Click to learn more about author Neerav Parekh.
Data is the new oil, and unlike oil, we are
never going to run out of data. With more and more data being produced each
minute, businesses have massive, complex datasets that are difficult to deal
with. Digging deeper into the data to uncover valuable insights is vital for
businesses to thrive.
While most businesses use BI and analytics
solutions to derive visualizations from data, these tools often fail to give
out the right insights. Preparing and analyzing the data to share findings
remains a largely manual, lengthy, and tedious process, and business people
struggle to find out which insights to act on. This is because most BI and
analytics platforms fail to put the insights into context and uncover hidden
patterns and trends in the data.
Introducing Augmented Analytics — the Next Frontier
in Data Analytics
Augmented analytics is the latest evolution in data analytics that integrates AI and natural language processing elements into BI and analytics and changes the user experience across the entire process. It makes the process of preparing data, discovering insights, understanding correlations in the data, and sharing the insights with everyone in the organization more powerful and streamlined. Using machine learning and natural language generation, it automatically analyzes the data and converts the result of the analysis into data-oriented and detailed language-based insights.
Insights on the “What” and “Why” of Business Data
Business intelligence has evolved from traditional BI that required manual interpretation and technical expertise to analyze data into a truly self-service automated approach to generate in-depth analysis from complex datasets. Modern self-service BI tools powered by augmented analytics have user-friendly interfaces that enable business users without technical and analytical skills to derive valuable insights from data in real-time. These tools can easily handle large sets of data from multiple sources in a faster and efficient manner.
With augmented analytics tools, organizations
can easily uncover hidden trends in their data at the speed of sight and make
improved business decisions. The insights derived from augmented analytics
tools tell you not just “what happened” but also give an in-depth analysis of “why
it happened.” It has the ability to reveal crucial insights, recommendations,
and relationships between data points in real-time and present it to the user
in the form of reports in conversational language.
Augmented analytics tools also enable users to
query the data to get insights. Business users can simply ask the system
questions such as, “How was the company’s sales performance in the last year?”
or “What was our revenue change over the past two years?” Apart from deriving
insights, the system can also give detailed explanations and recommendations
around the insights, helping the users with a clear understanding of the “what”
and “why” of their data.
It improves productivity, decision-making, and
collaboration between users and promotes Data Literacy and data democracy
across the organization. With augmented analytics, businesses can have:
- Better and quicker results
- In-depth analyses of hidden trends and
patterns in data
- Actionable insights and automated
- Faster and improved decision-making
the Future Look Like?
Augmented analytics is slowly becoming a
must-have tool for businesses. It is going to change how people explore and
analyze data. Augmented analytics will simplify and accelerate the preparation,
cleansing, and standardization of data, thereby allowing businesses to focus
all their efforts and energy on the all-important analysis.
Moving into the future, BI and analytics will
become an immersive environment with integrations that allow users to interact
with their data with more than just mouse clicks and keystrokes. Augmented
analytics will enable new insights and data to be accessible via a wider array
of devices and interfaces such as mobile phones, chatbots, or voice-enabled
virtual assistants. It will aid decision-making by notifying the users of key
insights or alerts that require their attention in real-time. This way,
businesses can get instant updates on their data and stay up-to-date about the
changes happening in real-time.
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