The Merriam-Webster dictionary defines the word ‘augment’ this way: ‘to make greater, more numerous, larger or more intense’. If you are wondering how this applies to the term ‘augmented analytics’, you are not alone. Let’s take a closer look at Augmented Analytics and talk about why it has gotten so much attention in the business intelligence world.
If your business is looking for more insight, more targeted decisions and improved revenue and agility, data analytics is a necessary component of your strategy. If you are considering data analytics tools, it is important to consider that a data democratization initiative that will provide self-serve business intelligence tools to business users will reap more benefits than static, restrictive data analytics software that can only be used by data scientists, analysts and IT staff.
Data analytics software used to be reserved for data scientists, analysts and IT staff but not today! Talk to any business colleague or pick up any technology analyst article and you will find plenty of discussion about the current use of data analytics tools and impressive predictions about the growth of this market. There is a reason for that popularity and growth! Businesses have discovered the value of business analytics and the benefit of taking the guesswork out of planning, problem solving and decision-making.
Providing ample business intelligence in clear, concise fashion is important for every business. But, if the business analytics tools are not simple enough for business users, all that sophisticated analytical data will not help your team to make confident decisions or to accurately and effectively plan.
No matter how large or small your business, no matter whether your business is fifty years old or a start-up, you need business intelligence software today to maintain a competitive advantage and to establish a collaborative culture with data democratization. But your needs are unique. That is true of every business and every industry. So, how do you get what you need without expensive customization. How do you quickly and easily implement business intelligence tools with no extensive training and cost impact?
As business becomes more competitive, as markets get tighter, there is a need to leverage and optimize your resources to the greatest extent possible. Using the knowledge and skill of each individual on your team and allowing these skills to inform business decisions and business analysis is key. As businesses democratize data and look for ways to improve collaboration and ensure that information makes it to everyone who needs it, a new business role has emerged.
BI dashboard is no longer the sole domain of a business intelligence analyst or data scientist. When a business implements a mobile, self-serve BI tool, it ensures that its business users and team members will have access to critical analytical tools in the office and on the road.
Business intelligence and analytics has changed drastically over the past five years. Data analysis for business is more democratic today and that is good for the organization. By extending access throughout the organization, the enterprise can provide a solid foundation for confident decision-making. Business users can have access to sophisticated business intelligence software and use business analytical tools without the advanced training of a data scientist, an analyst or an IT professional.
When it comes to data analytics, one can skim the surface, or take a deep dive into the data and, in so doing, find those hidden ‘nuggets’ of information that will change the perspective of the business, confirm a theory or reveal the root cause of a problem. With the right business intelligence solution, deep dive analytics is accessible to every business user.
A business that does not optimize its resources is doomed to fail. In this rapidly changing business environment and market, every organization must make the best of precious human resources. No one has enough funding to hire additional resources to get the job done and, when there are extra funds, those funds are quickly earmarked for new products, marketing and other crucial activities.
