They say a picture is worth a thousand words. However, the same picture means different thousand words to different people. This would be the primary reason why info graphics or dashboards don’t work for an organization as they heavily depend on graphics to explain complex data. Sample this; a zone manager of a bank required his zone’s sales report and he was provided with a report filled with charts and graphs of individual performance parameters. How much sense do you think he or she would be able to make of the report? More importantly, how much time would he take to make sense of that report?
Despite pictures being compelling tools for conveying emotion and tone, they do not efficiently translate to narratives and explanations. Hence a balance of pictures and text is required to understand complex information and carry out even complicated analyses. Top financial firms often find it difficult to efficiently convey their performance statistics simply through dashboards. They have multiple products and multiple clients for these products, very often; they also have different clients for the same product. How would a generic homogenous dashboard work for all?
Communicating with such a myriad clientele presents new obstacles, both in resources in and outside the organization. This obstacle presents us an opportunity to give automated narratives a shot at the conventional organizational reporting.
Automated narratives enable you to tailor your report as per the end audience requirement in terms of tone, length, technical jargon and in-depth analyses. For example, a manager of department may not need as in-depth performance statistics as a team supervisor. Automated content lets you maintain that differentiation to improve the productivity.
Apart from customized report, automating content would give very little scope to human error or inconsistent human tone. What might be drastic for one person may be regular for another. Some would say “This year’s returns were exceptional” while there would be others who’d comment the same report as “The returns were good this year, however, cannot be attributed only to the schemes executed”. A machine cannot show such bias while reporting. In addition, automating content would let you produce multiple reports to multiple clients at once, contrary to human generated reports, thereby drastically improving the organization’s productivity while containing time.
A very important factor that contributes to adoption of automated content is its ability to provide dedicated insights. Two people can look at the same dashboard and obtain not just different but also digressing insights. An automated narrative generated for that dashboard would direct the analysts to think in the direction required and come to collective understanding of data.
As opposed to what it is perceived to be, automated content, would collect and analyze the data only to align the analyzing prowess of analysts to obtain better insights and come to better conclusions by effectively using the data.
vPhrase is one such automated content creator and we at vPhrase, collect, analyze your raw data and present it to you in a way that would assure you of understanding it correctly and using it efficiently and exhaustively!
Nisarg Bavishi is a founding member of vPhrase. He has significant experience and expertise in the area of Business Intelligence relevant across functions and industries due to his numerous collaborations with industry leaders. Nisarg is now on a mission to design, build, and deliver BI solutions to help organizations enforce data-driven decision making with ease. Through his writing, Nisarg aims to provide an insider's account and understanding of BI, Data Analytics, and AI Technologies.