The Importance and Benefits of Augmented Analytics
If your business is considering an augmented analytics solution, or your enterprise already has some version of business intelligence or analytics and it wishes to upgrade or transition to a more beneficial solution, it is crucial to present the benefits and advantages of this approach when requesting project approval from your management team. Let’s look at some of the reasons business intelligence (BI) and augmented analytics are important to your business and the benefits this type of solution can provide for your enterprise.
‘Giving your team the right tools and a simple way to manage the overwhelming flow of data is crucial to business success.’
Gartner Core Data And Analytics Predictions state that, ‘70% of organizations will rigorously track data quality levels via metrics, increasing data quality by 60% to significantly reduce operational risks and costs,’ and that ‘90% of the world’s top 500 companies will have converged analytics governance into broader data and analytics governance initiatives,’ and lastly, ‘60% of organizations will leverage machine-learning-enabled data quality technology for suggestions to reduce manual tasks for data quality improvement.’
So, what does all this mean to your business? Why is augmented analytics an important factor in your success? The typical business will find it difficult to achieve approval for a new software solution. Executives tend to look at technology from the lens of expense and time, and your team is probably no different. If you are to gain approval for a new augmented analytics solution or an upgrade of your existing system, you will need to focus on the importance of the solution to your enterprise, both at the organizational level and for its business users, stakeholders, customers, etc.
Here are a few reasons you should consider augmented analytics for your enterprise:
- If your business users have access to augmented analytics, your business analysts, data scientists and IT team can focus on strategic issues and projects, without the burden of day-to-day analytical requests.
- Accessible augmented analytics, allows you to transition your business users to the Citizen Data Scientist role to make better decisions, more quickly.
- Users can replace guesswork and opinion with fact-based presentations and recommendations for more measurable analysis of trends, product pricing, financial investment, manufacturing and production and all other business factors.
It is not always easy to convince the management team of the wisdom of a new investment, but it is important to understand that the market for augmented analytics is evolving and that your competition is already on board and using these tools to engage with customers, create new products and solve problems before they negatively impact the bottom line.
Now that we have discussed the importance of considering these tools to improve your company results and support your business users, let’s take a closer look at the real benefits of augmented analytics.
Whether you are an IT consultant, an in-house IT professional, a middle manager or a senior executive, it is important to monitor the progress of business analytics and the related technology. Every business needs to understand how these solutions can and will affect users, processes and workflow. The Benefits Of Self Service Analytics are too numerous to mention. But we have highlighted some of the primary advantages here.
Benefits for the Enterprise
Augmented analytics can be a real benefit to the organization and can improve your competitive advantage by helping you to strategize and make timely, confident operational decisions without wasting time or resources. You can also incorporate augmented analytics into your customer-facing apps and solutions to improve customer satisfaction and provide additional features that will add competitive value to your services. Augmented analytics can help the business to improve revenue and to discover product and service opportunities and gain insight into issues to resolve problems before they create risk. Unscrambl highlights a few of the ways major businesses have used analytics to help improve competitive positioning and to solve problems. One such example focuses on Coca-Cola. The business improved its click-through rate on social media by using augmented analytics to analyze and improve its existing social media presence. FreeCodeCamp reports success in augmented analytics across many industries and business functions, including Retail, Manufacturing, Healthcare, and Financial Services.
Benefits for the IT Team
Self-Service analytics best practices include a roll-out to business users and that requires a new perspective on data governance and on user access. But the IT team does not have to tackle these issues alone. With the right augmented analytics solution and provider services, your IT team can review existing technology, hardware, network and security issues and work with the IT consulting partner to establish an appropriate environment. Once this is complete, the IT team will be in a position to focus on strategic issues, rather than fielding day-to-day report and analytical requests from business users and managers. The new analytics foundation provides a streamlined, scalable solution that integrates data from disparate data sources across the enterprise and allows the IT team to better monitor and manage user access and analytics across the enterprise.
Benefits for Data Scientists
Data Scientists and business analysts can leverage the new augmented analytics solution to prepare and analyze data across the enterprise without having to write SQL queries. This approach allows the analyst and data scientist community to focus on strategic issues and to work with business users to refine analytics created by the team when the day-to-day analysis must be further curated and prepared for presentation to senior executives. The professional analytical resource community can spend more time on high-value issues and analytics and less time on team member requests and questions.
Benefits for Business Users
Giving your team the right tools and a simple way to manage the overwhelming flow of data is crucial to business success. This approach makes every team member more valuable to your organization and allows them to perform tasks more quickly and to gain true insight into data without the assistance of a data scientist or an IT team member. Augmented analytics examples are prominent in the press today. No matter the role of the business user, the enterprise can transition the team to a Citizen Data Scientist role and thereby improve productivity and decision-making. For the business user, the transition can significantly increase their career visibility and success by providing them with meaningful information, so they can present data, collaborate and share, and make suggestions and recommendations for process, pricing, product, and service changes and improvements. Augmented analytics can reduce frustration and re-work, and make your business users happy.
Benefits for Software Companies and Solution Vendors
Self Service Analytics best practices include the addition of Embedded Business Intelligence (BI) and the creation of long-term IT Partnerships between software vendors and businesses that sell and support apps and solutions. Adding augmented analytics to your existing software product provides real value to your customers and improves your competitive positioning in your market. IT consultants, system integrators, ISVs, and resellers can benefit from adding self-serve analytics to their apps and software by offering unique solutions without a significant investment. You can add predictive analytics and natural language processing (NLP) capabilities to your products and services to achieve rapid results and ensure customer satisfaction by working with skilled development and support staff to bring this integrated capability to your organization.
‘It is crucial to present the benefits and advantages of augmented analytics when requesting project approval from your management team.’
For a detailed discussion of Augmented Analytics and related topics, read our article: ‘Augmented Analytics Guide: What Is Augmented Analytics, And How Can Self-Service Analytics Help Your Business.’
Contact Us to find out how augmented analytics Technology can support your enterprise, and ensure analytical clarity and results. Discover the next level of self-serve analytics with Augmented Analytics and explore the features and modules to see how your business can use analytics to achieve its goals. Explore our complementary articles on Augmented Analytics: ‘Understanding Augmented Analytics and Its Evolution,’ ‘Adopting Augmented Analytics: How to Get Started,’ ‘Assessing Augmented Analytics Companies, Vendors and Services,’ and ‘Augmented Analytics Guide: What is Augmented Analytics, and How Can Self-Service Analytics Help Your Business.’
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