Augmented analytics using natural language generation (NLG) technology, a subset of artificial intelligence that transforms structured data into clear, natural language, is an emerging wave of technology within the modern business intelligence (BI) landscape that changes the way companies and individuals can interact with their data. The importance and value of NLG in the business intelligence landscape has been illustrated, but the rate of companies that have not yet realized the full value BI tools can provide is still extremely high. Why? There’s a gap between data understanding and action. NLG bridges this gap by augmenting analysis, making insights easier to contextually understand, communicate throughout an organization, and act upon.
Leverage technology to strategically align operations
In order to make well-informed decisions, executives and employees must receive real-time, easy-to-understand information around their KPIs. When pairing NLG with a visualization, chart, or dashboard, business users are able to see a comprehensive overview of their data and insights become more accessible. Modern businesses today strive to be fully data-driven , which ensures that decisions, tasks, and processes are easy to track and measure. However, many employees don’t have a background in data science or analytics and struggle to fully derive meaningful insight from what they’re seeing. To combat this lack of data literacy, NLG can highlight exactly what’s going on within your data, how it affects you, and what you need to do about it. NLG allows organizations to scale their level of success beyond non data-driven methodologies for smarter, faster decision-making. By investing in NLG to weave a complete story about your data, and allowing everyone in a company to understand the meaning behind the numbers, NLG fosters data literacy which, in turn, increases efficiency, productivity, sales, and can drive revenue skyward.
Equip your analytics team to focus on more pertinent responsibilities
Natural language generation elevates analytics programs above the industry standard of delivering descriptive insights. The amount of time data experts spend manually writing reports and presenting around completed dashboards isn’t the most effective use of their skillset or time. Even if they do have enough time to construct reports for groups across an organization, their expertise could be better utilized for higher-value tasks. With the additional time automated reporting gives, analysts could be expanding data analysis to other areas of the company, constructing projections for future business with predictive analytics, surfacing new insights, or creating more dashboards to accurately measure the health of an organization. With the capability of NLG to act as an embedded analysts within a dashboard and its ability to provide narratives catered to many individual end-users, personally relevant insights are disseminated in clear, easy-to-understand language, whether they are to a busy executive, non-data expert employee, customer, or vendor.
See company-wide cost reductions as a result of increased efficiency
Time is money. Automating analytics and data with NLG optimizes productivity and efficiency, resulting in fewer meetings and lower costs. With varying levels of data backgrounds, you can place a chart or graph in front of 10 people and get 10 different interpretations. Each viewer has their own perceptions about data and key insights are often hidden across multiple graphs. It can be a challenge to quantify the cost of a bad decision due to misunderstanding or misinterpretation, but the effects these ill-informed decisions derived from misinterpreted data can be profound. To combat this, analysts are asked to manually write reports that explain key takeaways from visualizations and dashboards. NLG augments this process and provides clear descriptive, diagnostic, and prescriptive written analytics that give your team confidence to make factually-based decisions, improves overall financial health, and increases productivity.
Enhance sales revenue and profit management with role-based reporting
The revenue-driving sales department typically collects a vast amount of invaluable data. However, tracking metrics, bookings, and revenue can be challenging, especially given the sheer scope of data, volume of insights, and number of roles and responsibilities of end-users. NLG reduces the time spent interpreting dashboards by up to 90% by providing role-based reporting, allowing your team to spend less time analyzing and more time selling. Role-based written analytics give personalized performance and sales insights with complete control over the structure, language, and key takeaways and gives management an accurate picture of how sales teams are currently performing and how they can be improved to easily to measure and optimize success.
Personalize consumer marketing content
In today’s business climate, it’s becoming more challenging to break through the noise of marketing and advertising. Ideally, the marketing team within an organization is utilizing a plethora of data-driven software and technologies within their marketing technology stack. How is it possible to make sense of all of this valuable data? Through leveraging NLG, companies are increasing retention, engagement, and monetization by delivering hyper-personalized content at scale.Whether it’s on a website, email marketing campaign, or push notification, NLG allows organizations to create content that speaks to their individual interests in a fraction of the time, with less resources. It’s no secret personalized consumer content makes each individual feel understood, driving them to want to interact and engage with your brand. NLG allows you to do this on a humanly impossible scale, using your internal brand voice and tone.
By increasing data understanding within each arm of an organization and empowering employees to become fully data-driven using NLG, companies unlock the power to close the gap in data literacy, utilize analytics to their full potential, increase efficiency, decrease costs, and arm all employees with the the most essential decision-making tool—an accurate, complete understanding of their data.