As organizations grapple with the dynamic digital economy, enhanced analytics is here to change the workplace. It helps employees make decisions smartly and quickly by incorporating workplace analytics tools, artificial intelligence, and machine learning with traditional data analysis. But what can that be used for in practice? Let's check what augmented analytics benefits in the workplace can be exemplified with some top use cases:
Perhaps the biggest benefit of augmented analytics is the democratization of data. Non-technical POs, such as people from marketing or sales, can now view the insight without waiting for an IT or Data specialist to do it. A report by Gartner indicates that by 2025, more than 75% of data analysis will likely be done without human intervention, leading to minimal onboarding of non-technical persons.
Predictive analytics is not only the responsibility of data scientists nowadays. Foresight is among the wonders of augmented analytics, allowing groups to make forecasts and organize their activities.
Think about an HR manager who can foresee employees leaving abruptly based on data on their previous behaviors and analysis of their feelings. If these threats are managed, employee turnover can be lower, and the company's stability can improve.
Most businesses will face operational hold-ups. Augmented analytics is a tool that provides insights to organizations at the right time, reducing the chances of inefficiencies.
For example, a supply chain manager can wait for AI analytics to tell him the exact level of stocks, how long deliveries are taking, or the delivery turn, and the manager will be working effectively. This approach leads to minimal wastage and costs and smooth activity running and falls under augmented analytics benefits. McKinsey notes that, on average, companies with advanced workspace analytics tools perform 15% better regarding operational costs.
In this age of commercialism, where there is cutthroat rivalry among competitors, a business's prospects depend largely on customer service. Companies using augmented analytics can also improve their understanding of what customers do, what they want, and when to offer them anything.
Consider the case of online shopping sites. Due to consumer behavior, accelerated AI-powered analytics can help increase the sales level of satisfaction of consumers who visit these sites and forecast purchases of consumers with the help of an analytics product, such as recommending forecasted purchases.
Augmenting analytics to detect patterns, derive predictions, and optimize resource allocation processes will free financial departments from daily operations. For example, an analyst can accurately determine the organization's possible cash flows using econometric prediction methods.
Embracing augmented analytics has become essential in any modern workplace, as the current business analytics trend is data-driven. This technology is changing organizations from empowering employees to positively enhancing business performance.
Statistics show that companies that started using augmented analytics tools have reported an improvement in decision-making effectiveness by 30% and an increase in revenues by 20%.