As we delve into the current state of the analytics industry, one cannot overlook the transformative power of Augmented Analytics. Gartner’s description of Augmented Analytics involves leveraging advanced technologies like Machine Learning and Artificial Intelligence to aid in data preparation, the generation of insights, and the explanation of those insights.
This approach enhances the way individuals explore and analyze data within analytics and business intelligence (BI) platforms. This approach not only empowers data analysts, but also enables all business users to harness the full potential of data without requiring advanced technical skills.
Decision Intelligence, a closely related field, focuses on leveraging data and analytics to optimize decision-making processes. This synergy between Augmented Analytics and Decision Intelligence is reshaping the way businesses operate, providing them with a competitive edge in the data-driven era.
Fosfor has been a key player in the space with its Decision Intelligence product, Lumin. And, we are thrilled to announce that for the third consecutive year, Lumin has been recognized as a representative vendor in the 2023 Gartner Market Guide for Augmented Analytics! This acknowledgment reaffirms our commitment to empowering businesses with the tools they need to thrive in this data-centric era.
Augmented Analytics and Decision Intelligence disrupted by Generative AI
Augmented analytics leverages Machine Learning and AI to enhance the data analytics processes. It automates insights generation, data preparation, and even suggests actions to be taken, making it possible for a broader range of users to make data-driven decisions, and not just data scientists. In recent times, Generative AI (GenAI) has evolved as a strong enabler and catalyst for Augmented Analytics as well as Decision Intelligence. This Gartner market guide speaks to the momentous impact Generative AI will have in this space, as well the expected increase in analytics assets, and the ease of adoption.
Large Language Models (LLMs), like GPT, have ushered in a new era of decision-making by enhancing Natural Language Understanding (NLU), predictive analytics, and contextual reasoning. They possess the unique ability to decipher human language intricacies, context, and intent at an unprecedented scale.
Here are a few ways in which Generative AI is revolutionizing this space:
- Augment AI training data sets – Gen AI is being used to generate new data points that can be used to improve the accuracy and reliability of Augmented Analytics models. This can be particularly useful when real data is scarce or difficult to obtain.
- Enrich text analysis – LLMs are particularly adept at quickly processing large amounts of text and extracting key insights. This is achieved through Natural Language Processing (NLP) techniques, which when used in combination with any Decision Intelligence tool, can be incredibly useful in a variety of industries, from Finance to Healthcare.
- Enhance contextual learning – GenAI models are also being used to understand user context, queries, and behavior better. The complex AI model responses or recommendations generated by Decision Intelligence tools are also being simplified using GenAI technologies to understand and interpret the reasoning behind them.
- Improve interactivity – Since GenAI can generate more human-like natural language responses created by Natural Language Processing models, this makes user interaction and communication with Augmented Analytics tools much easier. This can save a significant amount of time and resources for businesses. For example, GenAI can be used to generate a range of items such as customer service responses or news articles, freeing up time for human writers to focus on more creative tasks.
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