While data comes in any form, the practice of analytics can be classified into three main categories: descriptive, predictive, and prescriptive:
- Descriptive analytics gives a view of what happened in the past based on historical data.
- Predictive analytics takes this one step further and asks ‘Based on what we know, what is likely to happen in the future’?
- Finally, prescriptive analytics takes that information and helps build a course of action to influence some future outcome.
At Galvia our AI-powered decision intelligence engine goes further, using artificial intelligence to deliver ‘augmented analytics’ that help you better understand your organisation. This comes in the form of customisable dashboards to give you information at a glance, chatbots you can engage with, and the ability to automate routine tasks, creating space to focus on higher-value projects.
Here are six applications of augmented analytics in action.
Optimise your operations with augmented analytics
According to figures from DOMO 1.7MB of data is created every second daily by everyone on Earth. That ranges from an entry on a spreadsheet to an email sent between colleagues and WhatsApp messages. That’s a lot of information floating around in structured formats like geospatial data to unstructured data, like collections of documents, audio, and sensor data.
The augmented analytics process typically starts with the creation of a “data lake” where all the data generated by a business is collected in an unsorted manner. The data lake is a repository of data that is waiting to be processed by algorithms and turned into meaningful insights that can be presented back to the business.
However, different parts of your business have different functions, from the HR department always being on the lookout for new talent, to anti-fraud measures by the finance department. It can be a case of too much data from too many sources all the time for managers to understand. Augmented analytics solves this problem through a combination of AI, customisable dashboards, and conversational interfaces. Here are six applications you should consider today.
Get closer to your customers
“Half the money I spend on advertising is wasted, the trouble is I don’t know which half,” said John Wanamaker, founder of the Macy’s chain of department stores. When it comes to analytics you might prefer this lesser-known quote: “You can never ride the wave that came in and went out yesterday.”
Communities and customers come in all shapes, sizes, and salaries but no matter who they are, the trends they follow will come and go. From Tamagotchis to fidget spinners to last year’s smartphone, products have a natural lifespan due to changing fashions, technological advancements, or the novelty wearing off.
Where you are on that tide can be difficult to gauge but an analysis of behavioural markers is. We worked with the University of Galway on its chabot Cara, which presented students with basic information about student services across campus. By isolating the kind of information support services were dealing with on a daily basis we were able to save more than 1,500 staff hours and reduced repetitive manual tasks by 40%.
Knowing the customers and communities you engage with gives you focus on what to automate and what still requires human supervision. You’ll be surprised by the results.
Set more accurate key performance indicators
When is a lead, not a lead? When should you escalate a problem up the support chain? Who is the most qualified person for the job but also the most likely to leave?
Yes, the hype cycle has a lot to say about the success of a product or service but setting expectations is where augmented analytics has a real contribution to make.
Through freely available data, social networks can be used to gauge public sentiment. Use augmented analytics to send you alerts for when something is moving from ‘hot’ to ‘not’ so you can alter your pricing accordingly and match that to your sales targets and marketing spend.
For managers, augmented analytics can be used to automatically generate reports to illustrate business performance.
Identify new markets and verticals
There’s more to finding new markets than gauging customer sentiment. You might like the idea of a product but actually buying it regularly is another thing entirely. One way forward is through competitor analysis to see what’s working elsewhere, why, and whether it’s worth joining in.
By seeing which brands are doing well in a given territory you can build a picture of actual customer demand and whether it’s worth the return on investment.
For example, Netflix has a massive international operation but different licensing agreements for every country it operates in. When it arrived in Ireland and the UK in 2012 there was criticism that the catalogue on one side of the Atlantic was inferior to that on the other – and for good reason. Netflix would have done extensive analysis on the size of the market, likely return on investment, and the cost of keeping one title over another. The market was too small to support the same scale. It turned out to be a savvy strategy, Netflix remains one of the top brands in Tech today.
At Galvia we practice what we preach and are constantly looking for new areas to apply our pioneering combination of insightful and usable platform.
Reduce risk of project failure with augmented analytics
The turnover rate for Chief Information Officers (CIOs) responsible for digital transformation projects is startling. According to Forbes as the role expands from IT management to technology strategy, a tenure of between three and five years has become the norm. The reasons for this vary from intransigent management leading to burnout and there being more interesting work elsewhere, to the reputational damage caused by security breaches and project failure.
Galvia worked with an international IT consultancy to address the issue of project failure. Our predictive analytics model was based on 10 years of data from the client’s enterprise resource management system. By using machine learning algorithms we were able to identify the signs of failing projects. We delivered an augmented analytics solution featuring an interactive dashboard and conversational interface.
By being able to spot the signs of trouble early on, the client reported a 92% accuracy in predictions of project failure and an expected 300% annual return on investment.
An always-on sustainability consultant
Given the challenges of the climate crisis and international conflict, supply chains need to be leaner, smarter, and more reliable than ever and that includes running leaner and greener operations.
According to research firm, IDC, 95% of business executives believe the circular economy ‘poses an opportunity for the company’. That means leaning on ways to repair over replace equipment, find second-hand alternatives and even leasing instead of purchasing outright.
Maintaining assets keeps costs down and is better for the environment. Getting constant visibility on the status and size of your logistics and when to consider upgrading them makes for more agile organisations able to compete and succeed.
The power of AI-powered augmented analytics has increased exponentially. Through conversational interfaces, visualisations, and automation, Galvia’s decision intelligence engine goes one step beyond.
Download our ‘Get Started’ guide to learn more.