At this year’s Gartner Data and Analytics Summit, one of the big takeaways is that the world of data and analytics will have an even bigger impact on our society over the next 20 years than the Internet has had in the last 20. According to Gartner analysts, analytics is shifting from being ‘in the business’ to being ‘the business’ itself. They envision a future of analytics abundance in which data insights are applied to every process and decision across every field.
Current reality, however, is that we’re in an era of data analytics scarcity. Simply put, companies have spent years accumulating massive data sets and they now have far too much data, from which they’re not deriving enough insight and value.
We can see this issue playing out with the transition to the cloud. According to 451 Research, within two years, a majority of enterprises expect to be running their workloads in the cloud. The level of enterprise workloads in the cloud is expected to increase from 41% today to 60% by mid-2018. While the cloud promises to deliver savings and efficiencies, it’s creating a major headache for businesses having to deal with the fragmentation issue resulting from the expansion of data sources.
For example, many businesses are running on Oracle E-Business Suite (EBS). One of the most popular and widely used ERP systems, EBS has over 20,000 data tables, so it’s not an easy task for non-technical users to access and extract data for business reporting without reliance on dedicated IT resources. Furthermore, Oracle is now going all-in for the cloud and they are pushing for customers to get off EBS and transition faster toward the cloud.
At these organizations, the IT departments are experiencing even bigger disruptions. They have to quickly figure out what to migrate, when to migrate, and how best to execute this process. This translates to major integration and data management challenges. And it’s a fact that businesses are struggling with spending excess time gathering and reconciling data before they can benefit from the cloud.
We’re seeing many organizations grapple with this exact situation right now. So how do you minimize the disruption to your business and access your data to meet all your reporting and analytics needs?
- Firstly, choose a reporting solution (not just a BI platform) that can seamlessly access EBS and Oracle Cloud Applications (and others), as well as combine the data from both to deliver a complete reporting solution for finance and other functions.
- Consider deploying pre-built, standards-based connectivity solutions that can connect to all data sources. Depending on the size and scope of your business, the solution/s must handle on-premises and cloud-based applications, plus customer applications, data warehouses hosted in the cloud, big data and even Internet-of-things (IoT) sources.
- Once collected, your data will need to be harmonized and governed, before it can be used effectively for reporting. As you migrate from ‘legacy’ to ‘new’ apps, you can then be assured that your reporting will not be disrupted.
What data challenges are top of mind for your organization? I’m interested in your thoughts.