Page 24 - EngineerIt January 2021

ARTIFICIAL INTELLIGENCE

Augmented analytics, what does it

mean for small business?

By Malebona Mokhutsoane, Solution Advisor for Analytics & Dumisani Moyo, Head of Mid-Market: Southern Africa at SAP

rom digital transformation to big data and analytics, the The data driven enterprise
internet is littered with buzz words and promises that Many technology pundits have dubbed data as “the new oil”.
Ftechnology is the answer to revolutionising business and The notion is predicated on the fact that raw oil isn’t as
delivering better results. But what does this mean in practice, valuable as the final products that are produced after it is
particularly for small and medium size businesses? One could processed. In the same way, data isn’t as valuable as the
reasonably argue that their bigger siblings have recognised this and insights that are generated once it is analysed. Once analysed
to some extent, managed to leverage the benefits of technology to and refined, data becomes a valuable decision-making tool,
drive better customer experience, improve efficiency and deliver enabling companies to quickly adapt to changing market
better business outcomes. This article explores how SMEs can conditions, identify new markets and opportunities and make
incorporate augmented analytics into their digital transformation their businesses more resilient and less susceptible to market
strategies and operations to drive better business outcomes. disruptions such as COVID-19.

What is augmented analytics? The future of analytics
Augmented analytics is the use of technologies such as machine Whether looking for something to order on Uber Eats or a
learning, artificial intelligence and natural language processing to assist movie to watch on Netflix, augmented analytics has become
with preparing data, generating insights and presenting those insights well entrenched and pervasive in our everyday lives. You do
in a way that augments how people explore, analyse and utilise data. not need to think hard about what to eat or what movie to
The machine learning component automates the analytics watch, technology does that for you in a split second.
phases of data preparation and the generating of insights. Natural Customers have become accustomed to this level of
language processing enables business users to get insights from convenience in their personal lives, and it is only a matter of
data without a deeper knowledge of the underlying coding time before they start demanding the same in their
languages. As a matter of fact, natural language processing is the professional lives.
technology behind digital assistants such as Siri and Alexa. SMEs need to see technology as a crucial cog and enabler
Augmented analytics is not intended to substitute humans, but in the value creation process. The emphasis should be on
rather to enhance our interpretation capabilities when working with integrating technology, such as augmented analytics into all
large and complex data sets and it facilitates the generation of aspects of the business, especially the value chain and value-
business insights from cold data. creating processes of the company. This is crucial to ensure
that technology supports broader and long-term business
Augmented analytics in SMEs imperatives such as innovation and improving operational,
A study by Accenture found that 97% of the data that is collected in business and customer outcomes. n
most companies is never revisited, never used to drive operational
efficiencies, and in effect, is not being used to improve business
outcomes. The same study pointed out that more than 87% of
companies have low levels of maturity in terms of their business
intelligence and analytics capabilities.
SMEs need to prioritise data and treat it as an asset. They need
to leverage both operational (O-data) and customer (experience-, or
X-data) to drive better business outcomes and to create sustainable
competitive advantages. Through analytics, SMEs can use data,
specifically the intelligence and insights it presents, as a basis for
driving innovation, business agility, reducing operational risks and
developing new revenue streams.
In the words of Michael Dell, “digital transformation is not about IT
… it is a boardroom conversation, driven by CEOs and line-of-
business executives, focused on answering some very big questions:
How do you fundamentally reimagine your business? How do you
Malebane Mokhutsoane, Dumisani Moyo, Head of
embed sensors, connectivity, and intelligence in products? How do Solution Advisor for Mid-Market: Southern Africa
you reshape customer engagement and outcomes?” Analytics at SAP at SAP

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