With an annual growth rate of 12%, business intelligence is one of the fastest growing technologies in the world today. The global BI market is projected to hit $41 billion by 2026. The key drivers of the forecast are increase in demand for Big Data analytics, augmented analytics, personalized and self-service BI capabilities. From small to large companies, everyone is looking to leverage the power of business intelligence and invest in the next wave of BI tools and analytics to gain competitive advantage.

While discussing about the future of business intelligence solutions, we cannot afford to skip talking about augmented analytics and personalized BI. Let’s see what they mean in detail.

Benefits of Augmented BI:

Described as the future of business intelligence, augmented analytics is the process of using artificial intelligence, machine learning and natural language processing (NLP) to extract raw data and analyze them quickly in an unbiased manner.

Fast and smart work: Augmented analytics makes data ingestion simple. Instead of manually cleaning data and putting together datasets for analytics, AI components can do much of the heavy lifting from data ingestion to finding insights. It saves about 80% of a data scientist’s time. Intelligent analytics uses smart tools to understand difference between datasets, read both structured and unstructured data, knows how data interacts with each other and also knows how to best query them for faster results. This acts as a major time saver and helps in making the process fast and smart.

Answers your queries: The AI in augmented analytics is free of human bias. It is a machine tool which has no opinion, cannot overlook insights or get tired. Augmented analytics also changes how we understand insights as NLP will be able to read and understand data more and draw accurate conclusions. NLP can also give business intelligence a voice and make interactions with humans in a conversational manner. We can just ask the BI questions like, ‘what is the percentage of sales increase this year’ or ‘how much did we spend on facilities in the last 6 months.’

Intelligent assistants: With augmented analytics, data is accessible to everyone and there is no dependency on IT. They have user-friendly interfaces and available on a wide-range of devices for fast access. It can recommend the right datasets to include in analyses, give accurate forecast and predictions based on historical and real-time data in just a click. It also comprises of intelligent assistants, which alerts the attention of decision-makers instead of waiting to be asked. With the addition of immersive technologies, BI is all set for the next big change.

Benefits of Personalized BI:

Even the fanciest of technologies does not ensure success to your enterprise solutions. What does ensure success is how well those technologies are aligned with your business goals and enterprise environment to solve particular challenges companies face. Use of right strategies and solutions is key to driving a data-driven company forward. Only with personalization of business intelligence one can streamline their data analytics practices to create effective and actionable analytics that help realize goals.

  • Make honest and realistic assessment of your business objectives
  • Determine what metrics are important to measure and monitor business performance
  • Personalized BI will help discover interdependencies for efficient functioning
  • Define enterprise problems using analytics and identify root causes to find the right solution
  • Enable BI access to everyone or atleast to all the staff involved in day-to-day tactics instead of full visibility to few executives
  • Modify data analytics process and behavior according to enterprise environment than forcing in a new system

Establishing a data-driven business is of critical importance to companies. Even though small enterprises report low level maturity than large enterprises, they understand the necessity of implementing business intelligence solutions and are actively looking to increase their spend in BI tools to reap benefits faster and quickly get on par with competition. Over 54% of all enterprises think that BI is critical or very important to their future initiatives. Augmented analytics and personalized BI must go hand-in-hand and there are no two ways about it. While intelligent business analytics uses advanced data tools to process information and produce insights, personalized BI helps in making use of those insights in the right way to drive enterprise efficiency and explore new growth opportunities.

Subashini Suresh