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.
In the recent Gartner Report, it was recorded that Data Democratization has delivered significant early wins and rapid return on investment with examples of over 350% in productivity gains, 60% increase in customer satisfaction scores. Data Democratization is a bold move, and as a C-suite personal or business owner, it’s essential you envisage what it can bring to your enterprise, and where it can bring your enterprise.
Data Democratization is the act of giving access to data to everyone that needs it regardless of their position, why they need it, and the form they want it in. Its overall influence can be increased revenue growth, customer retention, and efficiency. Every employee holds a degree of importance, and regardless of their role, their input will contribute to the growth and success of the company if done well. So conceptualize the impact of strengthening the knowledge and efficiency of every single employee. This would boost your competition, drive miraculous results, and allow every individual to perform as if their brains itself were driven by an AI. In 2016 alone, Uber banked in $20 billion of gross booking value and revenue of $6.5 billion, with their biggest insight being data democratization
How it changes the Workflow:
- Creates a personalized dashboard for users and teams, reducing the need for constant and unnecessary meetings or delayed yearly reports
- Simplifies data, reducing comprehension time
- Eliminates the bottleneck process of inquiring information or asking for support
- Supports independent decision making, enhancing employee motivation and loyalty
- Company accrues large revenue through their investment and competitive edge
The issues of data misuse, the overflow of data, and the complexity of information can easily cause skepticism, but can just as easily be handled. To ensure that the extensive amount of data is filtered, managed, safe and monitored. Data governance tools provide data security from external as well as internal members with permission sharing and file hierarchy. Tools like natural language generation and machine learning will make data universally understandable, providing insights narrated in natural language or visualization to focus the user on what is important and actionable. As stated in the Gartner report, by 2020, natural-language generation and AI will be a standard feature of 90% of modern BI platforms.
Democratizing data is becoming a compulsory step in any enterprise, with data lakes and data warehouses failing to adjust to the ever changing needs of the market and enterprises, unable to succor businesses facing issues as previously mentioned.