The latest Oracle Analytics news, product updates, customer and partner stories, and market insights.
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Analytics Advantage,
Analytics Advantage /
Thought Leadership
October 30, 2020
4 Reasons Why Augmented Analytics is the Future of Business Intelligence
Augmented analytics is the newest way to think about data and analytics. It’s the combination of two technologies – analytics and AI. It includes embedding artificial intelligence (AI), often in the form of machine learning (ML) and natural language processing (NLP), into traditional analytics. It’s considerably different from traditional analytics or business intelligence (BI) tools because ML technologies are always working behind the scenes to continuously learn and enhance results. Specifically, augmented analytics enables faster access to insights derived from massive amounts of structured and unstructured data to provide ML -based recommendations. This intelligence helps uncover hidden patterns and deviations in the data, removes human bias, and enables predictive capabilities to inform an organization of what to do next.
Let’s take a closer look at the top four reasons organizations are adopting augmented analytics to deal with the growing volume of unstructured and structured data.
- Democratization of data. Augmented analytics enables data to be available to everyone. Augmented analytics solutions come prebuilt with models and algorithms so that companies don’t need data scientists or IT to do this work. These models are out-of-the-box with user-friendly interfaces so that business users and executives can easily use the tools.
- Faster decision-making. Augmented analytics will recommend which datasets to include in analyses, alert users when datasets are updated, and suggest new datasets if users are not getting the results expected. All users receive accurate forecasts and predictions based on historical data in just one click.
- Automated recommendations. Augmented analytics platforms feature NLP which allows nontechnical users to easily ask questions from source data. Natural language generation (NLG) then automates the process of translating complex data into text with intelligent recommendations, thereby accelerating analytic insights. By using automated recommendations for data enrichment and visualization, anyone can quickly uncover unseen patterns and predict trends to optimize the time it takes to go from data to insights to decisions. NLP technology also helps drive the ability for nonexpert users to make sense of large amounts of data. Users can ask questions of the data using standard business terminology. The software will find and query the right data that make the results easy to digest using visualization tools or natural language output. Augmented analytics help all data-demanding users of analytics including analysts, IT professionals, executives, and all lines of business.
- Become a true data-driven company. While organizations are rapidly adjusting to change, the significance of understanding data and business is more critical than ever. In this era of big data, analytics has become vital to doing everything from understanding sales trends, to segmenting customers based on their online behaviors, and predicting how much inventory to hold. Data is a notable asset, but analytics is what makes data valuable.
Discover Oracle Analytics Cloud for Augmented Analytics
Oracle Analytics uses embedded machine learning and artificial intelligence to analyze data, helping any organization and individual make strategic actionable decisions. Augmented analytics allow companies to combine data from across any organization with third-party data and automate important and time-consuming tasks like data preparation, visualization, forecasting, and reporting. Augmented analytics with machine learning is embedded throughout the Oracle Analytics platform making the analysis of data smarter and more accurate. Technology is automated and enhanced to gain faster and smarter insights on all data visualizations, enterprise reporting, scenario modeling, and mobile analytics.
Power your Data with AI
With the right analytics solution, it can help drive change and provide business specific insights that offer distinct advantages. Traditional analytics solutions will take a business only so far when attempting to make use of data. As structured and unstructured data continues to increase, businesses aim to perform more intelligent decisions than choosing to operate on anecdotal evidence and limited data. The most effective organizations are taking steps to stay ahead by using data to address challenges related to customers, operations, and all lines of business.
Many organizations are looking to quickly adopt augmented analytics solutions to remove the barriers of becoming data-driven. By using augmented analytics, every business can gain deep insights from data to make better decisions without requiring hand-holding from data or IT professionals.
Learn how the right cloud solution can work for your entire business. Read more about augmented analytics in this e-book and the new possibilities it can bring for your organization.