Advanced Analytics is the new frontier of competition and business success. While some businesses have the luxury of employing data scientists and professional analysts to help them sift through and analyze data, others do not have the budget or the structure to support these roles and, even those who employ professional data scientists do not have unlimited resources or budgets.
The benefits of advanced analytics are many and with augmented analytics support, the benefits are even more numerous.
You have probably heard a lot about the concept of Citizen Data Scientists in industry conferences and journals. Whether you are managing a business, or a team or you are a team member in a business, you should take heed of these discussions as they will definitely change the landscape of every type of business from start-ups and small companies to large enterprises, and you would be wise to get on board.
As one of its Strategic Assumptions, Gartner predicted that ‘By 2020, more than 40% of data science tasks will be automated, resulting in increased productivity and broader usage by citizen data scientists.’ Gartner also predicts that the number of Citizen Data Scientists will grow five times faster than the number of expert data scientists through 2020, and that by 2019 the amount of advanced analytics produced by citizen data scientists will surpass that produced by data scientists.
Let’s talk about data preparation! That often cumbersome, always complex process by which data scientists and IT professionals gather and prepare data for analysis. Data prep involves the extraction and transformation of raw data to prepare that data for analysis. It includes cleaning and reducing that data by removing outliers and standardizing data formats, among other things. Without data preparation, data analysis can often be misleading and incorrect – garbage in/garbage out, if you will.
If you have attended technology conferences or read industry publications, you have probably heard the term ‘Data Literacy’. If your enterprise is considering undertaking an initiative to encourage and nurture data literacy in your organization, you may be looking for a better understanding of the concept and the benefits.
If you read industry and technology journals, you have probably seen the term, ‘digital transformation’. So, what is digital transformation Gartner asked, and here is what the Gartner glossary of terms says about that: ‘Digital business transformation is the process of exploiting digital technologies and supporting capabilities to create a robust new digital business model.’ So, that is the digital technology business definition and that definition will translate differently for every organization in terms of where the enterprise will begin to focus the transformation process and how it will get to its goal.
Smarten, an advanced analytics service provider, has announced that it will act as a Silver Sponsor for the Gartner Data & Analytics Summit 2019, June 10 through June 11 in Mumbai, India where it will demonstrate its Smarten Advanced Analytics solution and its product roadmap for the future of the Smarten Augmented Analytics product suite.
The concept of advanced analytics can seem out of reach for many businesses. Business execs and managers often picture a team of data scientists and IT staff busily analyzing data and, included in that picture, they imagine the bags full of cash required to fund that team of professionals.
As business organizations fight for competitive advantage, funding for projects and large expenditures can fall by the wayside. In today’s competitive business market, every senior executive looks at risk, value and calculations like return on investment (ROI) and total cost of ownership (TCO) before approving a budget.
