What is Augmented Analytics?
Augmented Analytics (AA) is an extensive use of advanced quantitative methods and Artificial Intelligence and machine learning in analytics, data mining, predictive analytics and data visualization. It provides businesses with improved understanding of the data to address complex issues of a business environment by using forecasting techniques. Various companies offer software packages that perform Augmented analytics to help the organizations in dealing with an extensive amount of data which further leads in systematic decision making. Some of its strategies consist of machine learning, data mining, predictive analytics, location statistics, big data analytics, and descriptive analytics.
Augmented Analytics uses pure data modeling techniques to predict future events and helps in detecting and identifying patterns that are hard to acknowledge, thus surpassing the use of traditional business intelligence. Augmented Analytics includes technologies, components, and methods such as natural language processing, forecasting, machine learning, sentiment analysis, and various others. Augmented Analytics comes up with the best possible outcome to discern the most predictable possibilities of what’s next to come. As augmented analytics provides a deeper knowledge and detailed analysis of data, the companies are bound to benefit from it, resulting in improved business outcomes.
Why is Augmented Analytics important?
While many organizations use business intelligence applications to manage their data assets through a variety of business processes, Augmented analytics uses optimization and correlation to predict the next best action or the next most likely action. Augmented Analytics or predictive analytics can help predict the future events and improve performance while also providing a deeper but more advanced understanding of patterns, styles, and themes concealed within the data, allowing businesses to target their customers at a deeper level to predict future results, reduce risks, and more.
Augmented Analytics is vital for any company/ organization as it depicts advanced insights from a business’ data that it may not be aware of. With the use of machine learning, data mining, statistical modeling, and various other methods; Augmented analytics is set to change industries everywhere, making them more competitive than ever.
Those who embrace Augmented analytics have advantage in uncertain times.
Use Cases/ Use of Augmented Analytics
In marketing, understanding consumer preference is the key to success. Augmented Analytics is useful for marketing teams as most of their work involves understanding their customer’s needs and preferences, and explaining how these preferences might change in the future, thus helping the companies to plan strategies accordingly.
Asset managers and warehouses can also benefit from BI tools including Augmented analytics by comparing their sales, pre-orders, and other data sets. They can also speed up their order processes and reduce the wastage caused by purchasing items that can be sold or delivered in a short period.
Manufacturers and other organizations can use advanced statistics to create automated systems and report early to control costs. For these companies, creating early awareness programs will prevent repairs and maintenance costs.
Insurance and financial services include Big Data and Augmented Analytics that can be used to predict demand patterns, prevent fraud, and determine eligibility for customer credit.
Best Augmented Analytics Software of 2021
Headquarters: Santa Cruz, California, United States
Parent Company: Google
Looker is a business intelligence software and big data analytics platform that helps users explore, analyze and share real-time business analytics easily.
A highly advanced and powerful big data analytics platform, Looker, helps companies to analyze and share real-time data and gather value from it. The display uses a simple modeling language called LookML that allows data groups to define relationships in their database so that business users can view, store, and download data without the need to know SQL. It is an easy to use, browser-based platform to make analysis and visualization better for its users.
Headquarters: Wilmington, Delaware, United States
Parent Company: Bizdata, Inc.
Bizintel360 is a low code, AI-driven, cloud-native, self-service big data analytics platform that empowers business users with a Robust cloud-based analytics solution that requires no ETL, no Data warehouse or complex IT requirements.
Bizintel360 is suitable for operational users and decision-makers as it helps them to solve the business problems and perform analytics in a single platform, derive real-time visualization and analytics effortlessly, after examining the data from any data formats. Bizintel360 empowers and enables business users to easily connect data sources of discrete formats (without the need of programming knowledge), stream data on-premise, or in a definite frequency to the data lake, and conceptualize the data in Augmented interactive, search engine powered dashboard.
Headquarters: Seattle, Washington, United States
Parent Company: Salesforce
Tableau can help anyone see and understand their data. Connect to almost any database, drag and drop to create visualizations, and share with a click.
Tableau Software is a data consulting software company that helps people to see and understand data better by converting raw data into a very easy and comprehensible format. It does not require any kind of programming skills for a user to operate, thus allowing non-technical users to work with its data blending. The data which is created using the Tableau Software is easily understood by the professionals in an organization.
Headquarters: New York City, United States
Parent Company: Sisense
Sisense is an AI-driven analytics platform for complex data preparation, analysis and visualization, and is an established leader among data analytics.
An agile Business Intelligence solution, Sisense, allows enterprises to analyze and visualize big datasets that are distinct by generating relevant business trends and providing Augmented tools to manage the data analytics for them. It merges different data sources into a single unified database reorganizing it into a predefined standard format.
Alteryx Analytics Hub
Headquarters: Irvine, California, United States
Parent Company: Alteryx
The company's products are used for data science and analytics. The software is designed to make advanced analytics accessible to any data worker.
Alteryx is a business intelligence platform that provides a multiple formation option like on-premise and Software as a Service (SaaS). It is a predictive analytics and data mining platform, highly suggested for the data-analysts in an organization, allowing them to create an analysis of how data will be carried out and unified with other data sources. It uses data quality, conversion tools, and integration to generate datasets for analysis and visualization.
Qlik Sense and QlikView
Headquarters: King of Prussia, Pennsylvania, United States
Parent Company: Qlik
(formerly known as Qliktech) provides an end-to-end platform which includes data integration, user-driven business intelligence and conversational analytics.
A visual analytics and Business Intelligence software, Qlik delivers a self-serviced, conventional, embedded, and conversational analytics, which can be used both in the cloud or on-premises. Anyone can easily employ it, and share or communicate the insights which they discern with the help of interactive and secure mobility. Qlik lets enterprises get a true platform where they can perform powerful data integration, with the help of standard APIs for customization and extension.
Pentaho Business Analytics
Headquarters: Orlando, Florida, United States
Parent organization: Hitachi Vantara Federal Corporation
Pentaho is business intelligence (BI) software that provides data integration, OLAP services, reporting, information dashboards, data mining and extract, transform, load (ETL) capabilities.
Pentaho Business Analytics is a business intelligence software devised to provide a modern, highly interactive, and accurate web interface for business users to integrate and analyze data. Big data analytics, data mining, reporting, predictive analytics, and ETL are included in this software. Pentaho can be installed locally or in the cloud and can be integrated with multiple systems.
Headquarters: Nuremberg, Germany
Parent Company: Exasol
Exasol is an analytics database management software company. Its product is called Exasol, an in-memory, column-oriented, relational database management system Since 2008
Exasol is an in-memory; efficient analytical database management software primarily made for big data analytics. It delivers high-performance analysis in an easy-to-use, highly scalable, and cost-effective distribution system. It uses suitable in-memory compression methods to store data in a column-oriented way. The consistent support and easy data integration with the help of other BI tools make the ETL process smooth.
Headquarters: Tysons Corner, Virginia
Parent Company: MicroStrategy
MicroStrategy's business analytics and mobility platform helps enterprises build and deploy analytics and mobility apps to transform their business.
A cloud-based, self-serviced on-premise platform, MicroStrategy is a business intelligence software, which can support visualization, data mining, and dashboards. It offers a group of applications including Augmented analytics, data discovery, data visualization, banded reports, etc. Users can acquire their data as per the company’s needs by using MicroStrategy’s ability to sustain multiple device types and reporting styles.