Today we make our way through cities, pull up electronic tickets, buy luggage, monitor our health, and of course, stay connected with friends and family on our smartphones. The smartphone is one of those innovations that makes us think, “How did I ever function without it?” Smartphones revolutionized our personal lives, but a megatrend is set to disrupt the business world; This is called Augmented Analytics.
Augmented Analytics is on the verge of becoming the next important evolution of the business world.
1 top trend for data and analytics technology in 2019, and market leaders are already starting to invest in this growing industry.
SAP recently acquired Qualtrix, an augmented people analytics company, for $8 billion, which is valued at more than 20 times the company’s current revenue. A newcomer to the game, Denver-based startup Nodin raised $5 million in funding last March, a month before launching its platform.
The global market for augmented analytics is projected to reach $29.86 billion by 2025. But what is augmented analytics, and what’s making it such a hot new trend?
data or die
According to a recent study by Forbes Insights and Treasure Data, only 13% of companies can be considered “leaders” in leveraging the full potential of their customer data. The full potential of customer data is critical, as 55% of executives view these insights as valuable in achieving disruptive innovation.
Companies must now collect, clean and translate their raw data so that they can use it to build better products and reach target audiences.
In today’s fast-paced business world, data-driven decisions are no longer good; They need to stay competitive and stay on top of market volatility. To move forward, key players from Booking.com to PepsiCo are relying on teams of data analysts to collect, clean and analyze the data they generate now.
SMEs are also leveraging their data to gain a competitive advantage in a sea of new competitors every day. The problem is that data analysts are not only scarce in numbers; They are also expensive, especially for SMEs.
Even for companies that have data scientists, the data we are now collecting through various platforms and tools means they spend more of their time on activities like data preparation and visualization. do, leaving less time for actual analysis.
Augmented Analytics harnesses the power of AI and machine learning to automate these tasks and generate insights.
Let’s say you’re an ecommerce store that’s noticed a sudden drop in sales on your Shopify account. To find out why you’ll need to examine your company’s data and gain insight by:
Log in to Google Analytics to analyze patterns in your website traffic.
Checking the performance of your social media accounts and advertising campaigns.
Reevaluating your keywords on Google AdWords.
Examine new competitors or changes in the market.
Instead, enhanced analytics tools collect and analyze all of your data to identify potential causes and automatically generate reports with actionable insights.
Here are three important ways in which augmented analytics will disrupt the business world:
We’re in a race for data – the winner takes the money.
With most businesses embracing artificial decision-making capabilities, we are now in a race to see who can make faster, better business decisions. Our businesses are like a data-guzzling V12 engine that needs data to fuel growth. Automating this process, and using augmented analytics to find opportunities to grow your data in front of your competitors, means you’ve won the race.
Gartner believes that by 2020, more than 40% of data science tasks will be automated. Automation will allow data scientists to spend less time on repetitive tasks and more time on strategic analysis and decision making. Not only does this remove manual labor from their job, but it does it faster and eliminates the possibility of human error.
Bring the whole picture together.
At the moment, most of the company’s data resides on several different platforms – isolated. Only 34% of executives agreed they had a holistic view of all their customer data points. Not only is this inefficient, but it also prevents businesses from making informed decisions. We should not look at how each part of the engine works separately but how it all works together.
Integrating data points into a rapid reporting system like Aerialscope or Databox allows you to track the entire customer journey on one platform, from lead generation to the time a customer earns their first dollar.
It also provides better cohesion and cooperation in the organisation. It’s just ‘How is my marketing team doing on their KPIs?’ No – but from the results of the marketing team