Although it can be challenging for enterprises to try and maintain this pace of innovation, they have plenty of tools available to make it possible, including augmented analytics, which aims to capitalize on the large quantity of data. Gartner predicts that this next wave of analytics, which integrates AI and machine learning technologies into analytics workflows, will be a big disruption in the coming years.
For businesses to stay competitive, they must consider how an augmented analytics strategy fits into their goals. A key benefit is that it allows all employees to analyze data for actionable insights, regardless of department or skill level. With this ability, businesses can empower employees to quickly make decisions that can ultimately help save and make money, whether it’s related to HR, operations, finance, or another critical department.
Increasing Cross-Sells and Upsells
In addition to customer acquisition, sales and marketing teams place a high priority on cross-selling and upselling because it’s always easier to extend a relationship than make a new one. To sell more products and services, these teams need to work backward. By using augmented analytics to optimize and visually map the advancement of sales and marketing campaigns, they are more likely to experience a higher rate of conversion from their cross-sell and upsell efforts. With the help of AI, machine learning, and analytics in identifying the most probable sales, teams can focus their efforts on the specific customers who are most likely to convert rather than wasting time on an unlikely customer.
Gaining a Better Understanding of Workforce Management
It’s challenging for businesses to get a real sense of employee engagement and productivity levels, especially as companies scale. To remain in the know, HR leaders should leverage augmented analytics tools. By taking this approach and integrating machine learning capabilities into analytics workflows, HR professionals can more easily identify workforce variables to get a better understanding of the employee landscape. Plus, they can more accurately forecast future trends that their business is likely to experience and build strategies not just for this year, but for a bigger future. With this increased level of insight, HR teams and department managers can identify employees that are at risk of leaving the company and implement preventative measures ahead of time. They can also scale this to a larger workforce management strategy that will enable them to retain and repurpose employees over decades rather than months.
Predicting Expenses and Costs
To stay within budget, businesses need to think of everything. From predicting travel expenses to larger variables such as production costs, it’s up to companies to forecast accurately. For example, financial planners can predict the potential evolution of travel-related costs over time with the help of augmented analytics. Advanced capabilities make it possible to automatically identify gaps between budgets and forecasts, allowing finance teams to take proactive steps to stay on budget throughout the year, and even automate much of the mundane activity. For manufacturers, augmented analytics can help keep production costs stable by monitoring cost evolution across various factories to ensure all locations are on target.
As companies prepare for 2020, they should consider how a high-quality data and augmented analytics strategy can positively impact their businesses. By taking an integrated approach and combining AI, machine learning, and analytics, enterprises will gain more accurate insights and the ability to make better business decisions. Regardless of the industry, augmented analytics can provide businesses with the information they need to remain competitive.