More organizations drawn to products that cover the 'data lifecycle'
U.S. companies are increasingly adopting new data analytics tools, including cloud-based business intelligence services and machine learning services, to leverage and monetize their information, according to a recent report from global technology research and advisory firm Information Services Group ISG.
The ISG Provider Lens Data Analytics Services & Solutions 2019 Report for the U.S. noted that many data analytics vendors are providing services to organizations looking for insights derived from internal and external data using algorithms and cognitive technology, to enhance customer service and drive new growth.
Organizations are looking for products and services that cover the data lifecycle, including data storage, streaming, exploration and statistical analysis, the report said.
"By using smart insights, organizations are discovering new revenue streams," said Esteban Herrera, partner and global leader of ISG Research. "Business models driven by data analytics are empowering organizations to experiment more with new product and service offerings, business lines and service channels."
The insights and intelligence developed from historical and real-time data analytics are proving to be an increasingly significant revenue stream for financial services firms, social media providers, entertainment companies, and logistics and transportation services providers, the report said.
BI platforms are allowing enterprises to extract data seamlessly from multiple sources and locations, and create well-organized data warehouses, the study said. ML service offerings are still evolving, but their relatively low cost makes them attractive, it said.