About 1.7 megabytes of new information will be created every second for every human being on the planet by the year 2020. Data is growing faster than ever before and with sophisticated mechanisms like the cloud, it can be efficiently collected and stored. However, less than 0.5% of all data is analyzed and used at the moment. The reason? Organizations have limited time and resources that can be dedicated to data analysis and interpretation.
Business Intelligence tools output information in the form of reports and dashboards, which include tables, pie-charts, and graphs focusing on the company-specific Key Performance Indicators. The graphical elements on a dashboard put forth the big picture but miss out on the finer nuances involved in data presentation. Although a huge amount of data with potential value is collected, dashboards don’t do much to make the most out of it. Moreover, the manual interpretation of dashboard content requires a certain level of technical expertise and in most cases is biased, erroneous, incomplete, and time-consuming. Most often dashboard users wish for the content to be explained quickly in a simple language. 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.
Those who lag in understanding lag in performance, which is why we have Intelligent Narratives to supplement the graphical elements on dashboards and add more value to the information communicated. Narratives give a quick, compelling, and coherent account of the data, present information that matters most to the user and aid faster, better decision making. With narratives, data is presented in the form of stories – in conversational language, and is translated into useful, actionable insights.
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. The media industry is leveraging the power of Intelligent Narratives to gain a competitive advantage. For instance, Sony has been using the augmented analytics tool, Phrazor by vPhrase that produces intelligent narratives to understand channel performance reports better.
What looked like the following with dashboards,
The platform automates the analysis of data and presents it in narrative form, cutting downtime and cost by a huge amount. Speaking of Sony, the tasks of data analysis, report generation and comprehension which took 5-6 hours combined, can now be accomplished in less than 30 minutes with PHRAZOR. The platform is scalable and can process a much larger chunk of data in lesser time, thus bridging the gap between data and action.
Businesses need Intelligent Narratives as they provide the following benefits,
- Accurate analysis at the right time, enabling organizations to make the most out of current business opportunities
- No special skills or training needed for interpretation
- Organizational productivity shoots up as people can focus on higher-value activities
- Help with customer satisfaction