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Improve Your Reporting with Augmented Analytics

As the world continues to evolve, things in it become harder to understand. Sort of like the concept of the internet, this one-stop online space that would give you the answers to anything and everything. In 1995, Newsweek declared that the internet was, “all hype” and “just a fad”. I don’t know who wrote the article but I hope nobody asked for his opinion on any subject ever again. Currently, the world is experiencing a similar shift. Things are getting more and more digital. Currency, housing, even the way we work has taken on a more digital approach.

In order to maintain the edge and stay ahead of the competition, many businesses are moving away from the traditional methods of reporting by incorporating augmented analytics to analyze and form their data reports.

What are Augmented Analytics?

Augmented Analytics refers to the combination of Artificial Intelligence (AI) through machine learning and Natural Language Processing (NLP) to automate the production of meaningful insights. It differs from traditional methods because AI is always working in the background to learn and enhance results.

Augmented Analytics also allows for faster access to insights derived from massive structured and unstructured data, this helps uncover hidden insights, predict bias and remove human bias.

Using augmented analytics may change some steps in your current process or remove some steps altogether but its main purpose is to make the process faster, more efficient and help you make accurate predictions/decisions.

Building Business Resilience

Many companies are turning to analytical reporting to help them better observe, understand and improve operations. With the global impact that the pandemic has had on many businesses and the way they’ve had to change how they run their operations many have taken a hit to their operational efficiency. 

According to a study done by Aberdeen Strategy & Research data:

  • 13% of companies stated they are able to always access information within the timeframe necessary to make data-driven decisions.
  • Half of all companies in IT, retail, financial services, among other sectors, stated that their “decision window” has shortened noticeably or substantially over the past two years. IT leaders need more information more quickly to make decisions. 
  • 58% of executives said that they need data in real-time in order to make decisions.

Those companies that have augmented analytics and modern reporting systems in place can simply be more resilient when a crisis strikes.

How Augmented Analytics Impacts Your Niche

Sales

For most sales people, they don’t need to know the more difficult statistical terms or interfaces. They might just want to know what the sales are in a specific region of interest. They can use NLP Technology which can interpret their speech into a language the system can understand. Machine learning finds the relevant data including the best data charts to visualize the data.

Another scenario could be a salesperson wanting to know why sales are down in certain territory. By simply asking the question, the machine learning system can perform a root cause analysis and display the answer in easy-to-understand terms and graphics.

Marketing

Marketing professionals want more quantitative information. They want to know how their campaigns are performing on a granular level. Why did the campaign perform better with this customer base vs another? Or why did it perform better in a certain region vs another? Augmented Analytics can provide this information along with additional data about target audiences they probably weren’t aware of, which can make their campaign targeting much more effective. 

Finance

Traditionally, financial predictions involve making a large number of assumptions largely based on opinions, not facts. With augmented analytics, machine learning bases its predictions based on the data only, rooting out any human bias and judgment. This helps organizations make better predictions about revenue and profitability.

While many companies are still far from adopting new technologies and methods to help their operations, we’ve learned over time that adapting is how you succeed. Just ask Blockbuster how it’s going. It doesn’t hurt to look into how augmented analytics can better help your reporting and we hope this post gives you the necessary insight to start digging.

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