Join executives from July 26-28 for Transform’s AI & Edge Week. Hear from top leaders discuss topics surrounding AL/ML technology, conversational AI, IVA, NLP, Edge, and more. Reserve your free pass now!
While often associated with data visualization software, business Intelligence is comprised of organizations that offer a combination of data and analytics-related insights, services and tools. At their core, these vendors not only look to collect, cleanse and publish data, but also provide advanced analytics and consulting/advisory services that build on top of this asset. From crediting and financial data to business and consumer data, the diversity and pace of data being captured coupled with advancements in AI and data science have allowed vendors to develop insights faster than ever before. This has held true for the legacy data providers, but has also fueled an influx of niche, tech-savvy players to enter the market and fulfill previously under-served needs. But in this increasingly competitive space, how do organizations successfully differentiate themselves?
Organizations that successfully shift from selling data to selling insights gain a competitive advantage and a higher likelihood of sustainable revenue growth. Keep reading to learn the insights into the most pressing go-to-market challenges, opportunities and imperatives for players in this space.
Prioritizing recurring revenue
Recurring revenue growth is highly valued by public and private investors across all industries, and Business Intelligence providers are no exception. Many of the largest data vendors have operated in a “Data-as-a-Service” (DaaS) model for years (e.g., offering license subscriptions or metered/usage-based contracts), but there has also been an uptick in the number of analytics vendors shifting from one-off, project-based work to ongoing retainer-base …