Augmented analytics is going to be the future of analytics

By CIOReviewIndia Team

augmented reality futureGlobally, Analytics has become the biggest concern among today's top business organizations. Every day millions of data are being cultivated from devices and stored in data centers leading to the development of data analyst and Business Intelligence software.

"Indian organizations are shifting from traditional, tactical and tool-centric data and analytics projects to strategic, modern and architecture-centric data and analytics programs," said Ehtisham Zaidi, Principal Research Analyst at Gartner. The 'fast followers' are even looking to make heavy investments in advanced analytics solutions driven by artificial intelligence and machine learning, to reduce the time to market and accuracy of analytics offerings, he added.

Being the best destination for IT outsourcing, India is also among the major countries that provide analytics services to other countries. Around 64 percent of analytics revenues in India come from analytics exports to the USA.  India also provides analytics services to UK, Australia, Poland, Romania, Belgium, New Zealand, and Spain. Gartner predicted that analytics, data science, and big data in India are expected to become a 20 billion dollar industry. Some of the sectors in India are implementing analytics into their workforce, of which BFSI is the largest contributor. Banking and financial services analytics provide revenue of US $1 billion or 38 percent of the overall analytics revenue generated in India. Marketing and Advertising, e-commerce travel and hospitality and Pharma and healthcare are the other sectors that are affected by analytics growth.

Most companies have developed their analytics technologies or augmented analytics tools to focus more on business insights rather than wasting time on data preparation and analyzing it. Some of the augmented analytics technologies that are built by the analytics vendors are IBM Watson Analytics, Salesforce Einstien, Microsoft Power BI, and SAP Analytics cloud. Augmented analytics tools require little or no supervision by the data scientist which makes it better than other BI tools.

The shortage of data scientist in the industry will eventually boost the requirement of augmented analytics tools globally. As per Gartner, Indian organizations are trying to integrate and manage unstructured data, and some are also experimenting with data science on real-time streaming data.

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