We are living in a post-digital era. With billions of devices connected to the internet, humans have created so much data. Its value is estimated in trillions of dollars. Data science is now a multidisciplinary field, with data analytics being one of the arteries.
The vast amounts of historical data have helped premier fields such as artificial intelligence and machine learning. Businesses can automate routines tasks and improve decision-making significantly.
However, for a lot of businesses, data analytics still sounds alien. They are yet to leverage analytics optimally to improve their workflow, create a competitive edge, or engage better with customers.
As such, we want to break-down four areas where businesses could find use analytics to enhance their bottom line.
Use of Augmented Analytics to Empower the Data Team
The term augmented analytics emerged in 2017 and refers to technologies that helped quicken the data analysis process. In the past, data scientists had to organize, clean, and label data for analysis.
Today, there are machine learning and artificial intelligence technologies participating in the data preparation process. These technologies do the analysis and share insights with data scientists. Through natural language processing, augmented analytics tools share reports in a manner that humans understand.
The ability to augment the data analysis process leaves data scientists concentrating on tasks that rely more on human judgment. The problem is that many data-scientists do not possess the business acumen to make decisions. With automation, there is the bridging of the gap between technical data analysis and business decision-making.
This means that organizations no longer need to hire an army of data scientists to leverage analytics. There are cloud-based data analysis tools that firms can pay for on the go without requiring experts to explain the output reports.
Augmented analytics can help you become efficient in your company’s multiple areas without stretching your data-team too thin. You can get insight into sales, plant operations, field operations, finance, security, and much more.
Biometric Data Analysis
Biometrics analysis combines statistics, forensics, biology, the psychology of human behavior, and engineering. Its application can be as simple as a door lock and as complex as securing all US Citizens’ data.
At the organizational level, companies can collect the data of customers to give personalized services. The banking and health sectors have already used biometrics to check in clients, pull up their information, and provide faster services. Soon, restaurants could use facial recognition to check the frequency of client visits, reward them for loyalty, and recommend new items on the menu.
If you are running a business with a client portal, you could use voice recognition as an option for customers to check into the accounts. The goal will be adding a layer of security while giving faster services.
Prescriptive Analytics to Improve Business Intelligence
The goal of data collection is efficient decision making. However, even with the help of analytics, humans are still prone to bias. Prescriptive analytics is a field that aims to give the best of action in any given scenario.
If you are an organization that operates in a changing dynamic, you could leverage predictive analytics to navigate such uncertainty. Prescriptive analytics have been used in the oil industry, where prices are continually changing due to demand and political environments. Companies get insight on how much oil to store, how much to produce, and so forth.
In a manufacturing scenario, prescriptive analytics can help businesses build models to decide on production volume, production timing, staffing, and pricing. In fields that rely on actuarial science, such as insurance, prescriptive analytics can help build better products for a given group of target clients.
Soon, businesses will use this field of analytics to plan expansions, improve hiring decisions, and optimize marketing decisions.
Embedded Data Analytics
Embedded Analytics involves the integration of analytics into an organization’s business applications. In the past, business and analytics applications were independent of each other. Users who needed insight had to toggle between the two applications.
Today, embedded analytics is most present in financial services, manufacturing, healthcare, and technology firms.
Embedded analytics helps business software developers give their end-users a better experience. For instance, a press printing software from Kodak called Prinergy can analyze ink usage, production trends, and volumes. This can help users to plan for future resource needs.
Any business that uses software that collects data inherently can integrate analytics into such software. Embedded analytics unlocks data discovery, where machine learning algorithms continually search for patterns in your data and immediately alert you. This information gets presented in a dashboard that is easy for users to interact with.
Embedded analytics improves collaboration within business applications. In the past, sharing insights between colleagues would involve taking screenshots and emails. Today, it is possible to set key performance indicators on the application dashboard and share messages within the same platform.
If you are a business that sells Software as a Service, you have no choice but to infuse analytics into your platform. It is a way of creating an edge over vendors in your category. It will be a standard in the business applications market.
On the upside, it will increase your service adoption rate while giving you the chance to boost revenue through upselling. Embedded analytics has helped developers integrate third-party APIs into their applications to greater functionality. This also speeds up the development and shrinks the time-to-market.
Transcendent Software’s Data Analytics Solution
Data science has come a long way since the days of descriptive analysis. In the past, data was only used to reveal characteristics of the subject. Today, a lot of insight exists within the billions of data points collected by organizations.
Transcendent Software LLC helps client organizations collect, organize, visualize, and get actionable insight into data available to them. We teach our clients how to use the tools we provide.
Transcendent Software has been building business solutions for over 20 years. We customize solutions for clients in virtually all fields by considering the nature of their business.
To get further insight, you can schedule a consultative call with our team here.