The new phase of BI - Augmented BI and how it will transform your business.

In today’s aggressively growing world of modern business, the ability to harness data has become paramount and Augmented BI (Business Intelligence) is poised to reshape how enterprises operate and strategize. By merging new-age technology and human expertise, augmented BI is set to revolutionize how businesses leverage data as they move toward a dynamic future seeking unparalleled success. Here, we delve into how this transformative force will redefine the very fabric of business operations. 

BI (Business Intelligence) has been rapidly growing and evolving, but it was the Covid 19 pandemic that made BI more critical for businesses, and fundamentally changed the way we use BI. While conventional BI tools provide enhanced abilities to analyze and leverage data to predict future trends, Augmented BI combines traditional data analytics with advanced AI and machine learning techniques to provide enhanced and actionable insights for informed decision-making. Augmented BI .elevates business intelligence in new powerful ways by handling complex and booming data volumes and driving businesses toward unprecedented success.  

Augmented Analytics is at the forefront of a new era in BI, reshaping how organizations perceive and extract meaningful insights from their data. Combining the power of AI (artificial intelligence) and ML (machine learning), augmented BI automates the process of analyzing data and interpreting it to generate meaningful insights, allowing users to explore and navigate through huge data sets effortlessly. 

Understanding Augmented Analytics and its strengths 

• Augmented Analytics unearths hidden patterns, outliers, and correlations within data, streamlining the discovery of actionable insights. The advanced algorithms accelerate smart data discovery and significantly reduce the time and effort, usually taken by manual analysis.

• Natural Language Processing (NLP) makes it possible to interact with data using plain language, without the support of specialized technical expertise. This democratization of analytics also allows a wider spectrum of stakeholders to participate in data-driven decision-making.

• Augmented Analytics eliminates the risk of human bias and errors, thus making the interpretation of data more objective and reliable. It automates anomaly detection and predictive analytics which gives enterprises the advantage of staying ahead of trends and proactively addressing potential issues.

• Augmented Analytics is scalable which is apt for businesses of all sizes and industries to accommodate large volumes of data without compromising performance. It seamlessly integrates with existing BI tools and helps organizations augment their current analytics capabilities.

• Augmented Analytics has a continuous learning curve, with algorithms adapting and improving automatically based on user interactions and feedback. This means that insights generated become more precise and relevant over time.

• In an era where data privacy and regulatory compliance are paramount, Augmented Analytics emphasizes data governance and compliance, and prioritizes the security and responsible handling of sensitive information. 

Key future trends that indicate that Augmented BI is what companies need

Augmented BI is the last evolution in BI and it is what all modern organizations need as its capabilities go beyond mere analytics. As we look at the future of BI, there are key market trends that simply cannot be ignored and go on to prove that there is no better time than now for an augmented BI platform. 

• Leveraging Big Data

Data is what drives businesses today and it is by analyzing data that businesses respond promptly to market changes, get customer feedback and take quick decisions. In the enormous sea of big data, Augmented BI combines AI, ML and human intelligence and analyzes vast data sets in real time to uncover meaningful insights. 

• Self-service BI 

Enterprises are recognizing the value of empowering employees with the skills necessary to analyze and interpret data easily so they can make data-driven decisions independently. With self-service BI, there is democratization of data, and every business user can design and execute reports, perform data visualizations and analytics without a degree or technical help. Augmented analytics supports autonomous tasks like on-the-go querying and ad hoc reporting. The future, thus, will see companies investing in self-service tools BI tools.

• BI through Natural Language Processing 

Natural Language Processing (NLP) allows users to interact with BI tools using natural language voice-activated searches, voice-driven dashboards and question-answering BI tools. NLP-powered business intelligence future trends can analyze unstructured data from sources like emails, social media, and customer feedback, providing business leaders with an understanding of customer needs, sentiment and market trends. 

According to Mordor Intelligence, the global NLP market will grow to $48.46 billion by 2026.

• Data Governance

As governance compliance becomes a legal mandate, there will be a preference for BI tools with built-in role based access controls and authentication protocols. A readymade framework consisting of data quality management (DQM) with governance helps secure data per industry standards. 

According to Straits Research the global data governance market will grow to $11.68 billion by 2030.

• Mobile Analytics

Mobile intelligence is a business-critical part of data pipeline and because of its value, enterprises will continue to seek BI software with mobile intelligence. It benefits every user immensely from technical teams using it to optimize app performance and web designers creating intuitive interfaces from usage trends. Mobile BI helps marketing teams to grow their users, as well as bring in new leads, while taking user experience to a new level.

• Business Intelligence-as-a-Service (BIaaS)

The concept of Business Intelligence-as-a-Service (BIaaS) is gaining popularity for being a complete end-to-end cloud solution for data handling from extraction to analysis. Besides being scalable and agile, it is easy to implement and is perfect for companies seeking to benefit from the best of BI without investing in in-house infrastructure. BIaaS comes with flexible subscription models allowing businesses of all sizes to have access to services that will transform their data to help them gain a competitive edge, without the need for technical support. 

• Cloud BI Verticals

According to Gartner, 40% of all enterprise workloads already deploy in the cloud with more and more businesses adopting data solutions. 

The pandemic introduced work-from-home and on-premise solutions unable to take the load of a largely remote workforce, companies had to migrate to cloud BI and analytics platforms. As the transition proved effective and successful, it set a trend and there is a greater demand for industry-specific BI solutions with ready-to-go automation and customization.

• Augmented Analytics will bring rapid business growth 

According to Gartner, augmented analytics, powered by AI and machine learning, is one of the top data analytics trends that will rule the future. Simply put, augmented analytics automates the process of sourcing data and allows all business users to create ad hoc reports through NLP. It does not just provide insights but gives the whys, hows, whens, and ifs behind the report. It is the tool of the future that optimizes productivity and helps to make excellent business decisions. 

How will adopting Augmented BI deliver a paradigm shift for your business?

• Enhanced data management

A modern augmented BI platform helps enterprises with data quality and governance, enabling them to offer a better customer experience while improving their revenues. Besides delivering a data catalog with visibility into data, additional metadata gets created which helps to generate deeper insights for end users. 

• Accurate insights

An augmented analytics platform is powered by NLP using a conversational interface. Non-technical users can ask their queries in a natural language and get instant answers to build their own reports, without any support or help. The answers or insights are delivered to users as interactive audiovisual stories.

• Data democratization

Augmented analytics platforms are built for all users, to gather data and insight and easily create their reports without any expertise or technical skills.  Data democratization gives all business users the power to access and leverage data. It creates a data-driven culture, helps users make better decisions, and improves ROI. 

• Lower investment cost

A good augmented analytics platform can help to save money on redundant storage and data maintenance services. Also, business users get instant new insights and reports. All these help clients save upto 80% on a total cost of ownership basis.

• Better data governance and data control

Augmented analytics platforms are built with data governance as a key feature allowing businesses to control access to data at a table, column, and row level.

Finding the right self-service BI tool can make all the difference

Finally, with data driving all business decisions, leveraging data to generate deep meaningful insights is not an option anymore, but a necessity. For a business to remain competitive and strive, it is crucial to make the transformational shift to Augmented BI. The right augmented BI platform will create a huge business impact and bring unimaginable benefits. However, different organizations have different needs, and if you are seeking a self-service BI tool that will be a game changer for your business, AirQuery’s Augmatica, as the name defines, augments your BI capabilities to meet your business goals and propel you toward a definite competitive edge. Augmatica stands as an imperative resource for businesses poised to excel in the ever-evolving landscape of the future.