How Augmented Analytics is Revolutionizing Businesses?
“You can have all of the fancy tools, but if data quality is not good, you’re nowhere.”
Veda Bawo, Director of Data Governance, Raymond James
We all know that modern data is extremely difficult to understand and interpret without the help of a data expert. Businesses have to depend a lot on data experts to analyze raw data and turn it into meaningful insights. This dependency, however, is at times too overwhelming for organizations and that’s where augmented analytics comes into the picture. It is an emerging technology that has changed the way businesses can understand and share meaningful conversations about complex data. Augmented analytics is a perfect blend of machine learning and artificial intelligence that has the power to transform any modern business. In this article, I will shed some light on how augmented analytics is helping businesses extract data insights that can improve decision-making and drive growth.
Power of Augmented Analytics
This technology has great potential to establish itself as the future of business intelligence. It gives businesses the ability to make better decisions with higher accuracy. In addition to this, it also allows businesses to be ready for real-time market fluctuations. This cutting-edge technology allows businesses to keep track of customer locations, current market trends, and changes in customer preferences. We should keep in mind that in today’s modern fast-paced tech world, manual and traditional approaches to BI are not enough. We need augmented analytics, which is a super combination of human wisdom and AI to get great insight.
As we are familiar with augmented analytics and its deep data analysis power now, let’s deep dive into some of its benefits:
- Agility: AI-powered augmented analysis can speed up the process of searching and filtering for insights. This powerful technology provides easier pathways for analyzing complex data and filtering it for the right audience.
- Efficiency: A perfect blend of machine learning and artificial intelligence has made remarkable progress in applications whereas algorithms are highly fueled by repetitive facelifts. Augmented analytics automation saves lots of time and energy for people who are trying to tackle data preparation, data discovery, statistical analysis, and much more parallel.
- Precision: Unlike humans, machines never sleep so there are fewer chances of inaccuracy. Augmented analytics, AI and machine learning make every single data analysis task simple and error-free.
- Confidence: Unlike manual data analysis, augmented technology is often easy to use, making data more approachable and attainable for broader audiences. Augmented analytics brings more confidence to businesses by bringing down the inconsistency and potential errors produced by human interventions to generate insights.
Augmented Analytics across Industries
Augmented analytics have a deep impact on a variety of industries. It helps many businesses (Finance, Healthcare, Marketing, etc.) to understand their clients’ needs to plan successful campaigns and promotions.
This image depicts the Augmented Analytics framework — Making Business Intelligence more Accessible:
Industries have gained tremendous value from augmented analytics because it allows them to access insights in real-time without having to be experts in data preparation, analysis, and data gathering. They can easily access data that is highly accurate and make specific changes that will directly positively impact the business.
Apart from being put into action by marketers and business users, augmented analytics has an important role in different industry domains which are mentioned below with its use cases.
Driving force behind the Finance Industry: Augmented analytics helps financial service companies convert huge amounts of unstructured data into useful insights. Meaningful, high-quality, and error-free data helps ensure that financial decisions are made quickly and hassle-free. AI-based Augmented analytics provides financial companies with the ability to make powerful decisions for their business with greater speed and efficiency. These days, evaluating car claims is very demanding and highly expensive for insurers. This time-consuming process makes evaluating claims hard to handle. Car insurers can use AI and machine learning-based Augmented analytics to streamline the claims process very easily.
"JPMorgan Chase & CO has emerged as one of the best leaders in the adoption of augmented analytics. They launched its emerging opportunities engine, which uses algorithms that are predictive to find which clients are primed for issuing or selling equity, based on an AI analysis of complex datasets."
(Source — Fortune)
Vital Pillar in the Healthcare Sector: With the growing popularity of healthcare services across the world, the need for code-free platforms is increasing at a rapid speed, which allows many healthcare companies to build, filter, and analyze huge and complex data. Every healthcare sector is moving towards digitalization to sustain itself in the highly competitive market. They have started deploying augmented analytics to improve the performance of their data.
“One positive impact of COVID is the hike in the number of virtual visits. It’s so obvious that the data that is captured in a virtual session is richer than prescriptions provided by doctors, it’s great from a healthcare analytics standpoint. Many Pharmaceutical companies and healthcare providers are working together to bring people into clinical trials and they are using augmented analytics to identify the right population. This augmented analytics has made their work so smooth that they can easily track who responds to a drug and who doesn’t to provide more helpful treatments.”
(Source —oecd-ilibrary )
eCommerce: If we look at the past, it was impossible to generate business insights automatically. But today Augmented analytics has made it all possible. Augmented analytics visualizes data related to sales, and inventory customers that help e-commerce businesses make more robust and data-driven decisions. Most importantly, it creates fully personalized shopping experiences.
“A partnership between an AI software company and a London shopping center (Westfield London) produces the Trending store called a one-stop-shop for hot 100 trending styles on social media. This trending store was a pop-up boutique that was open for 5 days this summer carrying only the daily top 100 styles which are inspired by global influencers. This store used augmented analytics to track both the visual and the text content in social media from millions of influencers throughout the globe.”
(Source —fashionnetwork )
Conclusion
As structured and unstructured data continue to rise, there is going to be high-level competition in businesses to make more powerful and intelligent decisions than choosing to operate on restricted data. With the help of augmented analytics technology, any business can make high-level market decisions and grow at rapid speed. If you still have not adopted augmented analytics technology, it’s the best time for your data scientists to adopt it to improve accuracy, productivity, and data insights for your business growth.
