Business Intelligence trends of 2023

In today's post, we will be talking about modern business intelligence, the numbers that run our world, and how we can get more value from them. In particular, we will be discussing how to generate revenue from these metrics. To discuss this topic, we are joined by Roman Stanek, Chief Executive Officer at Good Data.

Meeting Roman Stanek

Roman is pleased to be on the show and discusses his busy week as they get ready to launch the new product, Good Data Cloud. He mentions how his team had been working remotely, so this week was special as they had been working together in the same room.

Democratization of Data

As the CEO of a company dealing with business intelligence, Roman shares his thoughts on the market. The biggest trend in business intelligence over the last 25 years has been the self-service democratization of data. However, despite the trend, there has been little progress made in democratizing data, and the new cloud ecosystem and technologies are seen as potential ways to help us achieve it. According to a report by McKinsey, data-driven decisions will dominate by 2025, but Roman remains skeptical.

Lack of Progress in Data Democratization

Despite the availability of more tools, there is still a lack of trust in data, and data literacy is low. Many people do not see data as relevant and do not know how to use the tools. There are several issues to be addressed, including data being static and inflexible. The expectations for data are increasing, but the lack of progress in data democratization is causing frustration.

Shifting Data from Cost to Revenue

Companies have a lot of data and see it as a possible gold mine, but it also weighs them down in terms of the cost of handling it. Most investment goes into data platforms, but companies need to shift their focus to the experience of data, making it accessible and embedded in every decision and tool. Companies need to invest in the second half of the process to make data pervasive and widely used.

Conclusion

In conclusion, modern business intelligence and data democratization have been ongoing for years, but there has been little progress. There is a need to shift data from cost to revenue by investing in the second half of the process to make data more accessible and embedded in every decision and tool.