New market intelligence tools under scrutiny
In order to generate decision-relevant knowledge from Big Data, AI-supported tools are increasingly used nowadays. These business intelligence tools, which can analyze and graphically prepare cloud-based business data in real time, are often also offered as software-as-a-service (SaaS) models and are intended to help make well-founded decisions for a company from the insights derived from them. They are advertised as being able to generate relevant knowledge with intuitive user guidance via predefined dashboards and without in-depth IT knowledge.
According to IDC, the market in Germany for Big Data and analytics software will grow by around 10 percent annually until 2022. There are 300 providers with different focuses in the German market. Market leaders such as SAP, IBM, Oracle and Microsoft with their large BI software suites as well as specialists such as SAS, Tableau, Sisense or Intrafind.
The variety of data sources that can be connected, intelligent natural language processing (NLP), semantic search, graphically optimized reporting and easy-to-use dashboards make a good tool in this hotly contested market and separate the wheat from the chaff.
But what really distinguishes AI here?
Imitating cognitive functions, such as statistical learning or the basic ability of a machine to solve problems! In the area of social media, for example, the data volumes grow exponentially every day; no human being can still handle the challenges of an analysis here. The cognitive tasks, e.g. of an image or document analysis, are nowadays trained and solved by machine and deep learning. But also sentiment analysis, i.e. the automatic evaluation of texts, is a challenge of the tools that can no longer be mastered without AI. Initial research at SVP In the area of social media analytics has shown that three candidates in particular have stood out in this area.
Brandwatch Analytics represents one of the most comprehensive tools and, in addition to intuitive, very user-friendly handling, offers a very large coverage of various blogs, forums and news sites. More than 40 visualization options are available to display results from more than 20 languages in real time.
Talkwalker from Luxembourg also offers a very large functionality and source variety from blogs, forums, social media, websites and even radio stations and TV in 187 languages. Image recognition is also an integral part of this solution.
Radarly from Linkfluence is one of the most comprehensive tools in this segment with its analytics capabilities, a complete CRM offering, up to the identification of influencers and reviewers. It analyzes in 78 languages and in more than 190 countries and compiles this into intuitive dashboards.
We are currently looking at other analytics tools that deal with AI-powered search algorithms. But here the focus is on knowledge management, monitoring, SaaS, and cloud connectivity.