How Augmented Analytics Can Revolutionize Your Business In 2022?

Today, believe it or not, everything is around Data and everything is creating Data of some sort.?And to cope up with that, we need to have smarter and BI-enabled applications.

However, as a business, you will have a few legacy systems/applications which you cannot replace, and the business depends on them. That is where the “A-Factor of Analytics” comes into the picture. Augmented Analytics is that buzzword, which helps you integrate self-service BI into your non-BI applications and makes you more Data-Driven which is becoming the need of an hour!

If you look at Gartner’s Definition of Augmented analytics it says, “Augmented analytics is the use of enabling technologies such as machine learning and AI to assist with data preparation, insight generation and insight explanation to augment how people explore and analyze data in analytics and BI platforms.”

?In short, Augmented Analytics helps in automating the long tedious manual processes using technologies of today and adds value to the core business workflows and that change the whole gamut. It simply deducts manual intervention and immensely reduces the toggling between multiple applications for insights which results in Significantly reduced time and enhanced accuracy of insights.

So, what Augmented analytics can do?

Well, there are a lot of advantages of Augmented analytics, below are the most practical and useful ways how it can help any Business:

Derive Greater Value from your Business Data!

“We are surrounded by data but starved for insights.”

~ Jay Baer, marketing and customer experience expert

As stated above, Augmented Analytics bridges both Business Intelligence and Data Analytics into the core business workflow which accelerates the data transformation efforts by reducing the time consumed in every step from sourcing, profiling, cleaning, testing, auditing, confirming, and validating data before any Analytics is processed.

Not only that but Augmented analytics also provides the ability to quickly gather insights from the data and shows it in a fraction of seconds with proper visualization tools.

Makes Self Service more accessible.

“Things get done only if the data we gather can inform and inspire those in a position to make [a] difference.”

–?MIKE SCHMOKER

We know that Data tells a story, and we all have our ears to it. But we cannot hear the same story a dozen times irrespective of how good the story is. We got to hear different stories, based on our times, roles, needs, and Industries. Similarly, Today’s questions from Data may not make sense tomorrow and we might have different questions to ask the next time.

To cater to this, Augmented analytics comes in handy, it provides a flexible-easy-to-use tool to analyze Data and comprehend Stories that are hidden in the Data to the users at the time when they need it the most!

Augmented analytics takes away the challenges of handling data and makes BI and Analytics adaptable and brings Analytics of business data into the hands of everybody who uses the Data every day and not just in the hands of IT or MIS, which makes the whole process a lot more convenient, time saving and efficient.

Augmented analytics empowers self-service which lets users ask business questions using the current data and get answers in visuals or graphs spontaneously without needing any additional support.

Enhances Business Operations Efficiency & Productivity

“One accurate measurement is worth a thousand expert opinions.”

– GRACE HOPPER

Augmented analytics have the potential to bring significant improvement in business operations and their performance. Integrating business with analytics allows users to become process-centric and rational immediately as it enables actions based on real-time situations.

it also helps in reducing the time switching back and forth between business applications and analytics tools. Also, eliminates duplication of resources, which results in more time on value-added activities. The self-service functionality brings another benefit like less work on spreadsheets!

SAAS Based analytics platform will also help in freeing up Development teams as it requires no maintenance from the user’s side, which allows developers to focus on the important tasks at hand to grow business and create differentiation rather than taking Ad-hoc requests towards Analytical Queries.

Becomes Catalyst in Revenue Growth

“Where there is data smoke, there is business fire.”

?— Thomas Redman

Introducing Analytics can also bring a new extended horizon of more sales, retainment of more customers, and expansion of product offerings.

Analytics enables the business to better utilize the Data currently available to the business and helps in creating new income streams by adding a fresher perspective to the old outlook which mostly results in, increases in win rate, decrease in churn rate, allows to offer product differentiation and helps in strategizing Feature enabled monetization, all this by capitalizing on the available data.

Augmented analytics presents your business with so many hidden opportunities. Built on the foundation of data-driven culture and set the stage for increased productivity, enhanced competitiveness, and Improved overall customer satisfaction – all of which, eventually change the way you drive your revenue and change the gear of your business growth.

Transitioning customers from “HAPPY” to “WOW”

“In God we trust, all others must bring data!”

— ?W. Edwards Deming

It is tested and proven by many startups and unicorns that, Introducing Analytics behind Customer-facing Storefronts leads to repeat Sales, Larger shopping carts, lesser returns, and delighted customers!

It also allows you to target your customer specifically and helps you determine the kind of information you are presenting to users which kills the situation for you being positioned as “one solution fits all” and provides a long-lasting unique experience to your customers which also shortens the gap between “Happy” and “Wow” for your customers.

Cultivate Data-Driven Culture

“The core advantage of data is that it tells you something about the world that you didn’t know before.”

— Hilary Mason, data scientist and founder of Fast Forward Labs

When Analytics, implemented right, creates a long-lasting pattern of data-driven decision-making in your organization. This means less involvement of guessing or gut and more involvement of business Data.

Analytics helps you in making Data a critical component of your business and puts intelligence into your Data with which, more people in the company can make use of Business Intelligence and analytics-based outputs. When this analytics becomes easily accessible on fingertips, in just a few clicks, more people start relying on the Data and its potential. That increases the usage of the Advanced analytics platforms and their capabilities and that eventually creates a more Data-Driven Culture.

Harvest Better Decision Making

“Data is a tool for enhancing intuition.”

— Hilary Mason, data scientist and founder of Fast Forward Labs

Behind most Business decisions, there is a backdrop story, made from Data, visualized in the form of graphs or charts which gets distributed collaboratively to all the decision-makers before taking any critical informed decision in the business. To make this process of decision-making much easier, streamlined, and seamless. An all-in-one No-Code Analytics platform should be considered.

Analytics can access the core data to strengthen the Business-oriented decisions without having to rely upon multiple applications or any external support such as IT or BI Specialist to make the Data available. Which helps the decision-makers to react quickly to threats and opportunities while feeling more empowered to make business decisions.

Augmented Analytics gives users the ability to quickly build intuitive and shareable Dashboards so they can analyze any business metrics or KPI at any given time and improves their Decision-Making efficiency.

Conclusion:

In this Data-Driven Business eco-system, it is going to be impossible for companies to maintain a competitive edge without leveraging no-code analytics.

Augmented analytics is a two-way street of adoption for both users as well as Business Operations, as it not just only provides suggestions to users but also takes the suggestions for development and improvement towards the BI and Analytics tool which takes the business towards the brighter side.

It helps in user adoption of BI, Data-Driven Culture, and makes Decision Making a lot smoother and more seamless with every insight on your fingertips with user-friendly self-service tools and functionalities.

Having said that, there are many more benefits like Increasing productivity, Delighting Customers, Enhancing Revenue growth, and Extracting greater value from your data – All of that eventually will take your business to the next level, and is that not what, your Business goal for 2022 sounds like??

Thanks for reading till here!

If you are still with me then, now I would like to introduce you to a self-service BI with no-de augmented analytics that holds the potential to transform your entire Data Journey!

Lumenore (www.lumenore.com) allows you to Leverage predictive analytics and conversational intelligence to get a transparent view of your operations and drive successful business outcomes.

With no-code analytics, it allows easy collaboration with internal teams for faster and simpler access to insights.

you can visit www.lumenore.com to learn more!

Thanks for reading till the end, I hope this article was helpful

~Kashish Keswani

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