I have heard a number of people say, and have read a number of articles noting, that data is the new oil. That’s because, as the customer journey becomes increasingly complicated, potential customers are leaving behind trails of data that businesses now have to stitch together and harness in order to turn these potential customers into paying ones. But this increasing amounts of data that businesses are collecting and using means that data analytics is even more important than it has ever been, which has created a trend for businesses to hire more and more people in the data science space. Augmented analytics is an alternative to this that a lot of businesses are now turning to.
Augmented analytics is a way to automate data insight by using natural language and machine learning to automate the preparation of data and enable the sharing of this data. Compared to ‘normal’ data analytics, it removes the need for an employee to actually do the analysis – instead passing that task over to the machines. The aim is to present data quickly, accurately and clearly so businesses can make more informed decisions about important topics. And, fundamentally, it removes the chance of human error from what is quickly becoming the foundation of a successful business.
There are quite a few reasons why you should consider augmented analytics for your business, such as:
- They allow your data teams to focus on other projects, and your data scientists to focus on more strategic work.
- Augmented analytics improves staff empowerment and their accountability.
- With your data now being presented quickly, more accurately and more clearly you can can produce better predictions, create better analysis and make more informed business decisions.
- Improved data literacy and user adoption within your business.
As I see it, augmented analytics is very likely to dramatically change business intelligence in the near future. Indeed, the way that data analysts work with insights and access data has already been transformed in the businesses that have adopted it. From the articles I have read it is not long until most mainstream businesses are adopting augmented analytics which will in turn transform and improve businesses dramatically. What do you think; is augmented analytics the way forward?