By Stephanie Meloni
Manager | Market Intelligence
At this year’s Arrow Technology Summit in Denver, over 300 tech partners and manufacturers came together to get real-world perspectives and actionable information that will help increase their sales. During the Market Intelligence Session, Arrow’s Tim Larkins hosted an in-depth discussion around the growth opportunities that can be found in the DI industry. Here’a an overview of the discussion.
Data intelligence continues to be an overall growth opportunity for technology companies who are still in widely varying stages of adoption and technological maturity when it comes to their data. For that reason, it’s critical to understand which technologies a customer has already implemented, where they want to go in both the near and short-term future, as well as any pain points they may be experiencing.
The market at large loves to talk about big data, machine learning, and artificial intelligence – but very few companies are doing this in a way that gets enterprise-wide results. Most companies still need help in understanding the art of the possible when it comes to their data, so they look for experts in the industry to help them piece together solutions customized to their needs.
Different technologies that fall under the umbrella of data intelligence have different growth rates due to increased competition and widespread adoption. Overall, the business intelligence and analytics market is growing at about a five percent CAGR overall. Within this technology category, the area that has slowed down the most is traditional business intelligence platforms and visualization tools.
One mitigation strategy for vendors in this space would be pairing these kinds of tools with augmented analytics or embedded augmented analytics directly in the tool. Augmented analytics is a capability that embeds data science tools into an application and makes it easier for the average user to understand and gain better understanding into their data set. This helps offset the shortage of data scientists that the industry faces. Any tools that can make data manipulation and exploitation easier for the average user will continue to be in heavy demand.
Data intelligence areas that are growing the most are predictive analytics, as well as machine learning and artificial intelligence. These offer capabilities to sell to a user that is more advanced in their data strategy. These technologies are growing at a ten percent CAGR and above, especially when you start factoring in AI-related services. The industries that will be early adopters of these more advanced capabilities are in manufacturing, financial services, utilities, and retail.
Because of the uneven level of technological maturity, tech companies need to first work to understand where their customer is currently, and then work as a trusted advisor to help them put together and achieve success. Analytics as a whole can be very overwhelming to many customers, because it creates near-limitless possibilities.
Customers can easily get frustrated and abandon a project if they don’t quickly see results. Helping a customer fine-tune their goals, then achieve early success, is the best way to build out and grow analytics projects. Selling these kinds of technologies is an interactive process, so the technology companies need to see their role as a trusted advisor who is helping customers put together solutions specific to their goals and level of expertise.
For more insight on selling Data Intelligence tools (as well as other technology categories) and growing sales with your customers, please check out the Market Intelligence videos from the Arrow Technology Summit.