What is Forrester Wave report and How Should I Use It?

Forrester Wave

Businesses that haven’t already done so need to start scouring the technology marketplace for streaming analytics solutions. Also referred to as event stream processing, streaming analytics are the answer to dealing with big data. While it used to be serviceable to rely on legacy request/response architecture that required a break during every step in an event stream, today’s digital transformations require systems that can process and analyze data in real-time through continuous queries. Get an end to end knowledge of big data technology and how it works with this Big Data Training Course.

Streaming analytics provides opportunities for you to cut preventable losses, collect constantly updated data from IoT devices in the supply chain, gain valuable insights to improve your business processes, and much more. Naturally, capabilities of this level of importance shouldn’t be trusted to the first provider you come across. You’ll need a way to judge the most significant providers and determine which one fits your need the best. This is why Forrester Research compiles a quarterly report of the best option available on the market.

The Forrester Evaluation

The Forrester Wave report acts as a guide for analytics customers seeking the best vendors for their needs. Forrester’s evaluation is based on 22 criteria, some weighed more heavily than others. Of course, the Forrester Wave couldn’t be made at all if not for the cooperation of its most important players.

Lead Analyst: This is the resident expert for Forrester who sets the evaluation criteria for each quarter and is ultimately responsible for the content that appears in the full report. They’re in charge of the final scorecards and analyses.

Research Associate: The RA is effectively the manager of the report who ensures that each step remains on schedule. They’re also the main point of communication for each participating provider. The RA will attend product demos and compile research notes on each provider’s products, services, and market strategy.

Vendor Response Teams: These are groups set by each vendor to provide the detailed information the analyst asks for. This will include answers to the Forrester Research questionnaire, as well as information on specific products and services. If a vendor ever decides that they don’t wish to participate in a report, Forrester will carry out the evaluation based on their Incomplete Vendor Participation Policy.

Customer References: The evaluation also involves gathering data from customers of each vendor. Providers are free to suggest customers for interviews, and they’ll be contacted via either a brief phone call or through a survey. All customers are anonymous unless they agree to have their names published.

All evaluations are based on the provider’s current offerings at the kickoff of the report. Each provider will have an opportunity to see their scorecard and correct any errors they find. Five days prior to the publication of the report, providers will receive courtesy copies. It’s extremely rare for any changes to be made after this point.

Using the Forrester Wave

Businesses following the Forrester Wave should pay attention to the classifications of providers. The Q2 2021 report identified the 14 most significant providers and classified them in four groups: challenger, contender, strong performer, and leader. Naturally, providers that were considered market leaders deserve the most attention. The report weighs technology scalability and ease of software development for each provider the most, so those who achieved the highest possible score in these realms were true standouts.

TIBCO Software, in particular, was praised for its purely visual development tools, enablement, and market presence. With no need to use code in development, business leaders of all experience levels can easily use this software. It gets even better when you consider that the TIBCO Spotfire data visualization solution offers a 30-day free trial, so you can see for yourself why TIBCO was named an industry leader. The Forrester Wave is a great way for any business to find the analytics tools they need to take their organization to the next level.

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