Imagine opening the latest blockbuster movie on Netflix only to find out that the movie is in a language that you don’t understand. Chinese? Spanish? French? – Take your pick.
However, as you scroll through the options in the settings, you come across multiple language options. All you have to do is select a language, and the audio of the dialogues will play in the language of your choice. What’s more, you can even add subtitles in your preferred language to enhance your experience of watching the movie.
With this multi-language feature, Netflix (or any other streaming platform) effectively democratizes the viewing experience for all users by removing language barriers. Self-service analytics seeks to accomplish exactly the same in the domain of data analytics.
Self-service Analytics And What It Means for Your Business
By removing barriers to data access, data integration, data analysis, and data visualization, self-service analytics seeks to democratize the data experience for all the users in an organization, whether they have a background in IT/data science or not.
In reality, data is a language that only a few can understand – i.e. data engineers, analysts, data scientists, and IT teams. Self-service removes the language barrier of data by making it easily accessible, understandable, and usable for all users. With self-service analytics, both technical and non-technical users across the entire organization can:
- Access and maintain multi-tenant data,
- Query the data without having to write a single line of code,
- Generate custom reports in real-time and at scale,
- Collaborate on data operations with other users, and
- Make changes to the data model quickly and easily.
The impact of this on a business is enormous – and we at Verb Data are enabling this through our custom, pre-configured no-code dashboards for SaaS companies.
Self-service Analytics is Picking Up Fast
According to a study in the Harvard Business Review, 72% of organizations that equip their team members with self-service tools and embedded analytics have seen a significant increase in productivity. Additionally, these companies also clocked more than 10% growth in their annual revenues.
It is no surprise, therefore, that the market for self-service analytics is projected to reach USD 7,998 Million by 2026. Further, IDC, the premier global market intelligence firm, predicts that by 2024, 80% of digitally advanced organizations will have a self-service model in place of the IT-as-an-enabler model.
But why is self-service analytics such a rage right now?
There are three key factors driving this change:
Critical decisions affecting a business’s bottom line are not just being taken at the top, but also across the organization.
There was a time when data analytics was believed to be the most beneficial for the top brass – i.e. the CXOs of the world. Data was primarily seen as a tool to improve market strategy and high-level operational decisions. Hence, decisions were made based on historical data analysis.
However, businesses are now realizing that data is as much a tool for everyday decisions as it is for the overall organizational strategy. This means that the relevant insights need to be at the fingertips of not just CXOs or mid-level managers, but also frontline workers, customer teams, and back-end support staff. Hence, data analytics has to become self-service such that the right user can access the right insights at the right time.
A lot of time and resources get wasted in the back-and-forth between IT/Data teams and business users:
Earlier, businesses were happy to wait for insights to be provided to them by the IT/Data team as and when they completed their data operations. However, there is now a tectonic shift in the mindset where businesses want to do away with the long waiting time – and rightly so.
Market opportunities are all about timing. Delays in decision-making can mean that a business is unable to make a mission-critical move before the opportunity evaporates. Furthermore, operational delays kill the ability of a business to scale and expand profitably. The barrier to seamless data-driven decision-making lies in the uneven distribution of data literacy within an organization, which self-service analytics effectively eliminates.
Evidence of cost and time savings created by self-service analytics champions like Verb Data:
As the old saying goes, “I will believe it if I see it.” – This is true for the domain of data analytics as well.
For the longest time, self-service analytics was just a wishful proposition. But now, it is a reality. We at Verb, for example, go out there every day to make life easier for ambitious, value-driven SaaS businesses who use our no-code dashboard builder to cut down development time by a fraction of what it used to be and save a substantial amount of dollars and hours in the process.
Not only does this amplify their ROI and alleviate their IT burden, but it also helps them focus on their core business while we shoulder their data challenges.
How Does Self-service Analytics Really Work?
The Five Pillars
Contrary to popular belief, just because a Business Intelligence (BI) tool enables you to run queries on your own, doesn’t mean that it is truly powered by self-analytics. If it is unable to tackle challenges in data quality, data literacy, data integration, and real-time data visualization, then it’s not exactly self-service.
Here are the five pillars that constitute the core of self-service data analytics.
1. No-code, simple, intuitive, and easy-to-use.
2. Cater to diverse users, data literacy levels, and skill levels.
3. Seamlessly integrates with existing IT infrastructure.
4. Ensures data quality, data consistency, and data governance.
5. Manages the entire data operations in a safe and secure manner.
We at Verb have been at the forefront of innovation in self-service data analytics through our powerful, intelligent, and end-to-end no-code dashboard builder for SaaS companies. We have been enabling operational excellence for businesses in numerous ways through our cutting-edge solutions.
If you want a tour of our newest features get in touch!