How AI Infused Analytics are Transforming Business

Posted by LPA Software Solutions on Nov 20, 2020 10:55:51 AM

In 2020, we’ve learned how quickly things can change.

Businesses have had to evolve, adapt, and reimagine operations in multiple ways.

Analytics have become an essential tool to navigate uncharted waters.

Creating a Competitive Advantage

Artificial intelligence (AI) and machine learning (ML) continue to drive the adoption of analytics. Its availability is an important consideration for organizations evaluating analytic platforms. Businesses adopting AI and ML as part of their analytics platform report gaining competitive advantages, including increased sales, faster response time, and enhanced customer experiences.

These results are why 62% of organizations are using machine learning today and 96% say they plan to implement machine learning in the future.

Businessman holding human brain on his hand with logistics symbols aroundEmbedding Analytics

Using analytics efficiently is more than simply pulling data. Embedding analytics into operational systems helps establish analytics as an important part of the company’s culture. It makes it easier for employees at different organizational levels to access information within systems they’re already used to using.

Next-generation embedded analytics are sparking a new era in digital transformation. Rich APIs can provide access to nearly every functionality for integration with most legacy programs. It’s predicted that more than half of all analytics will be generated using embedded analytics by 2021.

To gain wide acceptance within organizations, analytics platforms must be accessible to anyone authorized to use it. This means self-service.

Self-Service Analytics Platform

Most organizations want self-service analytics platforms that users can access without having to tie up IT resources. Businesses that implement self-service see increased usage and higher user satisfaction.72% of those having access to analytics without needing help from IT say there were satisfied with their analytics tools compared to just 54% who required assistance.

The Ventana Research Value Index

Ventana Research works with technology users and providers to generate independent research. Its Value Index report evaluated analytics and business intelligence providers, including BOARD International, Domo, Info, Information Builders, IBM, Looker, Microsoft Corporation, MicroStrategy, Oracle Corporation, Qlik, Salesforce, SAP, SAS, Tableau, and Yellowfin.

Ventana Research evaluates more than 500 different functions in 50 categories to provide an unbiased, fact based index. The analysis doesn’t just rank analytics systems and tools from an IT perspective, it also takes into account whether the products being evaluated address the business drivers and needs of its customers. 

IBM’s Cognos Analytics was awarded the highest distinction: Value Index Leader. IBM earned this distinction in four of the seven categories outperforming all other competitors.

To earn the distinction as a Value Index Leader, analytics software has to perform in these seven categories:

  1. Usability by users at various levels, including line-level workers
  2. Manageability, including administration, licensing, and security
  3. Reliability on existing architecture with robust scalability
  4. Adaptability, including customization and integration
  5. Capability, include feature sets and functionality
  6. Validation, including service and support
  7. Total Cost of Ownership and ROI in relation to buyer investment

“IBM offers a comprehensive product line, including products for discovery, inter-active dashboards, reporting, planning, and predictive analytics. It is one of the few vendors we evaluated to offer this breadth of functionality.” – Ventana Research Value Index

IBM Cognos Analytics 

IBM Cognos Analytics is a comprehensive analytics solution that provides robust analysis and reporting for businesses. It empowers users to execute smarter data discovery and tell data stories with rich visualizations.

Accelerated Data Preparation

A significant advantage of Cognos Analytics is that it accelerates data prep.

Transitioning to self-service for analytics requires data preparation. This can be the most time-consuming part of the analytics process. While it takes work on the front end by the IT team, it can open up the data for more users on the back end. Most businesses are uncomfortable letting users work with data unless it’s been prepped and integrated by IT first.

Cognos Analytics connects to a variety of data sources, cleans your data automatically, and uses built-in AI recommendations to blend and join data across sources. This saves time for IT teams and data scientists and makes data available more quickly for end-users.

Advanced Data Analysis Analytics on Red Button Enter on Black Computer Keyboard.

AI evaluates the data to uncover hidden relationships. It finds patterns in places you might never think to look. After finding these relationships, it assesses data drivers and strengths to leverage smart data discovery.

Predictive analysis uses statistically accurate time-series forecasting to model and visualize trends.

Enhanced Operational Insights

Data is automatically updated and can be visualized in a series of customizable interactive charts, graphs, and tables. At each level, users can drill down, drill up, or drill through to more granular data.

Detailed reports are available, which can be created and distributed automatically. Data modules, widgets, and dashboards are also available.

Natural Language Navigation

IBM Cognos Analytics allows users to ask questions in plain language and get answers using AI-recommended visualizations.

Better Insights, Reporting, and Analytics

IBM Cognos Analytics allows organizations to reduce costs with self-service AI capabilities. Flexible pricing options allow for on-demand usage, cloud-hosted, or client-hosted analytics solutions.

As businesses strive for greater process automation, data transparency, and agility, AI and predictive analytics are changing the way businesses think and work. This allows teams to spend more time on developing business strategy rather than searching for data.

Cognos Analytics helps users with automated data prep, data updates, and rich visualization to improve operational insights and drive better reporting and analysis. Want to know more about how Cognos Analytics can help your business? Schedule your free Analytics Strategy and AI Roadmap today.

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Topics: Cognos Analytics, Data Science & AI