Imagine you’re at a deli counter. There are dozens of ingredients on display that customers can put into their sandwich. Each combination of ingredients offers something different to customers, even if they’re fundamentally similar. For example, a sandwich that’s built with whole wheat bread, American cheese, turkey, and salami is going to differ greatly from one that replaces salami with honey mustard, even though only one ingredient changes.
This deli reflects the current state of the analytics industry. All of the ingredients parallel the services that each company chooses to include in their business model — this can be anything from AI to data identification or process integration. Because each company has a unique combination of offerings, customers have to order the “sandwich” they want most or the company that successfully tailors to their needs.
The deli can accurately portray developments that have been happening within the analytics industry as well. As it gets new ingredients, it unleashes the capability to be innovative in the types of sandwiches that it can make. The same can be said about how analytics can do more with data as new technologies become available — just look at what’s happening now with cloud computing. The efficiency of the deli can be enhanced by more prep cooks just like improved technology aids development within the field of Big Data.
The “grocery stores” or major players aren’t the only ones who are impacted by innovation. It’s popping up to revolutionize the work of human-assisted AI services, domain and subject-matter experts, algorithm producers, and many others in the field.
The entire industry could potentially gain a lot from these developments, but there are a few risks it needs to combat. It’ll have to cope with avoiding the need to “bet” on Big Data, finding the right pace to undergo its digital transformation, and learning to nurture data science teams as their role in the industry continues to grow. Being able to collaborate effectively across skills and talent, data stores, and technology would only help foster effective decision-making and the creation of productive solutions.
Is your company prepared to embrace innovation? SageLegion is the perfect tool to make sure that you are. Our software will help your company along the path of collaboration and performance management as we take steps into the future of analytics. Try out our software through a 30-90 day pilot program — contact us to get started today!