Can you believe it? We’ve made it to 2023. And truth be told, it’s a pretty sci-fi time to live. People carry around pocket computers, celebrities are “beamed” into performances, and increasing numbers of people consider phone calls quaint.The same rate of technological progress has also consumed the business world. Like phone calls, companies that still use analog methods are throwbacks. These days, big data and augmented analytics are fueling the market, and businesses that refuse to adapt may find themselves at the back of the pack.
Augmented analytics is shorthand for “using advanced technology to squeeze more out of business analysis efforts.” Artificial intelligence and machine learning are now commonplace, and they’ve transformed the data analysis landscape. Not only can we glean valuable insights about product pipelines, back-office operations, and customer interactions, but automation possibilities have also improved significantly.Augmented analytics programs touch every point of the data lifecycle, from preparation to implementation.
Augmented analytics isn’t just the buzzword of the quarter. Instead, think of it as the next “Internet.”Back in the day, many companies didn’t see the value of the Internet or websites and cynically dismissed both as fads. When it became evident that the “World Wide Web” was here to stay, businesses that didn’t establish a digital foothold were caught on the backfoot — and catching up was prohibitively expensive in many cases.In a way, we’re at a similar inflection point regarding big data. Businesses that got in early are reaping the financial benefits and winning market share. Companies that wait too long may find themselves hopelessly behind the eight ball.How do big data and augmented analytics give organizations an edge? They uncover hidden operational pitfalls and possibilities, deliver value faster, and increase data intelligence.
Augmented analytics provides a clearer, more dynamic view of a company’s operations and sales. As such, it’s easier to spot and leverage trends.
Analog back-office operations consume a lot of resources and time. After all, manually entering every record, one by one, will take significantly more hours than a semi-automated system that can cycle through data by the microsecond.
Computers can do amazing things. Heck, commonplace systems are smarter than we are in many regards. Marketing models can pinpoint potential customers and clients, increasing conversion rates and, ultimately, your bottom line.
It’s important not to conflate augmented analytics with full automation. Though the latter informs and supports the former, augmented analytics systems require people power. So when transferring to an augmented analytics system, hew to these three best practices
Augmented analytics is the third stage of the business intelligence metamorphosis.
If you’re contemplating an augmented analytics upgrade, it’s wise to consult with industry-leading platforms, like Inzata Analytics.