A few days back, we asked this question on LinkedIn.
What does having a great Data Analytics Platform mean?
- Confidence in accessing and using the right data from a single source, without worrying about systems, formats, protocols, and security.
- Flexibility to build your own custom big data and analytics applications, without worrying about tools and databases.
- Ability to unlock new possibilities from your data, without worrying about the scale.
- Capacity to extract, process, analyze and derive insights out of your data in real-time.
The consensus among our teams in TIBIL – having worked on several 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 use of data analysis to drive competitive edge.
You may be looking to achieve it through deriving new insights to develop new products and solutions or designing and refining business strategies based on trends. Some other business requirements that can effectively be met through data analytics include:
- keeping a tab on the pulse of the customer to make informed decisions to capitalize on a trend,
- identification of a new market opportunities,
- devising a new operational model.
Experience has shown that while business benefits are many, long term success depends on moving beyond the hype and embark on a journey to create the right platform that can help the business adapt, scale and innovate. A journey that delivers sustainable ROI.
While the actual benefits of an iterative analytics process usually come at a high cost 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 – with agility. The faster you test your solutions in the market, the better to help evaluate the opportunity cost. This allows you the luxury to test different hypothesis 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 API based architecture, thereby allowing you to focus only on the tweaks to your solution or data models at a faster pace and lower cost. This finally leads to faster time to market of your final solution, at lower cost, allowing you to 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.