The annual Wisdom of Crowds Business Intelligence Market Study by Dresner Advisory Services was released this week, and as always, it delivered compelling insights into the state of business intelligence (BI) and analytics in businesses.
For organizations that are considering augmenting or replacing current analytics solutions, the Wisdom of Crowds report can be a useful resource to help in your efforts. Here are 4 ways you can use the report to help in the buying process.
1. How do your analytics priorities compare to others’?
As part of the Wisdom of Crowds report, respondents are asked to rate 44 business intelligence and analytics topics in terms of strategic importance. This provides a useful guide for buyers to compare their priorities to others, as they can validate their own priorities (“I’m on the right track since this is also of critical importance to others”) or it can help them critically assess their priorities (“Others say this is a priority, but I didn’t rank it as such—am I missing something?)
In 2021, reporting, dashboards, and data integration are listed as the technologies and initiatives most strategic to business intelligence. Areas that are lowest ranked are complex event processing, video analytics, and voice analytics.
2. What are the latest BI and analytics trends?
Similarly, the Wisdom of Crowds report provides a look at the latest business intelligence trends, and how they have changed over time. This allows buyers to better understand the market and the issues that are influencing purchase decisions.
For example, the report sheds light on the percentage of organizations that have chief data or chief analytics officers, how that has changed over time, and how these organizations rate “success” with business intelligence. Organizations with CAOs/CDOs generally report greater achievement.
3. How do customers rate their analytics vendors?
One feature of the Wisdom of Crowds report is that business intelligence and analytics users rate the vendors they use on 33 different dimensions, such as:
- Reliability of technology
- Ease of installation
The report also visually shows how each vendor compares to its score from the previous year, and how the vendor compares to the overall sample. Buyers can use this feature of the report to look up specific vendors and quickly gauge if they have positive or negative momentum, as well as if they are above or below average performance.
For example, you can see Dimensional Insight’s 2021 performance is generally above its 2020 performance, and its scores are well above the overall sample.
4. Which vendors stand out as overall leaders?
Finally, business intelligence and analytics buyers can use the Wisdom of Crowds report to quickly see which vendors stand out as overall leaders and use that to develop a short-list for further investigation. In addition to the individual vendor results and write-ups, the report also includes two models that plot aggregated user sentiment into x and y axes. Vendors are placed into quadrants, meaning buyers can quickly assess which vendors stand out in the models due to their top-right placement in the quadrants.
For example, below is the Customer Experience Model, which considers the real-world experience of customers, plotting sales and service measures on the x-axis versus product/technology measures on the y-axis. To see the complete vendor placement in addition to Dimensional Insight, you will need to download the full report.
The vendor credibility model below considers how companies feel about their vendor, plotting value on the x-axis versus confidence on the y-axis.
When buying new business intelligence and analytics software, it’s important to use many different types of sources to research individual products and compare them to each other. The Wisdom of Crowds Business Intelligence Market Study is one tool in your buying belt, providing a good source of information on BI and analytics trends, as well as user feedback on vendors.
If you’re interested in learning more, you can download a copy of the report.