Business intelligence and analytics are on the rise—according to Gartner, the global revenue for the BI and analytics software market will reach $18.3 billion in 2017, and grow to $22.8 billion by the end of 2020.
However, while Gartner projects an increase in revenue, BI and analytics market growth is expected to decelerate, from 63.6 percent growth in 2015 to a projected 19 percent by 2020. Gartner claims this is one of the clearest indications that data analytics is starting to go mainstream.
As data analytics becomes more mainstream, new solutions are cropping up and more and more businesses are extending their data architectures. The result is elaborate data architectures that reach all internal and external aspects of their organization, with the goal of generating holistic business insights.
Right now, however, data analysts are constantly having to adapt to new platforms, different metrics, and popular industry trends. Additionally, organizational teams don’t always adopt the same measurement and reporting standards at the same time.
When multiple data platforms pop up within an organization at different times, and as data analysts implement new metrics for different teams, the result is disparate, inconsistent reporting programs. Disjointed reporting is the opposite of data democracy and can lead to inaccurate insights and conflicting viewpoints between teams.
To get everyone on the same page, data analysts need to standardize data analytics reporting across their organizations.
Regarding the need to standardize reporting, Oren Kessler, Sr. Manager of Analytics at Viacom, recently said, “Data is like horticulture. There is some science to it, some art to it, and it takes a while to get it just right.”
With nearly a decade of experience working in the media and entertainment industry focusing on product analytics and data architecture, Kessler asserts that companies need to find the balance between keeping reporting dynamic and relevant while also maintaining standards of quality.
Kessler will be addressing this topic further in his presentation “Standardizing Reporting In A Growing Media Landscape.”
Register for the 2017 Analytics Summit on November 9th to hear Kessler and 25 other presenters’ insights on the top trends, technology and techniques to watch for in 2018.
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