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What’s Next?

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In an increasingly complex world of business, insights from the data we have gathered are of paramount importance. The level of insights can range from out of the box metrics to deep insights. Insights such as the effect of COVID-19 on our business in the near- and medium-term future can help us plan accordingly.
The ‘What is next’ opportunity - How can we find it?
In the world of accounting and finance, we have been getting better at automating processes. These processes have helped us assess past performance with few clicks of the trackpad of our laptops. If we think of what is the next stage of evolution for us, the answer lies within the question. The answer is ‘what is next?’. Can accounting and finance professionals help the business understand what is going to happen next? Can we assess the potential risks and reduce our exposure to them? Yes, the answer to all these questions is augmented analytics.
Augmented Analytics
What does augmented analytics do for us? It lets us automate the generation of insights from the data sitting in our databases. It uses machine learning (ML), artificial intelligence (AI) and can assist us in data preparation and also arrive at insights that weren’t possible through a set of human eyes.
Benefits of Augmented Analytics
We are limited in our approach, and biases based on past experiences. This limits us to get a bird’s eye view of our data. Through ML and AI, it can look at all possible relationships between and within our datasets to draw insights which we were not aware of earlier. This leads to better prediction of our business processes and reduces risk as we can take necessary steps before an event occurs. For example, we can use an ML model to classify our current suppliers and customers based on past performance. This model can be used to classify our potential suppliers and customers as well if the right data points are collected from them early on. This will help to plan and reduce risks that may affect our working capital. Let us look at few more areas in which augment analytics can help us. A business earns revenue by providing goods and services. There are multiple layers at which this revenue can be analysed at. For example, we sell our products in different countries, led by our sales team. In today’s age, our revenue is also generated at multiple sources. More often, we carry out marketing campaigns and need to understand the return on our investment in marketing. Which marketing campaign yielded the most revenue based on their investment. How would we like to continue going forward? This may indirectly answer our questions on how to increase our profits.
How to get started?
To sum it up, augmented analytics is here to save us time, generate insights that were not possible before, automate processes such as assigning a risk score and more. Without augmented analytics, we would need talent such as data scientists, data engineers, data analysts and more to prepare data sets, arrive at deep insights and automate processes. But all of this can be made possible without hiring an army of talent. With augmented analytics, all you need is solution implementation partners like Aays Analytics who can help you get started on your augmented analytics journey.
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