by Sandeep Arora, on Mar 9, 2020 11:47:39 AM
Estimated reading time: 3 mins
Telling SHORT stories with MASSIVE data is the new achievement in the field of Augmented Analytics. It is that field of Data Sciences that connects data points from disparate sources to create intelligence that enables you to see the bigger picture.
Data footprint and the bigger picture
Each transaction in the business world creates data. Each business venture creates even bigger data. When you join the dots between siloed enterprise architecture, you are able to draw insights that are usually visible only at a vantage point. This bigger picture allows you to decipher early-on whether the business venture is the proverbial “Frankenstein” or “Alice” – something that is headed for “destruction” or towards the “wonderland”; whether the venture is going to “tank” or is headed for a “runaway success”.
Augmented Analytics – The new paradigm in Data Sciences
When you connect the dots between disparate data sources from your various enterprise projects, you get that bird’s eye view of the overall business functioning vis-à-vis the market scenario. Augmented Analytics helps you in this process.
- The first wave of analytics mandated that you depend on certain data specialists to understand data as well as create dashboards and graphs for senior management consumption.
- The second wave broke down the data barriers helping you generate insights with self-service analytics. It gave you certain interactive tools and the independence to create data visualizations for your benefit and collaborate with extended teams.
- The third wave is that of Augmented Analytics or Artificial Intelligence (AI)/Machine Learning (ML) powered Analytics. It has taken the Data Sciences paradigm to a whole new level by offering you a 360-degree analysis of massive data points while taking the burden off the shoulders of busy business users.
Telling data stories with Augmented Analytics
Today, insightful stories or story-based insights are developed by human faculty by using data and analytics available at eye-level. AI/ML enables the Augmented Analytics to delve deeper into data layers to understand whether the business venture is a “Frankenstein” or “Alice”. AI/ML offers a multi-dimensional 360-degree view of data. It facilitates automated data storytelling, which helps create the narrative for complex business scenarios. It changes the way how analytics is perceived, used, and internalized.
Self-service analytics, or the second wave of analytics, was self-limiting. Augmented Analytics extends the scope and scale of analytics thus enabling business ventures to move towards “a wonderland” or so to speak the Blue Ocean. It delivers crisp story formats along with sound reasoning as compared to erstwhile dashboards enabling you to pick up the next course of action quickly, while leaving you with an AHA moment!
Data stories in the field of Research and Analytics are human faculty as of now. They are subject to human cognitive bias. Augmented Analytics allows automated storytelling where the Natural Language Processing (NLP) component of AI reads the insights created from aggregated or collaborative intelligence and Natural Language Generation (NLG) writes the narrations in logical text sequences. It creates those emotionally resonant stories by extracting data points from what you have thus enabling you to make faster and better decisions. In short, it enables you to do more with the same amount of funds and the same resources.
In summary
Augmented Analytics helps you move out from a framework based analytics to a 360-degree view of data. It enables you to identify the health of your business venture and quickly Internalize-Democratize-Collaborate using the research findings.
