Imagine a kitchen stocked with every ingredient a budding chef could possibly want, but with one problem: there are no recipes to be found anywhere.
This “now what?” situation has--until recently--been a conundrum for businesses wanting to make the most of their data. Thanks to advances in data technology, organizations of all sizes can tap into a seemingly endless amount of information--but it always yields more questions. The “because” to any organization’s “why?” is what has prevented small businesses from solving their more complex problems--making it impossible to compete with big business.
Now, AI- and automation-driven tools like augmented analytics are bringing all the potential of an organization’s data to life, without the need for an expansive team of data scientists to manage all of the infrastructure and analysis. Here’s how that translates into benefits:
1) It Connects the Dots
Augmented analytics is what gives inventive recipes to that forlorn chef in the well-stocked kitchen. It differs from traditional data analytics in that it can generate suggestions based on its analysis, and it can do so instantly.
Before these advances, an e-retail company could use technology to collect data around an issue with cart abandonment, but it would take time and (expensive) expertise to accurately assess why it’s happening--and what to do about it. The advent of things like benchmark analytics, which provides context for data, arms teams across an organization with comprehensive, mission-critical answers on an ongoing basis.
2) It’s a Bottom Line Booster
Thanks to the ubiquitousness of technologies like automation, augmented analytics are accessible to everyone--and it’s leveling the enterprise playing field in a few ways.
For most of the technologies’ history, machine learning and artificial intelligence tools were affordable only to large corporations, as was the costly team of data scientists and engineers they’d employ to leverage those tools. But with an increasing number of products flooding the market--paired with advances in automation and data analytics--deeper-dive diagnostic tools are much more affordable. And, it removes the chunk of money needed to hire experts who can conduct time-intensive tasks like AI modeling. The result? Big boosters to the bottom line, from preventing high-priced errors to speeding up time to market.
3) Even Janet From Marketing Loves It
There can never be too many cooks in the kitchen when augmented analytics is involved, allowing businesses to build a holistic, data-driven culture because anybody can use it.
Platforms that feature intuitive design and a streamlined communication hub turn every employee into a “citizen data scientist”--meaning everyone from HR executives to sales teams can architect collaborative solutions using decentralized data, without a computer science degree. Since augmented analytics technology makes this possible in large volumes and within short time spans, organizations can do more within a wider perspective.
4) It Lets Data Scientists Shine
If anyone can be a data scientist, then what does that mean for actual data scientists? It means they’ve never been more relevant! Data scientists have to wade through a ton of tedious work--like data modeling--at the early stages of analysis. Augmented analytics removes the burden of those more monotonous tasks so that data professionals can direct their brainpower to more creative projects, like building data models that will generate valuable strategies.
It’s because augmented analytics makes it possible for organizations to test larger volumes of models that the demand or data scientists will likely increase. It doesn’t have to mean more “version 10” emails, either: businesses that leverage a strong communications platform between data scientists and “citizen data scientists” can ensure ideas and AI-driven insights are all exchanged in one place, improving transparency and understanding.
The concept behind augmented analytics is actually quite simple: improved ability to build out business intelligence translates to more dynamic business development. As technological capabilities around data evolve, all businesses (even cash-strapped non-profits) in any industry can access more see a bigger impact--and catch up with the competition. These capabilities get a bonus boost when they live on a user-friendly platform that facilitates and organizes communication across departments, ultimately helping data scientists do more. To see what this looks like in action, sign up for a free demo of Kubit’s augmented analytics services.
If you’re curious about how augmented analytics implementation can provide your organizations with crucial tools for insight and collaboration, talk to our KPI experts.