If you follow the analytics and BI space, you couldn’t miss how hot a topic augmented analytics has become recently. As with every hot topic or trend in the business technology market, it’s always useful to separate the hype from the reality. To set it straight with a thorough perspective, I recommend you start here: What is Augmented Analytics?
Augmented analytics is even more relevant nowadays with the global pandemic. The need to rapidly respond to the global pandemic crisis, identify a clear path to recovery, and eventually reinvent their future has certainly applied more pressure on organizations to further democratize and scale analytics throughout the workforce. Adding to these challenges are the many AI and ML models (based on historical data ) that may now be obsolete and require rebuilds.
How Can Augmented Analytics Help?
Augmented analytics can help your organization meet the moment because it puts fast access to business insights and fact-based decision making into more information workers’ hands.
A Forrester Consulting study¹ revealed that organizations using augmented analytics report:
- 51% greater confidence in decision-making
- 50% increase in analytics efficiency
- 48% improvement in analytics effectiveness
More importantly, the study also suggests that 70% of companies using augmented analytics have grown revenues by 10% or more¹. While these early adopters are already seizing the augmented analytics opportunity to deliver value with a focus on specific business outcomes, (watch how AG Real Estate is revitalizing the shopping center experience) many companies are still working on identifying and selecting the most promising use cases in their industries and lines of business. For example, more than 50% expect augmented analytics will help fill knowledge gaps for inexperienced users¹
Assess Your Organization’s Readiness for Augmented Analytics
Moving forward with augmented analytics is a significant evolution from widely adopted traditional analytics led by IT teams or even self-service analytics led by business users. It isn’t an easy task to assess the business value that you can expect, and frankly, most companies lag behind.
Although 43% of decision-makers say their firms have taken steps to democratize data and reduce reliance on IT experts and data professionals, only 39% of companies today consider their analytics capabilities to be augmented¹.
Is your organization one of these many companies still assessing how to move the needle with augmented analytics? You can take this 5-minute assessment to better understand your current analytics practices and receive your own personal recommendations for driving analytics improvements.
- Review the basics with this SAP Insights article, What is Augmented Analytics?
- Read the Forrester Opportunity Snapshot, “Enabling Data-Driven Decisions Through Augmented Analytics,” commissioned by SAP, April 2020
- Utilize this 5-minute assessment to better understand your current analytics practices and receive your own personal recommendations for driving analytics improvements.
- Follow the Analytics and Augmented Analytics tags on SAP Community to join in the conversation
¹Forrester Opportunity Snapshot, “Enabling Data-Driven Decisions Through Augmented Analytics,” commissioned by SAP, April 2020