From the IT-led, semantic-layer-based approach of traditional Business Intelligence (BI) tools to today’s easy-to-use visual data discovery tools, Augmented BI and Analytics have come a long way in the past 10 years. These tools have significantly transformed the business scene and changed the way organizations function. However, business users have realized that even though these visualizations are a powerful way to consume insights, they still have to struggle to find the most significant insights in their immediate business context.
Let’s say, for example, that the data shows a decrease in revenues. What does it mean for the business? Is it an anomaly or a pattern? What are the underlying causes? What should you do to tackle the situation?
In the current context, your data scientist probably helps you model the data and generate insights, after which your executives further interpret results in the business context to identify actionable insights.
The next big BI revolution powered by Augmented Analytics will be a faster, more accurate, and automated way to gather actionable insights. Gartner introduced this concept in the 2017 hype cycle and said it was the “future of data analytics”. According to Gartner, an approach that automates insights generation and access using natural language generation and machine learning will mark the next wave of disruption in the augmented business intelligence market.
The concept of Augmented Analytics is based on three main pillars –
Machine Learning (ML), Natural Language Processing (NLP), and Automated Insights.
As Gartner sees it, machine learning and automation will be used for smart data discovery, segmentation, and the assessment data quality. Automation will also take care of tasks such as data modeling, metadata development, and data enrichment; through augmented data preparation. And present the insights using automated data storytelling.
Machine learning-based automation of insights generation will enable novice data scientists as well as business users to expedite their decision-making process using real-time actionable insights without needing to construct models and write algorithms. The insights are delivered with simplicity through these cutting-edge business intelligence tool, and end-users can quickly take effective decisions. Business users can avoid biases, and access accurate insights for unprejudiced decisions.
This advanced use, manipulation, and presentation of data simplifies data to present clear results and provides access to sophisticated tools so business users can make day-to-day decisions with confidence. Users can go beyond opinion and bias to get real insight and act on data quickly and accurately.
The BI solutions are capable of ingesting and analyzing unstructured data and offering valuable insights. Data in various formats can be analyzed through automation, without the need for formatting the data uniformly or sequentially. The solutions are also programmed for anomaly detection. Any deviation in the analyzed data from historical data, whether singular or multiple, is instantly identified, along with the causality and potential remedies.
In addition to this, Natural Language query technologies will further add to the digital dexterity of your workplace with the ability to generate personalized insights using natural conversational methods like chat or voice. In other words, business users can phrase questions in the same way they would ask a colleague.
The combination of machine learning and NLG will allow businesses to automate the labor-intensive process of analyzing data and communicating significant findings to business users. An augmented BI solution can automatically go through a company’s data, clean it, analyze it, and convert resulting insights into action steps for executives or marketers with little to no supervision from a technical person.
Evolution within NLG technology is also enabling businesses to access Sentiment Analysis and Emotion Detection, which use advanced AI algorithms. It’s an attempt to identify the sentiments expressed by customers and end-users, from their audio, visual, or textual feedback. A better understanding of their opinions and emotions can help enterprises offer more personalization and enhance customer experiences.
Augmented Analytics and Conversational Analytics are emerging paradigms with several leading analytics vendors working in these directions. Course5 Discovery is one such ‘Persona-based Augmented Insights Analyst-on-Demand’ catering to the real-time needs of Analysts, Influencers, and Stakeholders by facilitating them with actionable insights around their customers, campaigns, CSAT, supply chain channels, content, categories, and regions in a personalized manner.
For example, two different user Personas like Head of Ecommerce and Head of Ecommerce Sales, Japan can be configured. Personalized dashboards catering to specific requirements, and streamlining collaboration between teams.
Deploying augmented BI solutions will allow your organization to experience a few key benefits.
Moreover, augmented business intelligence solutions will move us closer than ever to the vision of “democratized analytics” because it will be cheaper, easier, and better. At last, we will see more and more businesses of all sizes using and benefiting from analytics in the years to come.
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