Data, data everywhere but how much of it is actually analyzed? Statistics suggest that it is barely 0.5%. The amount of digital data is growing exponentially, so much that it is doubling every two years. The rate at which we are generating data is rapidly outpacing our ability to analyze it. These massive streams of data need to be turned from a liability into a strength. And rightly so, as this data is crucial for businesses! From increasing brand visibility to getting insights into consumer behavior, increasing efficiency to gaining sales and marketing intelligence, leveraging resources to identifying market opportunities, data speaks a lot!
BI dashboards are currently being used by organizations to perform analysis and derive insights from data. Dashboards graphically represent the status of business analytics metrics, Key Performance Indicators and important data points for an organization – they, however, come with their own limitations. Dashboards present information in the form of tables, pie-charts, and graphs, which put forth the big picture but miss out on the finer nuances involved in data presentation. The manual interpretation of dashboard content requires a certain level of technical expertise. Also, such manual efforts are biased, erroneous, incomplete and time-consuming, in most cases. Although a huge amount of data with potential value is collected, dashboards don’t do much to help understand data in its totality, extract value from it to uncover insights and translate them into business outcomes. Most often dashboard users wish for the content to be explained quickly in a simple language – this is where BI NLG plugins step in!
BI plugins supplement graphical elements with Intelligent Narratives - which are short, comprehensive and insightful summaries from data, generated within seconds. Such easy-to-understand narratives aid decision making, enabling businesses to leverage the right opportunity at the right time. Intelligent Narratives are based on Natural Language Generation – a subset of Artificial Intelligence and are used extensively in the various sectors ranging from banking and financial services to healthcare and education. For instance, Unilever has been using a BI plugin by Phrazor to generate more comprehensible brand performance reports.
Here is a snapshot:
Benefits of such a plugin, which can be easily integrated into the company’s existing architecture, include:
- Reduction in time required by the firm to infer action-oriented insights from reports, which helped them make better decisions
- With the report generation process being automated, resources were redeployed to higher-value activities – leading to significant savings in cost.
- Error-free, precise and standardized reports were generated, thus reducing turnaround time significantly
Modern BI tools like these are a must-have for businesses today. As Woodrow Wilson once rightly said, “We should not only use the brains we have but all that we can borrow.”