In the restaurant industry, they say that you’re only as good as your last meal. The same is true with technology. You have to keep up with the latest and be the greatest to remain competitive. It is a dynamically changing industry, and staying ahead of key trends is of the utmost importance. The most recent talk is around a new concept described as “composable analytics.”
What Are Composable Analytics?
Are “composable analytics” exactly what it sounds like? You bet. The operative word here, being, “compose.” Meaning, analysts and data scientists serve as the primary “composers” of analytics through the use of reusable assets. They leverage components from various data, analytics, and AI solutions. Composable analytics are comprised of a set of tools that ultimately form a solution. The result is the culmination of intelligent applications that work to connect insights to actions. And as you are abundantly aware, in the realm of advanced analytics, the provisioning of meaningful, actionable information is a top priority.
Composable data and infrastructures involve the storage and distribution of various resources to remote devices or machines. The ability of the two tools to talk to each other opens the door for analysts to combine their power within applications and easily share results via dashboards or visualizations. The way it works is that information sets or software applications are only supplied when the end-user specifically asks for these.
Why Is It Important For Business?
The most commonly known perk of composable analytics is that you can build using low to no-code tools. This means that even non-technical users can handle it. A key advantage is that it provides an increased number of end-users the ability to piece together their own experiences in analytics. This empowers stakeholders and leads them to undertake advanced self-reporting capabilities.
There are other more technical benefits. Composable analytics enables easy access and shareability across data environments. This leads to the identification of new ways to package data. At the end of the day, businesses can enjoy cutting back on capital expenses.
Why Composable Analytics Matter
With all things data moving to the cloud, thus another advancement brought about by the digital transformation, the need for organizations to upgrade their processes is constant. Composable data and analytics are the quick and easy path to building analytics applications. It is one of the top trends for enterprises to monitor, and will indeed change the nature of work in the not-too-distant future.
A recent Gartner presentation predicts that “through 2022, the rapid innovation forced by the COVID-19 outbreak will accelerate the transition of 60 percent of organizations toward composable business…”
It’s amazing to observe yet another technological repercussion of the pandemic. Composable analytics is growing in popularity in the marketplace, both in the US and abroad. It is currently being utilized by data and analytics leaders, and will most definitely make its way to your industry or business soon. Logi will be sure to keep you abreast of the advances and how it impacts the embedded analytics strategy for your organization in particular.
Want a head start on analytics? Read our Hitchhiker’s Guide to Embedded Analytics.