As businesses are becoming more advanced with innovative technology, artificial intelligence is taking the world of data by storm. The truth is AI tools will digitally fuel the future success of many of our businesses. Tech Target states nearly two-thirds of the companies that made up the Fortune 500 in 2000 are now gone. It is estimated by 2040, 80% will have disappeared. As a result, to adapt to evolving technology and properly utilize data, businesses must incorporate the use of Augmented Analytics into their systems. In doing so, companies will be able to skillfully make efficient data driven decisions. This will bring success to their industries.
What is Augmented Analytics?
Augmented Analytics is defined by Gartner as, “A design pattern for a human-centered partnership model in which humans and artificial intelligence (AI) collaborate to improve cognitive performance.” In summary, Augmented analytics helps humans do better at the tasks they are supposed to do rather than being distracted by repetitive tasks.
How will Augmented Analytics benefit a business?
- Efficient decision making – Multiple databases can be presented for consumers’ needs and expectations using fewer clicks. 74% of tech leaders are using AI for decision-making.
- Added company value – Augmented analytics completes repetitive and time-consuming tasks while making useful data accessible. ABI Research predicts that up to 900,000 businesses will begin to use AI worldwide increasing the annual growth rate by 162%.
- A McKinsey survey revealed that AI use increases by 25% every year in standard business processes. Executives claim it has the potential to reduce costs and boost revenues.
- Data literacy- Data literacy describes the ability to comprehend, analyze, and utilize data. So, this literacy will improve companies as compiled data helps quickly answer questions and provide beneficial suggestions.
- Informed and data-driven decision making – A RevealBI survey of software developers and IT professionals conducted in 2021 claimed 41% of businesses have seen a surge in requests for data and analytics. Data-driven decisions is the main reasons
Why is Augmented Analytics important?
This form of AI technology enhances the opportunity for humans to best use their intelligence and make important decisions. Augmented AI improves the efficiency and meaningfulness of work, it does not replace it. Meaning, AI, and humans work together to create a structured and successful business. Augmented AI uses its intelligence to build upon human intelligence to create best quality solutions. Companies in the modern world benefit from this by learning how data patterns, deviation, and predictions will drive success in the future.