Let’s talk about what “Augmented Analytics” really is and why it is important.
Conventional analytics involves a series of steps. From using sophisticated tools to a technical workforce, and data science specialists to prepare and derive insights in the form of dashboards. All this is done so that the business users can make their day-to-day decision making easier. But there is a critical dependency on various human and non-human material to make all of this instrumental.
The market is changing its shape and rapidly adopting new ways of looking at insights. This is an ongoing challenge. The Business Analytics is not only about creating and serving insights but also providing the description of the insights and packaging them at the right time. Also serving them to the right set of business users by evaluating their personas when it is needed.
Augmented analytics or augmented data discovery is the process of applying machine learning to train models to come up with insights that matter most to businesses. By finding insights based on the interests of users, augmented analytics generates natural language. Thereby, describing the insights in the simplest form and serves them to the right point of contact.
Why is it so important?
Data in its original form is worthless to a business if it is not utilized by the right mindset and techniques. The stamina of your business remains inside the muscle, called data. And this needs to be regularly exercised, for it to reach its fullest potential.
For example, your sales are dipping by 7.5 % and there may be so many factors that are impacting it adversely. In this current scenario, your team of a data scientist can actually try to drill down using tools and algorithms to come up with insights to determine why your sales are dropping. But what if you had augmented this work to a BOT engine which could serve you the insights way before your sales even started to drop (i.e. Out of Stock Inventory from retail domain).
Augmenting your analytics to a set of programs that can evaluate millions of data points in a shorter amount of time and keep you updated on what you must know provides a proactive approach your human friend may not be able to give you.
Your existing BI tool may not be able to give you augmented capabilities because of its conventional design and architecture. Augmented analytics requires a platform that is designed to address the specific needs of augmented analytics and not just dashboards.
The Lumenore Way
Lumenore’s augmented analytics capabilities are packaged very strategically. Lumenore’s ‘Do You Know’ feature is a disruptive innovation in this area. It uses all the required functions and methods of augmented analytics. Lumenore does all the work for you after the initial configuration needed for ‘Do You Know’ to act. It locates and serves the insights when and where you want them. The moment you log-on to Lumenore, ‘Do You Know’ shows you the suggested insights which are relevant to your role.
‘Do You Know’ uncovers the areas in your business data that were never explored before. It can further gain access to undiscovered zones in your business. When taking action of your analytics, Lumenore’s ‘Do You Know’ feature is constantly learning and making sense out the data. It does this to first know what exactly your business and data is trying to tell you which you may be missing all this while. And finally serves you in the simplest way a user can understand his data.
Gartner coined this term called ‘Augmented Analytics’ in 2017 report. The report futher predicted that Augmented Analytics is going to be the next wave in BI and Analytics space. This can be very much seen on the ground, as of today in 2019. Lumenore’s ‘Do You Know’ keeps you on top of your insights in Locked and Loaded position to pace up your decisions – without putting you in anything else so that all you do is ‘Business’.