Roughly $14 billion is spent on Business Intelligence (BI) software every year, according to a Gartner research. If that figure seems huge, consider this: a Nucleus research, from September 2014, says organizations can expect an average return of $13.01 for every dollar spent on BI and analytics—translating to a return on investment of over 1300%.
Data is an invaluable asset for companies. When they use BI and analytics tools effectively to transform raw data into coherent and actionable information, they are likely five times faster than their competitors in making better decisions, says a Bain & Company study.
Fast and accurate reporting, competitor analysis, market trends identification, increased operational efficiency are among the key benefits of BI tools. One such tool that’s relatively new but is no less popular than its counterparts is DOMO.
DOMO is a cloud-based BI platform that helps transform data into contextual insights enabling business executives to make faster, well-informed decisions. Users can view data in one place. Irrespective of technical skills and knowledge, users can create data visualizations (graphs, interactive maps, pie charts) with a few clicks, share content with each other and create alerts that fellow members can view and subscribe to.
It offers wide-ranging advantages in addition to a few unique features.
Mobile platform: Executives can run the business from their mobile phones, with data being accessible round the clock and teams staying connected always. The platform automatically updates user data and makes data accessible to every team member.
Data integration: The platform’s Business Cloud makes it possible to integrate data from any source—cloud CRM, Google Analytics, Email being a few of them—and convert it into live visualizations.
Ease of access: DOMO helps users have easy access to every bit of information necessary to make well-informed decisions, regardless of their technical expertise and knowledge.
Social: Users can directly connect their social media data—such as engagement rate, average engagement, impressions, to name a few—from Facebook, Instagram, Twitter and YouTube to DOMO to understand their presence on social media.
What makes DOMO unique?
It’s a cloud-native platform: DOMO is the only cloud-native BI solution that combines Integrated Platform as a Service (iPaaS) for data integration, real-time visualizations and predictive insights.
Self-service: The platform allows business users to make their own decisions with its self-service BI, enabling them to filter, segment and analyze data. It’s not necessary to have the technical knowledge, which has been essential to using most previous analytics systems.
Drag-and-drop ETL: Any user can extract data from any source, process and transform the data and load into the DOMO platform. Users can transform data with a few clicks using integration tools, while the ETL solutions help visualize data flow, define operations and preview on the fly.
User management system: DOMO’s user and access management system allows you to invite new users to the platform and create and manage groups with access to specific content. This feature also makes it appropriate for enterprise-wide deployment.
Sharing and collaboration: Buzz, DOMO’s fully-integrated collaboration platform, allows users to communicate on visualizations with messages and footnotes. Users can attach files, share interactive charts and graphs, and discuss them with fellow users/team members in a group or private chat on any device.
Is DOMO the right BI tool for your organization?
Having the right tools to analyze data is what differentiates Big Data from data that’s processed and analyzed for actionable insights, which are loved by decision-makers and business executives.
DOMO is a powerful BI tool that’s affordable and scalable, but it might not suit every organization’s Business Intelligence needs.
DOMO is essentially a cloud-based dashboarding BI solution, capable of delivering insights and providing enhanced visibility into any data source (virtual or physical). Its dashboards score on visual appeal and user experience.
With DOMO processing entirely on the cloud, the load on an organization’s servers is reduced but processing on the cloud could result in slower speeds in some instances.
The platform streamlines ETL processing, meaning a user doesn’t need, for instance, SQL knowledge to derive value from data.
Armed with a set of data connectors—it has over 350 native connectors in its library—DOMO seamlessly pulls data from multiple sources without coding or custom configuration.
DOMO may suit organizations who are looking for a flexible BI tool as it comes with an exclusive application store with pre-built solutions for various industries and roles.
DOMO shares similarities such as dashboards and processing tools with other Business Intelligence solutions. What sets it apart is it’s an all-inclusive BI solution. It integrates finance, IT, marketing, operations, sales and every other department that leverages data for problem-solving or decision-making. To conclude, it’s essential for companies to choose a BI tool that fulfills their business needs and helps analyze data from multiple sources for competitive advantage. Ease of use, cross-team collaboration and scalability (all three being DOMO benefits) are among the criteria which could help decide on the right Business Intelligence for a company.
Author Bio: Suhith Kumar is a digital marketer working with Indium Software. Suhith writes and is an active participant in conversations on technology. When he’s not writing, he’s exploring the latest developments in the tech world.