High Score Labs News • Aug 18, 2020
Although the term augmented analytics is a relatively new concept that was neologized by Gartner in 2017, it’s growing in popularity and importance at a rapid pace. Augmented analytics is trending and the hype doesn’t seem to fade anytime soon. But what exactly is augmented analytics? This article is here to dispel some of the hype and the benefit it holds. Let’s get going!
What is Augmented Analytics?
Gartner defines augmented analytics as, “an approach that automates insights using machine learning and natural-language generation, marks the next wave of disruption in the data and analytics market.”
Augmented analytics represents the method of pulling the data automatically from the raw data sources, and is scrubbed and analysed, unbiasedly, and then delivered in a report employing easy-to-understand, natural language processing for humans can comprehend. To cut short, it is the machine learning process harnessed to make data more accessible and actionable for both data scientists and business users.
Augmented analytics technology is already creating wonders to the interpretation, formulation and distribution of analytics. Here are some of its key benefits:
Accelerates data preparation and discovery
With augmented analytics, data preparation techniques and ML algorithms employed, businesses will now be able to refine the data in a shorter time. Moreover, by automating repetitive actions in any process, can reduce the complete data preparation and discovery time by almost 50-80%.
Helps to democratize data analytics
Augmented analytics helps to identify signals that can influence business models to post the data preparation, which data scientists may not be able to find with less business knowledge. With the help of augmented analytics, data scientists can avoid the hassle of determining the proper algorithm to use or write code for obtaining results. Furthermore, augmented analytics democratizes the insights and makes it effortless for business users to derive twisted insights and hence saving time in the process.
Augmented Analytics enables adoption of actionable insights
After ascertaining the signals, communicating results with executives comes next. The conventional ways to perform this task used to thrust extra responsibilities on executives who ideally run short of time to log into a platform and perform data interpretation, whereas augmented analytics tools make it easier by reading the chart or report and translates the data into natural language statements. This level of actionable insights facilitates data-driven decision that creates and boosts adoption across the complete organization.
Moving Ahead with Augmented Analytics
Augmented analytics is surely disruptive but still an evolving domain. However, maximum organisations are still not confident to embrace augmented analytics to handle the entire end-to-end process but are beginning with just one small section of the process – which is a still a fair start to encompass the new yet powerful technology
With the aforementioned benefits listed above, the best way for companies to progress is to operate with a consulting firm or partner that has extensive knowledge and experience in augmented analytics toolsets and methodologies to design a model roadmap. To formulate a winning journey ahead, the right blend of people, processes and technology requires to be harmonized and evolve together.
To conclude, the notable benefits that augmented analytics offer are the essential fields to acknowledge: speed, democratization and broad adoption. These abilities can empower organizations to be well-equipped to identify and forecast customer demands, modify and enhance business processes and place themselves for victory in – today, and the coming future.