/ Why the future of modern business will be composable analytics
Why the future of modern business will be composable analytics
The modern business world is changing. Today, every individual at your company has access to data in one way or another. While this has helped to create better insights for decision-making and problem-solving, it also presents challenges for IT departments that are responsible for keeping all of this data accessible and secure.
The old way of doing things simply won’t cut it anymore, as we move towards the new model of “composable analytics.” Composable analytics allows users across the company to access any piece of information they need without having to go through their IT department or developers.
Companies that want to stay competitive in today’s marketplace need to stay agile and tech-forward. Otherwise, they’ll fall behind and lose business.
Traditionally, the process of creating analytics has been complicated because the data is hard to get at. It’s stored in different systems and formats, scattered across the organization in silos, and is not accessible to everyone who needs it.
With the integration of composable analytics, this issue of wide data becomes a lot more manageable. Easy to integrate solutions built on flexible, scalable, intuitive building blocks that can be modified in any way will be the new standard in business intelligence and the business software industry in general.
What is composable analytics and why is it important?
You’re probably familiar with the idea of composing a song. You may not be as familiar with what it means to compose a data analysis, but that’s exactly what composable analytics is: the ability to combine multiple common elements into a single cohesive analysis.
Composable analytics can be beneficial for organizations that have minimal access to IT resources and thus must rely on outside software development teams for their data needs. Combining basic building blocks into a cohesive analysis allows users to access the data they need without having to rely on IT or other resources with development skills.
With the increased use of no-code and low-code solutions, as well as headless BI dashboards, the interpretation and collection of this data have become streamlined. This creates new opportunities for SMEs to leverage data through composable analytic systems.
While the traditional approach has worked well in the past, complex data environments and demands for more agile analytics are pushing modern companies to seek a new way to work.
In today’s world of big data, it’s more important than ever before to be able to create insights and make changes quickly. However, many traditional BI tools have proven too cumbersome or unwieldy for this purpose.
The three pillars of composable analytics
1. Composable thinking
Composable thinking is the ability to think about things in a more decentralized way, in terms of components. It’s a new way of thinking that will help you succeed in business and life.
In the past few years, composable systems have emerged as an alternative approach to business analytics. Traditionally, businesses would build complex systems with lots of moving parts—like a watch or car—and use them for their intended purpose. These kinds of composite pieces are designed for integration into larger machines so they can work together seamlessly when needed for specific tasks like telling time or driving safely on the road.
Composable systems allow companies to do more with less by breaking down significant problems into smaller ones that are easier to manage individually before assembling them back together again. There is a mindset born in this chaos that is more flexible and agile to the needs of the market.
In BI, composable thinking prioritizes using general-purpose solutions rather than building out bespoke ones. For example, using a drag-and-drop ETL tool to transform data is more composable than writing custom SQL code to do so.
2. Composable business architecture
Composable business architecture is a new way to think about how your company should be organized to deliver the right experience to your customers, employees, and partners. It’s an approach that focuses on creating a flexible environment that can change quickly as business needs change.
Composable analytics operates in the same way. By using available resources through a number of services, you can unify everything into a single point of truth for better insights, governance, and observability to ensure quality.
Businesses can make their architecture more composable by standardizing the control and access of data, which streamlines much of the data governance.
3. Composable technologies
Composable analytics is a new way to build and run your business intelligence systems. It leverages the concept of composability, which means that each system can be made as a combination of smaller, simpler building blocks.
These building blocks can be reused and recombined endlessly to create all kinds of different configurations that collectively deliver the best possible solution for your business needs.
When most composable analytic tools are based on prebuilt blocks that can be easily modified, businesses can create comprehensive tools unique to their needs instead of adapting to rigid tools that already exist.
One example of this in action is how embedded analytics tools like Domo Everywhere use simple, consistent rules to allow businesses to embed content on any page. In this case, one flexible tool can be used for thousands of different use cases.
Why is composable analytics the future?
1. Hybrid & remote work
According to a report from FlexJobs, “The Future of Work: Trends and Statistics,” 54% of workers say they are willing to consider working remotely if they can maintain their current pay level.
In addition, an estimated 72 million people telecommute at least some of the time in the United States alone—up from 30 million in 2005—according to data collected by the U.S. Census Bureau’s American Community Survey (ACS). The ACS also indicates that one-third of those who work remotely do so full-time or part-time—an increase from 20% in 2005.
This means if you want to utilize analytical tools, they need to be cloud-based, available for a wide range of user access, and integrate smoothly into other BI tools/dashboards—which are all attributes of current composable analytic systems.
2. Businesses are adapting to consumer needs
Today’s customers are much savvier than in years past. They expect a personalized experience, and they want to be able to access information quickly and easily, even while on their mobile device. As a result, companies must be able to adapt their business communications to deliver this new experience or risk becoming irrelevant.
3. Employees want a better work experience
The employee experience is a critical differentiator in the modern workplace. As companies compete to recruit and retain top talent, they are focusing more on their employee experience more than ever before. The employee experience has become one of the most important drivers of business outcomes across all industries—from customer satisfaction to revenue growth.
With modern tools that improve the operations of a company, an employee feels more empowered to make innovative decisions. This is possible using current composable analytic tools.
4. Big data is going wide
The way we think about big data is changing. The term has always been used to describe the large amounts of data that companies have access to, but now it’s also starting to describe the availability of more data across different business functions and departments.
This wider availability makes it easier for teams to analyze their own data sets, which leads to better insights. It also means that analysts can more easily communicate with each other across different teams, leading to more streamlined decision-making processes as well as better alignment between departments.
Leveraging modern applications of composable analytics
Sometimes referred to as self-service BI, composable analytics can enable any employee with business knowledge in an organization to build an analysis on any piece of data without having to rely on IT or other resources with development skills. This means that the entire company can leverage the power of machine learning and artificial intelligence (AI) without having to wait for data scientists or developers.
By building this capability into their existing business processes, companies can deliver insights that help improve their competitiveness and enhance customer satisfaction by putting the right information in front of every employee when they need it.
The future of modern business will be a world where AI is applied throughout all disciplines, not just at the top levels of management but also throughout the organization. Employees who may have been previously locked out from accessing insights due to a lack of technical ability suddenly become empowered with new capabilities enabled by technology, like automated composable analytics.
Traditional analytics solutions are not composable. In such a solution, the user is restricted to the location of their data—whether that be on-premises or in the cloud.
Composable analytics solutions allow for both users and data to be anywhere at any time. This gives users freedom from having to worry about where their data resides, as well as full control over where they want it to reside going forward. This enables them to easily access all of their data whenever they need it without having to move it around manually unless that is desired.
Composable analytics: more collaboration, more insight
With composable analytics, the future of business is going to be a little more collaborative. They’re based on the principle that everyone should be able to get answers to their questions and everyone should have access to the data they need for their job.
This means that people who are experts in data science will no longer have a monopoly on figuring out what’s going on in your organization or industry—which is good news for those who don’t have much experience with data science. This also means that decision-makers can make better decisions by having access to more information than ever before.
The best part? Composable analytics makes it possible for all kinds of people (including non-data scientists) to make use of advanced analytical techniques like machine learning and artificial intelligence.
In conclusion, the future of analytics is to be composable. This means that you’ll have more options when it comes to how you build your data and what you do with it. There will no longer be a need for one tool that does everything, but rather a set of tools that work together seamlessly and produce results faster than ever before.
Check out some related resources:
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Nucleus Research: Domo’s ROI as a Data Platform
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