The Age of the Augmented Consumer
Picture this: you are sitting at your desk, perusing through your CRM or other data storage mechanism, and you think to yourself: I know all my data is in here, but how do I get the best insights out of it?
Business leaders across the world are in need of insights: sales forecasts, distribution, supply chain, it goes on and on. The adoption of BI solutions has grown almost 50% in the past three years. The typical model of data gathering has relied on business intelligence analysts and other data gatekeepers, ready to dig for data, at a cost. While BI analysts are a good development in your organization’s timeline, the next step in your future involves something much more analytical… and easier to interact with.
Business leaders typically rely on business intelligence analysts and softwares to control their mass amounts of data. Business leaders task an analyst, who then gathers that data for them. Or, a leader may have self-service business intelligence software, whereby they can gain insights from their data. Both of these methods typically require a few things:
- Money to hire an analyst or purchase a business intelligence software
- Time to train that analyst or gather self-service analytics by a non-business intelligence professional
- Resources throughout the entire organization, such as other team members and external resources such as consultants
Furthermore, human business intelligence analysts rely on their rational thought. But humans are not perfect, and we make mistakes. WHen understanding customers, our own biases and human nature are taken into context. While BI software yields unbiased results most of the time, it is not a perfect process.
The Augmented Age
When we need the news, we do not rely on receiving the newspaper to get our daily news bite. We get on the internet, we ask Alexa, we go get it ourselves. This type of dynamic is known as self-service. We are going to get the data ourselves. Why can’t it be the same with our businesses’ data?
Today, businesses now have the ability to invest in AI technologies that elevate the user to the level of “Augmented Consumer”, i.e. an individual who can ask and receive critical insights into their data, all through the help of artificial intelligence. But more than critical insights, artificial intelligence can provide context and data storytelling, painting a picture of past and future defeats and wins.