Performance management solutions of today must drive long-term value creation by aligning corporate goals with that of employee Key Performance Indicators (KPIs). One way to achieve both strategic value and shareholder value is by improving employee engagement through democratization of performance management.
Topics: augmented analytics, business analytics, innovation, kpi dashboard, AI, employee performance, data, performance improvement, kpi, productivity and employee engagement, enterprise performance management
Augmented Analytics is issuing the implications of transforming the entire analytics workflow and giving all employees access so they can act on insights. If you envision your enterprising reaping positive returns and breaking boundaries, your first step is to let there be vision in the first place - literally. The visualization of KPI’s and the access to all Data through its democratization's can transform your company in the ways you need, and ways you didn’t even think you needed or let alone was possible.
“The voice of the company” is no longer just a saying, as with AI, it can now actually be heard. Conversational analytics is breaking ground in the business world as it has become a solution for enterprises to hear and measure what their clients and employees are searching for, typing or saying. Just like in the social media sphere, businesses are integrating Conversational analytics into their workflow to include sentiment analysis, enhanced social listening and greater personalization to better meet users’ needs. Despite its monumental growth and adoption rate, many businesses are still unfamiliar to what exactly CA is, and how it can improve leadership and communication skill within all tiers of a company.
What exactly qualifies a vendor to be included in the Magic Quadrant? Augmented Data discovery. According to the latest Gartner Report, By 2020, the number of users of modern business intelligence and analytics platforms that are differentiated by augmented data discovery capabilities will grow at twice the rate — and deliver twice the business value — of those that are not.
Gartner highlights augmented analytics as a strategic planning topic, a paradigm that includes natural language query and narration, augmented data preparation, automated advanced analytics, and visual-based data discovery capabilities. These features will be commonplace in the space during the next several-year period, so much so that they will be included in 90 percent of available products.
The Brain vs AI
Artificial Intelligence (AI) is inspired by the way the human brain processes information, draws conclusions, and codifies instincts and experience into learning. While human brains are great at certain activities such as parallel processing and sorting information, they can only use 1-16% of their brain power at a time. This is due to the overwhelming use of energy it requires. Thanks to advancement in technology and AI and Augmented Analytics, we are no longer held by the constraints of human capabilities. According to a report by Gartner, AI will create more than 2.6 trillion dollars of business value by 2021 and about 6.2 billion hours of worker productivity. As such, it will be impossible for investors to even think of investing in a company that doesn’t incorporate this kind of intelligence in its operations.
Problems in business are not uncommon. This is usually because as the business grows, it changes, and external factors also change. However, proper definition of problems will mean that they become easier to solve. Augmented analytics has a huge role to play in solving business issues. Mainly because data shows everything and as such, problematic areas are easier to identify, rectify and monitor. According to HISCOX, Forbes, and the Lean Methods Group.
It has always been said that information is power, and this has never been truer than it is today. In today’s business eco-system, data and information are vital to business management and administration. However, the nature of data is ever fluid and changing. As a result, a lot of data exists for analysis presently. Properly applied, this data can take enterprises to whole new levels. To deal with this, data scientists came up with Augmented Analytics.
In business, we are in an era where augmented analytics is king. By using complex algorithms, augmented analytics can gain insights into consumer trends and behavior and capitalize this data to strategically place themselves as an organization. This capability thus gives companies using Business Intelligence (BI) a run for their money. According to the Gartner Report, users of analytics platforms powered by augmented data discovery will grow at twice the rate and deliver twice the amount of business value as compared to the competition who is not.
For years, the problem of miscommunication has plagued companies. Lack of a proper hierarchy of decision making and scarcity of relevant actionable information has led to organizations missing out on key performance dips and the less speedy generation of insights that can benefit the organization. In most companies, the handling of data is left to the specialized data scientists and the IT department. As such, information insights are generated that much slower with less accuracy than expected.
Democratizing data in the organization would mean that every user can query, understand and apply critical data at faster rates than ever before. As such, let us look at the two biggest reasons a company needs Data Democratization.