As the world we live in continues to evolve, the things in it naturally become more complex. Data is now big data, and it can be a more powerful tool than ever before if it’s used correctly. Today’s business leaders rely on a number of business analytics tools to efficiently uncover insights that are living in their data. However, as organizations (and their data) grow more complex, finding and reporting the insights in a timely fashion – or even at all – is becoming an increasing challenge.
In order to streamline business reporting and maintain an edge on competition, IT and business leaders are transitioning away from legacy IT-centric methods. Automation and augmented analytics are quickly becoming the wave of the future when it comes to data management and business reporting initiatives.
What is Augmented Analytics?
Augmented analytics is an approach that employs the use of technologies such as machine learning and natural language processing to automate analysis processes normally done by a specialist or data scientist.
The main takeaway on augmented analytics is that it will transform the way organizations get business intelligence by drastically improving the process through a faster and more efficient workflow. It may change some steps, or perhaps remove certain steps in a process altogether. Overall, it will considerably change the way organizations look at their business reporting.
Automated Reporting & Distribution Help Drive Business Resilience
During times of great disruption, such as the economic impact and fallout of COVID-19, automated reporting and distribution can save critical time while reducing errors. With a globally dispersed workforce and a new normal of operational workflow, today’s organizations depend upon analytically driven reporting to help observe, understand, and improve operations in order to drive lasting performance enhancements.
According to Aberdeen Strategy & Research data, only 13% of companies stated they are able to always access information within the timeframe necessary to make data-driven decisions. In fact, half of all companies in IT, retail, financial services, among other sectors, stated that their “decision window” has shortened noticeably or substantially over the past two years. IT leaders need more information more quickly to make decisions. Additionally, 58% of executives said that they need data in real-time in order to make decisions.
Those companies that have augmented analytics and modern reporting systems in place can simply be more resilient when crisis strikes.
Infuse Augmented Analytics into Your Business Reporting Today
While there still might be many organizations that are further away than others when it comes to the incorporation of augmented analytics into their business intelligence strategy, there are a number of actions that companies can take today to start modernizing their business reporting. The top two actions that organizations have taken to bring reporting into the future are to invest in employee training and to deploy analytics in the cloud. In fact, according to Aberdeen Strategy and Research data, 42% of organizations have indicated they’re already starting to up-level the reporting and analytical skills of employees. Another 38% of respondents indicated they’ve deployed analytics in the cloud or SaaS based environment.
Whatever your approach may be, the time is now to begin incorporating a robust augmented analytics plan into your existing business reporting strategy.
