The term Augmented Analytics was recently coined by Gartner during the 2017 edition of the Hype Cycle of Emerging Technologies. This is an innovative technology, which combines Machine Learning and Natural Language Processing to increase Data Analytics, Business Intelligence, and Data Sharing. It also helps business enterprises and data scientists in automating data preparation, Smart Discovery, and insight preparation.
According to the research, the Augmented Analytics market was around $4.8 billion in 2018, which is expected to increase to $18.4 by 2023 at a Compound Annual Growth Rate of 30.6%. The same research indicates that North America is accounting for the largest implementers of the Augmented Analytics technology followed by Europe and Asia.
The Benefits of Augmented Analytics
- One of the major benefits of implementing Augmented Analytics is that business organizations have to devote less time to gathering the data and designing the dashboard.
- The advanced data insights from machines help them to strategize on the best course of business operation. The decision taking ability becomes faster and more accurate.
- Earlier, it was a complex affair to incorporate and understand Predictive Analytics without the assistance of a data scientist. However, Augmented Analytics has simplified the implementation of this smart tool for all business organizations without the support of data scientists. In fact, according to Gartner, the organizations will not face any problem getting access to data sciences due to lack of data scientists by 2024.
How Augmented Analytics with SAP Analytics Cloud is Driving Business Forward
The SAP Analytics Cloud comprises of comprehensive Augmented Analytics features. Moreover, SAP Analytics Cloud combines with the Machine Learning to predict a future perspective of data insights. Business Intelligent experts, business analytics, and decision makers get access to the right information at the right time to steer the business forward and get the desired outcome.
Getting Critical Alerts Related to Business Deviations
The SAP Analytics Cloud along with Augmented Analytics help in sending crucial alerts based on business deviations and current trends to take a set of best actions if you do not have the desired result. You can easily identify the areas where your business is lacking and instantly draw the attention of the concerned team to take appropriate action.
You Get the Ready-Made Analytics
Due to the enhancement of data size, decision-making ability often becomes a complex affair. But thanks to Augmented Analytics, you can analyze the insights more easily with a proper understanding of the root causes. The prediction of future-based analytics and outcome gains more accuracy. Furthermore, real-time access to artificial intelligence and machine learning helps to re-analyze the business process and get familiar with the parameters to interpret data at a higher level.
The Benefits of Conversational Analytics
Conversational Analytics is a technology that first converts the interaction into data and then transforms the data to be analyzed as useful insights. You can get the same User Experience as available on Google Assistant or Apple’s Siri. This means that you have to ask for the data in an interactive tone such as “How will the automobile manufacturing sector scale up within the next six months?” The system will respond instantly to offer real-time insight into the data.
SAP Analytics Cloud and Enterprise Planning
Enterprise Planning is a process that helps you align all the plans and activities across the organization. With SAP Cloud Analytics coming into the picture, it allows the customers to plan and analyze their actions all at one place and make intelligent decisions. Moreover, SAP Business Planning and Consolidation also help the end-users to plan for their existing investments and connect the complex planning with the cloud. Business plans can be developed and adjusted within the SAP Analytics Cloud and other tools.
Smart Analytics Journey
Augmented Analytics is working alongside the SAP Analytics Cloud to create a Smart Analytics journey. Let’s analyze how the features are steering the business ahead.
Search to Insight
Create content in a more simplified way with the help of Seach to Insight. It is enabled by the power of natural query. Just ask any questions related to any data and the SAP Analytics Cloud will provide you with a quick answer with all the relevant visualizations related to the information.
With Smart Insights, you get access to smart data that is accompanied by major contributors leading to that specific data. This feature proves useful when you are searching for aggregated data such as revenue generation. This means you will be able to analyze which product has generated more revenue than the other And all this information is available with just a single click of the button. The reason behind this is the presence of Machine Learning algorithms. It analyzes the entire data in real-time.
Smart Discovery is an efficient feature within the SAP Analytics Cloud. It can be regarded as your Digital Business Analyst. Smart Discovery is using Machine Learning to gather all the data and reveal the ones that are statistically relevant. Using this feature, you would get familiar with the important metrics influencing the KPIs, (Key Performance Indicators), enhance what-if scenarios to analyze the change in results, identify the outliners, and so on.
It enhances business intelligence through AI and ML technology. It provides a gateway to forecasting into the future by taking the cue from past data. As such, the Smart predict is categorized into three scenarios – Classification, Regression, and Time Series. It helps to optimize business operations and make strategic decisions for growth.
Augmented Analytics and SAP Analytics Cloud – Making Business More Intelligent
SAP Analytics Cloud, in association with Augmented Analytics, has paved the way to make business operations more intelligent and smarter. The decision makers are able to make the right decision with the help of Artificial Intelligence and Machine Learning. Data insights can be accessed as SaaS (Software as a Service) rather than as standalone spreadsheets.
If you want to escalate your business potential by leveraging the benefits of SAP Analytics Cloud and Artifical Intelligence, get in touch with SAP experts to analyze data and make end-to-end decisions.