4 min to read
What is Augmented Analytics?
Technology is constantly evolving to make our life much easier. When it comes to extensive data analysis, Augmented Analytics is a unique tool for your marketing and even science efforts.
In the blink of an eye, you get all the information with a click; if that sounds interesting to you, let us explain Augmented Analytics and how it can help your company.
With Artificial intelligence and machine learning, Augmented analytics helps businesses gather raw data and become it in insights and even business solutions. This term appeared first in a 2017 Hype Cycle of Emerging Technologies report.
The future is here, and pretty soon, those annoying tasks of analyzing each information and traduce it are way behind in the past.
With the help of data science and artificial intelligence, Augmented Analytics make
data analytics accessible for all businesses, not just the data scientists, which allows your business to make decisions quicker and understand the analytics results conversationally.
So, let us illustrate its use with an example. Imagine your company revenue is down 30% year over year. Your first reaction is to ask yourself if your marketing strategy isn’t efficacious? Is your product getting worse?
Don´t worry, and Augmented Analytics is here to help you.
Taking a deep dive into multiple resources, cleaning up data and analyze and figure out the insights this technology will communicate to your company what needs to improve for your revenue. All of this seems pretty futuristic, but let us confirm that the future is right now.
Before Augmented Analytics, businesses needed data scientists to make sense of the data and evaluate the possible solutions. McKinsey Global Institute predicts that there will be a shortage of approximately 250,000 data scientists by 2024 in the United States alone.
If you are a Data Scientists, relax; you don’t need to worry as your job is still required to give a more profound study to all the results. Besides, augmented analytics can help data scientists to investigate and generate better questions to help businesses improve.
Benefits of Augmented Analytics
- Faster results: With virtual intelligence and data science, your company will start to see products and even solutions in almost no time. Augmented Analytics will show you a visualization of all the essential insights of your company improving productivity. This technology can recommend associations between different data resources, replace manual processes, and give you suggestions for cleaning up data. When you analyze data, these tools will create auto-generate bars, maps, KPI objects and other visualizations based on your asking.
- Reveals hidden potential: With BI tools, your team must know the specific question they want to answer, and sometimes that answer doesn’t give right in the target of the problem you want to solve. On the other hand, Augmented Analytics can show you the question you asked and uncover some insights you never thought would help you. With data such as relationships, correlations, data science and artificial intelligence, these AI analytics will guide you through the actions your company needs to take.
- Increases trust: When a user or customer interacts with data, these provide clues to machine learning algorithms about their roles like skill set, business context and intent. Once the technology has obtained the information, algorithms provide accurate suggestions based on these clues, making users trust more in this data.
- Everyone can understand it: With AI analytics, your users won’t need a diploma in data analysis or a genius to understand what the data is about; it will not be a bunch of numbers and letters. It is going to be understandable sentences and ideas. Augmented Analytics promote data literacy by surfacing insights, making recommendations and letting all users take action on their data. You will be able to search for insights using natural language, visualize insights and create information that becomes more accessible.
Augmented Analytics capabilities
Technology has come to make our life as marketers and people in business and women much easier. Augmented Analytics will reduce your time of doing exhausting tasks so you could use your time more efficiently.
Automating tasks or routines is an option you can do with this technology. If you want to gain insights, find patterns, clean and prepare data and even find patterns in relationships, Augmented Analytics will be in charge of that.
And if you don’t understand completely what your customers want, well, the good news is that AI actually understands them pretty well. Saving and analyzing the most common questions your customers do, you will know what they want and even know some hidden insights you would have never seen before.
And while we are saying that machines understand us better than ourselves, something that sounds like an apocalyptic machine movie is not the case. Even this technology comes with conversational analytics that will show you all the information you request just by asking the machines.
The Future of Analytics
Augmented Analytics really fell like a robot who speaks to you almost like a human, and also, almost like a magician because it knows what you are thinking or even what you are going to choose on your next purchase. But remember, marketing is facts and science, not magic.
With these new technologies, interaction with humans forms a great part to cater to the big data needs of a company. And everything starts with public or private data collection.
Before data scientists created these analytics data pipelines, these men spent about 80% of the time collecting and preparing data, and only 20% of it was finding insights.
With augmented analytics, the process is much faster, saving 80% of the time to be more productive with the insights. As we mentioned before, probably augmented analytics could replace the work of data scientists with AI.
Almost every company will start using Augmented Analytics more, as it represents fewer expenses on the data analysis team.
Technology is evolving, and its evolution is making the job of marketers much easier. From the industrial revolution, machines have taken humans' jobs to make tasks more efficient and faster, but that doesn’t mean that all these humans will be with no work as some other opportunities will appear.
Augmented Analytics will help you choose the right decision based on scientific data and results, so it should be something your company should invest in.
While it will help you manage your teamwork, it also helps you take care of all the demands your customers wish.
Until the next article, see you soon!