey, with all the features an enterprise grade platform needs, as well as the flexibility and customization you require.
