What is stickier than superglue and more popular than the iPhone? Microsoft Excel.
750 million people use it daily and many use it as their primary business intelligence tool. You might find this surprising if you consider Excel was invented in the 1980s, nearly 40 years ago, but, so were Business Objects (SAP), Microstrategy, Hyperion (Oracle), and Cognos (IBM). And guess what? Those tools are the foundation for most of the Fortune 1000’s data strategy.
Has your company recently implemented Tableau, Qlik, or Power BI? Well, even those tools are now between 10 and 30 years old! Not to mention, they probably co-exist in your company with one of the other BI tools I mentioned.
Let’s fast forward. Arguably, the hottest analytics company on the market right now is ThoughtSpot. With their “Search and AI-driven capabilities, they are at the cutting edge. If you have implemented ThoughtSpot, I am 99% certain it co-exists alongside AT LEAST one of the aforementioned BI tools.
“What’s the point, Spencer?”
Well, let’s tally up the number of BI tools you have. You certainly use Excel, most likely have a legacy BI tool like SAP, Oracle, or IBM and there is a good chance you’ve introduced a 2nd generation data viz tool like Tableau or Power BI. If you are cutting edge, you might also have an augmented analytics tool like ThoughtSpot.
So you probably have 3 BI tools, if not more. Our thought exercise is supported by research from Gartner and Forrester, as well as an informal survey I conducted on LinkedIn, and I haven’t even touched on tools with analytics capabilities like Salesforce.
The point I am trying to make is that it’s very hard to keep up with innovation, resulting in the co-existence of many multi-generational analytics tools. Enterprise companies are simply too big and move too slow to keep pace while simultaneously consolidating technology to a single platform.
“Who cares? What’s the problem?”
Having multiple BI tools makes it hard to use analytics and make decisions. All of your end-users are concerned with analytics tools, instead of DECISION MAKING. This creates silos of BI assets, making it difficult to find information, hard to drive BI adoption, impossible to establish data governance, consistency, or ease of use. This is a huge obstacle to establishing a strong data culture or effectively executing a change management strategy. To put it plainly, it makes things difficult. People don’t like difficult. People like easy. People like fast.
“What is the solution?”
I’m glad you asked! 😄 The solution is Theia! Theia is an Analytics Hub that brings all of your reports and visualizations from all of your different BI tools into one location and a single user-experience. Theia makes it easy to find information quickly, increase BI adoption, launch data literacy campaigns, audit usage, strengthen data culture, tell data stories and more.
Ultimately, Theia helps you make better decisions, faster. This helps you save time, make money, and mitigate risk. If you’ve never seen Theia in action, check out this video or reach out and someone from our team will give you a live demo.