Technology company Adobe is getting in on the analytics trend with a new solution that helps companies analyze, share and leverage marketing data through Adobe Analytics. The new tool is called Analysis Workspace and it aims to change how you organize and visualize data in your company.
With Analysis Workspace, you can look at the data from just about any angle. The tool lets you manipulate data views to spin out shiny analyses that you can share with anyone in your group who needs actionable insights to make better business decisions. Adobe is billing the tool as a way to express your “analytics creativity,” but in reality the tool is doing all of the heavy lifting.
“The fruits of data analysis are difficult to realize if you can’t make the data accessible to the consumers of the insights,” said Jeff Allen, senior director, product marketing, Adobe Analytics, in a blog post. “We talk about the democratization of data, but it goes beyond that. It’s about the democratization of analysis and actionable data. You’re only as strong as your weakest link, and when it comes to data science, you’re only as strong as your most novice user.”
What Analysts Say
Adobe is tapping into a clear market demand from marketing managers, merchandising specialists and others who need actionable insights to compete more effectively in the marketplace. Whether or not Adobe’s latest innovation will resonate with its target market remains to be seen, but what is clear is the trend toward leveraging data to drive business decisions.
Market research firm IDC estimates that the amount of digital data created will grow 40 percent each year, through 2020, even as businesses struggle to fund and hire analytics talent. Consultancy firm McKinsey & Co. projects that by 2018, demand for data scientists may be as much as 60 percent greater than the supply. With these realities, it’s vital that anybody and everybody can access and analyze data.
“The phenomenon is this: enterprises are finding new sources of data, new ways to analyze data, new ways to apply the analysis to the business, and new revenues for themselves as a result,” IDC analysts said in “The Digital Universe of Opportunities" report. “They are using new approaches, moving from descriptive to predictive and prescriptive analytics and doing data analysis in real-time. They are also increasingly adopting self-service business intelligence and analytics, giving executives and frontline workers easy-to-use software tools for data discovery and timely decision-making.”
The Nuts and Bolts
Of course, Adobe is not the first to come out with analytics tools that are user-friendly at every level of the organization. But applying these tools in the context of Adobe products could be helpful to its customers.
Analysis Workspace, for example, offers Photoshop-inspired workflows that let users drag and drop dimensions, metrics and segments into a data “canvas.” Meanwhile, data visualizations let the “seers” see data in ways they can understand and best interpret it, whether it’s a bar graph or a donut chart.
Comparing and dissecting data is important to the big picture and Analysis Workspace enables those tasks with tools like Anomaly Detection, Contribution Analysis, Calculated Metrics and a new Cohort Analysis tool.