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- Business Intelligence can make a stronger use of data for the companies to take better decisions
- Business Intelligence helps to cut through the data mesh
New Delhi: In modern times, companies have access to data-driven tools and strategies that allow them to learn more about their customers and themselves than ever before, but only a few take an advantage of data at their disposal.
With the help of Business Intelligence (BI) tools, businesses can make use of the data they have and derive meaningful interpretations.
BI tools can help businesses to navigate through data mesh and drive out information that can potentially deliver key insights to make more informed business decisions.
Here is a conversation with Naren Vijay, Executive Vice President of Lumenore, on how BI can be made actionable to achieve the desired goals:
- What is an augmented BI platform and how does it help organisations go beyond reporting, querying, and diagnostic analytics?
For decades, organisations have focussed on collecting, managing, analysing data, and maintaining various dashboards. Things have drastically changed with the data explosion that has happened in the last few years. The biggest challenge for organisations today is to rapidly parse through enormous amounts of data and drive out the information that will deliver key insights and enable making more informed business decisions.
To deal with rich data set in a short span of time with limited budgets, organisations either compromise on the quality of their insights by limiting the analysis to a specific number of variables or invest a lot of time, manpower, and energy into data preparation, analysis, and developing a model to get more in-depth information.
Powered by Artificial Intelligence (AI) and Machine Learning (ML), Augmented BI enables organisations to automate the process of managing their data and empowers them to draw accurate insights from it. It also equips organisations to evaluate their options on the fly by incorporating decision intelligence, thereby allowing them to measure the outcome and tweak their strategy to get favourable results.
- What is the importance of conversational analytics and emerging trends around it? Also throw some light on predictive analytics.
Conversational analytics can help businesses to remove the bottlenecks in information gathering. It is a quick and easy way to get real-time insights and help in saving time & boosting productivity. If driven by the right BI platform, conversational analytics can enable users to fetch explanatory insights and even automatically generate relevant visualizations. In short, one gets access to personalised, actionable insights within seconds without any coding knowledge.
With conversational analytics, users with any level of data literacy can easily access the information that they desire. Not only does conversational analytics answer queries accurately, but it also offers intuitive recommendations based on the user’s questions.
Predictive analytics is the practical result of business intelligence and big data. Many organisations are already using predictive analytics to apply ML & AI algorithms for data mining and forecasting future trends.
- What are Lumenore’s suite of applications and how are they helping organisations in making sense of all the data that they have at their disposal
Lumenore is a powerful, intuitive, cloud-based BI and analytics platform that delivers organizational intelligence by sifting data from any business application. Through our suite of applications, we intend to simplify decision-making at all levels in the organisation and make business intelligence actionable. We are known for our operational analytics that helps in getting a good grip over the day-to-day operations on a real-time basis.
Another technological innovation that is ingrained in our DNA is Pervasive Analytics. We strongly believe that access to analytics should be available across the organization and not limited. With this in mind, we provide solutions that make analytics simpler, faster, and more efficient for everyone in the organisation.
We also offer “Ask Me” and “Do You Know” modules which are amongst our most popular innovations. It focuses on providing instant analytics and helps users deal with complex implementation. These tools can be used by any user across the board. Since these features are an outcome of augmented analytics, they can even provide a complete list of probable actions, prevent potential complications and recommend the best course. In a nutshell, Lumenore offers a unified BI platform that bridges the gap between data and decisions.
- What is the Unique Selling Proposition of Lumenore?
Unlike other platforms, our focus is on customising the solution delivery to our clients’ needs. Lumenore is a no-code platform that can be used by people across the board and functions. This ecosystem can be used in multiple projects like interactive visualizations, conversational querying, or streamlining organisational decision-making with future-ready business intelligence.
We are known in the industry for providing cost-effective analytics and providing targeted value through actionable insights. Our services include end-to-end data solutions, advanced data discovery, natural language querying, and a suite of analytics solutions to drive business growth.
- How can organizations address the insights gap?
For making effective business decisions, organizations depend on insights. However, there are times when the insights are not in real-time or don’t take the complete data into account. Another major challenge that even mid-sized businesses are grappling with is finding relations between different variables in a smaller dataset, leave alone finding insights when there are hundreds of variables across multiple datasets.
To address this need gap, organisations should switch to an advanced and intuitive platform that help overcome these challenges and enable better processing and faster insights. With pre-built Key Performance Indicators (KPI) designed for the specific business requirement, the platform will provide data insights that will be accurate, on time and enable better business decisions.
- What is the current scenario for Big Data & Analytics and what are the key trends driving the growth in this segment?
Organisations today are focusing on offering a better consumer experience, optimising existing processes, increasing sales and revenues and reducing cost. In their bid to do so, they are relying heavily on the data that they have at their disposal. In 2022 and beyond, organizations will focus on creating a data fabric that will help with assimilating all the data that is available and automating its integration and preparation.
Self-service-driven analytics are also gaining prominence as it empowers every user in the organisation to navigate their way through the data and seek the analysis they want. Moreover, self-service analytics will allow users to focus only on the outcome by removing the complexity of machine learning jargon.
There is also a growing realization that analytics should be performed on the complete data set and not just on specific parts. This has led to companies leveraging a data universe that comprises data management architectures such as data engineering, data lake, data security, among others.
Another trend that is driving the growth in this segment is the increasing use of cloud-based technologies.
Many businesses have started to realize that big data analytics require horizontally scalable infrastructure. Hence, they are giving preference to analytics platforms that are Cloud or SaaS-based. To maintain their competitive edge the reliance on big data will continue to increase over the next few years and organisations will seek more effective and efficient ways to sift data and drive meaningful and actionable insights.