How can data help your business respond to crisis?
Over the past few weeks, we’ve explored the topics and trends outlined in our “Data Trends to Look Out for in 2021” in more detail. In this week’s blog post, we take a closer look at “Intelligent composable businesses”.
In their “Top Tech Trends for 2021” report, Gartner stated that, “Organizations have spent the past years focusing on efficiency, which meant when hit with a major disruption like COVID-19, many business processes were too brittle to quickly adapt and they simply broke”.
The report goes on to present “Intelligent Composable Businesses” as a solution to this fragility and suggests that “during the rebuilding process, leaders must design an architecture that: Enables better access to information; Can augment that information with new insights; Is composable, modular, and can change and respond more quickly as decisions are made.”
What is an Intelligent Composable Business?
According to Gartner, an Intelligent Composable business is an organisation that is “made from interchangeable building blocks”. They go on to state that this “modular setup enables a business to rearrange and reorient as needed depending on external (or internal) factors like a shift in customer values or sudden change in supply chain or materials.”
At its core, an “Intelligent Composable Business” is one that can effectively react to unforeseen changes in both their internal operations and the external market. As such, an “Intelligent Composable Business” requires that individuals with the organisation have:
- access to the core information that they need
- the tools necessary to augment that information in a way that enables them to create critical business intelligence that can inform decisions
- the autonomy to make those decisions
Becoming an Intelligent Composable Business
Organisations that wish to become an “Intelligent Composable Business” might consider adopting a low code, no code data analytics solution.
In their report, Gartner state that “Technology platforms must change to prioritize democratization and composition, resulting in more personalized application experiences.”
We recently explored this topic in more detail in a blog post titled “Democratising the Data Analytics Landscape”. In it, we discussed the growing demand for data analytics solutions and the limitations imposed by significant data science skill shortages.
We concluded the blog post by stating that Low Code, No Code data analytics solutions provide organisations with the resources they need to not only eliminate skills bottlenecks but to provide business domain experts with access to the information and tools that they need to make critical business decisions more effectively.
In addition, organisations might also consider enriching their owned data by incorporating additional public or third-party data sources. This data, when combined using innovative technologies such as Knowledge Graphs, Natural Language Processing or Artificial Intelligence, can provide organisations with a much more robust understanding of: how these entities relate to and influence each other; their internal operations and their external marketplace.
Conclusion
Our solution MINERVA is able to combine and interrogate data from a variety of public, owned, and third-party sources, providing users with the critical business insights they need to react more effectively to changes in their business environment. Presented via a Low Code, No Code User Interface, MINERVA places advanced data analytics technologies in the hands of business domain experts. To find out more, contact us using the form below.
