An In-Depth Look At Augmented Analytics
Updated: Oct 2, 2020
In this post, we will take a deep look into augmented analytics and how it's transforming how data is used and who can use it.
The State Of Business Data Analytics
Before we jump into augmented analytics, let's do a quick overview of how traditional data analytics works.
An analyst (or any data savvy individual) will spend hours patching together disparate data sets from different systems and platforms. From there the data needs to be compiled for analysis and structured in a way that can be read and visualized by business intelligence tools or spreadsheets. Finally, this clean data and visuals can be used by your team to influence business decisions.
For years, this process has been adequate in keeping up with the demands of most businesses. But with the recent (and forecasted continued) exponential growth in the amount of data that’s available, this method can be a huge resource drain for your team in keeping up with data driven opportunities.
Pitfalls Of Manual Data Analytics
A major pitfall of traditional analytics is only a few individuals are responsible for the enterprise wide flow of data and data driven insight. These individuals are fielding requests from all areas of the business. Trying to keep up with all this and the ever-changing needs of the business? Hardly seems possible.
Unfortunately, this leads to a major bottleneck. The result of this bottle neck? Many people are left in the dark to make decisions without insights from data (even though these insights most likely already live in your data).
Aside from this…
There are several pivotal questions you need to answer to make the most of your data. For example:
What metrics are important to your business?
How can we access them?
Are we missing anything?
With seemingly limitless data available, relying on the human brain alone makes these questions incredibly difficult to answer. Manual data analysis requires extra work from your employees and leaves countless insights on the table. The worst part? You won't even know what you're missing or the impact it could have on your bottom line.
More data is flowing into your business every day. As it grows, it's impossible to capture & report on all the key metrics that will help make your business successful.
What Augmented Analytics Can Do For Your Business
Augmented analytics acts as a digital intermediary between you and important insights for your business.
It connects to your data sources and provides you with the analytics you need to make key business decisions. Instead of wading through thousands of data points hoping to find the right information, you get impactful business data automatically.
Eliminating all the legwork required to gather and format data will free up your analyst to spend time turning those insights into a strategy that will move your business forward.
Oh, and it's not just the analysts that stand to gain from augmented analytics. This gives anyone the ability to access data that is important without needing advanced data analytics skills. I can't emphasize the importance of data accessibility enough.
Let's see this in action...
As I mentioned earlier, it's too often that people who need insights from data don't have them readily available. Making it impossible to react in real-time. Augmented analytics brings key insights to each team member as they are needed.
Imagine your marketing manager asking questions like...
"What was our engagement rate last month?"
"Which Twitter ads drove the most traffic to the website?"
"What is our top selling product this quarter?"
"How is our email program performing?"
...and get the answers in real-time with graphs & supporting data to help understand trends. This is incredibly powerful & enables decision-makers to access data exactly when they need it, in a format they can use.
But the possibilities don't end there...
Say an executive hears rumblings about some oddities in a new product sales on the eCommerce site. Do they ping their direct report, who pings their direct report, who pulls the analyst out of whatever they are doing to dig up what's causing the trend?
"How are sales looking for product x?"
Augmented analytics app:
"Sales for widget x are up 50% compared to last week. There was a big lift in referral traffic from TechCrunch."
*sips coffee* "Well hot damn, let's reach out to TechCrunch and see if we can form a partnership."
Answers. In seconds. Imagine it, anyone at your business can roll into any meeting armed with data and information they understand and accessed themselves. Meetings could actually be productive since the time is spent discussing the best decisions to move your business forward.
How is this possible?
Augmented analytics stands on the shoulders of many technological and mathematical advancements that have come before it.
For example, data storage advancements like NoSQL databases and cloud based storage allow for new capabilities in terms of what data businesses can store and how they can store it. Machine learning and data mining techniques can then help process all this data. These methods can automatically clean data, load it, and transform it to be made available for any sort of analytics. From there we let the AI (artificial intelligence) robots take over. Just kidding (kind-of). AI is used to learn what matters most to your business and individual roles. This intelligence then allows an augmented analytics system to provide the insights we've been talking about throughout this article.
So, answering the question of how does augmented analytics work can quickly take you down a number of rabbit holes. Because augmented analytics can span any part of the analytical process, it's best to think of it as a system of different components that allow insights from data to become fully democratized.
How Can I Start With Augmented Analytics?
By now (hopefully) you grasp the power of augmented analytics, so how can you start using it? That will all depend on which systems you already have in place. Progress in augmented analytics for your business can be made in underlying data storage techniques, how you process data or to how to serve up analytics. Advancements in any part of the analytical process, with the end goal of automating business insight delivery, will have a major impact on the efficiencies of your business.
As with most initiatives, it's best to start by understanding where your strengths and weaknesses lie in your current analytical process. But... while I have you here, let me introduce you to our product :)
Nycer is a form of augmented analytics that accepts human questions & turns them into queries that computers can understand and use to provide automated reports and insights.
With the Nycer app your business users no longer need access to databases, know how to query databases, be wizards with excel or python, or dig through old reports and dashboards to get insights.
They simply take the question they have in mind, ask Nycer, and let our technology do the rest. For example, these are all questions the Nycer app can translate into queries computers can understand and then present easy to understand insights that are easy to use:
"Why are we growing so quickly in Canada?"
"What are our top email campaigns?"
"What's the relationship between sales and visits to our website?"
"What's our forecasted facebook followers for next quarter?"
"Where are we going for happy hour?"
Okay, you don't need to ask Nycer where to get a beer after work, but I'm sure it would have some great recommendations. Here's what you should do, grab a local brown ale with some wings and enjoy life at its absolute apex.
One last plug... The Nycer app doesn't strive to simply answer your questions. It aims to give you context around the answer that allows anyone to actually learn both the what and the why around what's going on with your business.
So if you have a set of data or an entire database that people depend on for insights, Nycer can most likely help you deliver those insights in the most efficient ways possible.
If using augmented analytics still seems too good to be true, check out this demo of the Nycer app on the Datorama marketplace to see it all come together.
If you've got questions about augmented analytics or want to learn more about Nycer, feel free to drop us a line at email@example.com