We are drowning in a sea of data today, where data transfers occur every micro-second. Roughly 2.5 quintillion bytes of data are generated every day, and at our current pace, it is only going to continue to go higher. 90% of the world’s data has been generated in the past two years alone, which can be credited to web searches, social media, online services, digital media, and communication among others. Internet of Things (IoT) – where connected “smart” devices interact with each other – is a primary driver for data explosion today. According to Statista, there were roughly 22 billion IoT connected data sharing devices in 2018 in use around the world, which is skyrocketing and estimated to go up to 50 billion by 2030.
Data is a precious resource. Businesses across sectors have to deal with diverse, large-scale, feature-rich and high-value data sets for data-intensive decision-making. For instance, a leading retail company had a humongous amount of customer, product, and promotion data collected from its various brands. The company aimed to leverage this data to tailor promotions and other offerings to customers and personalize the offers to take advantage of the local conditions. This was difficult to achieve given the sheer volume and variety of data. Sooner, the company resorted to a solution that generated timely, comprehensive, and personalized promotions – also reducing the time required to do the same from eight weeks to one. This was a major boost for their business.
Timely interpretation and insight generation from data helps organizations in multiple ways – from expanding their customer base to recalibrating business strategies, driving brand loyalty to set up competitive pricing, enhancing workforce productivity to improving organizational efficiency and cutting down costs. However, most companies are not in a position to make the most out of their data – only 12% of the data that they have is ever analyzed. This is because organizations have limited resources and time that can be dedicated to data interpretation and analysis. Moreover, this can be attributed to the lack of a suitable platform to make sense of the data.
It is practically impossible to analyze massive volumes of current, historical, and real-time data – which is where a data summarization tool comes in handy. Such a tool would sift through all the data to generate short, comprehensive, and insightful summaries, which in turn would aid in identifying current market opportunities and making business decisions faster.
Here are a few examples wherein a data summarization tool can be of help:
- A retail company wants to determine the outcome of its marketing efforts and the sentiment of its latest product offering based on the aggregated data from its various social media accounts.
- The talent acquisition function of a multinational company wants to keep a track of their workforce and monitor the rise and fall in the number of employees based on the open positions, vacancies, manning, internal transfers, etc.
- The sales team of a leading pharma company wants to monitor the performance and contribution of their field force or Medical Representatives (MRs) based on their coverage, outreach, monthly target achievements, etc.
- A media house wants to understand how well its various channels are performing based on various attributes like the shows aired, the location, viewership, etc.
All these above scenarios involve huge and complex sets of data that need to be analyzed and summarized into insights to come to conclusions. A platform like Phrazor would serve as a valuable asset in such cases and help organizations in getting real-time actionable insights from data in an easy-to-understand language.
Phrazor- an augmented analytics tool uses the power of language and data-storytelling to mine through terabytes of collected data, turn them into insights and present those insights in the form of narratives. Here’s an example of summarization of data done using Phrazor for a media and entertainment giant.
As seen in the report, Phrazor presents interactive visuals augmented with summarized insights written in an easy-to-understand human-like language. The graphical elements and narratives summarize the data, providing the readers with short, actionable insights that are easy to consume and act upon. Moreover, these reports and visualizations can be edited and customized based on specific functional and industry requirements.
A popular pharmaceutical company uses Phrazor to carry out its monthly market analysis for various regions and generate competitor performance reports. Take a look at these snapshots:
As seen, an explanation in conversational language complements the graph, to aid quick and better understanding, and thus faster decision-making. The above reports are generated by simply uploading the dataset and setting a few parameters to receive multiple data stories compiled in a report. Phrazor can be easily integrated with the company’s existing architecture and configured to generate automated reports for everyone across the organizational hierarchy. The language, level of detail, and context of the report can also be configured so that every reader gets information that is most relevant to them.
Making Data Universally Understandable with NLG
Phrazor uses Natural Language Generation- an advanced AI technology to transform business data into meaningful, summarized insights in natural language. It gives AI-powered insights and recommendations using advanced analyses on data. NLG analyzes structured data, derives inferences from the analyzed data and generates insights out of it and weaves stories around those insights with the help of data storytelling. It provides unparalleled, accurate insights for day-to-day analysis and helps business users and decision-makers to spot trends and new business opportunities.
More and more companies across industries are realizing the tremendous business value associated with proper summarization and analysis of the available data. To address the challenges associated with the same, they have been increasingly looking at data summarization tools and platforms. If you too are looking for a suitable platform for summarization of data, get in touch with our experts for a detailed tour of our tool. To see the tool live in action, check out the Phrazor app.
“Things get done only if the data we gather can inform and inspire those in a position to make a difference.” – Mike Schmoker