In this article, we’ll be looking at the positive effect of augmented analytics in the Data world today, alongside its competitive effect on the usage of Power BI by entities and top business organizations in years to come.
Will augmented analytics reduce the usage of Power BI, is it of more value than Power BI? Is there a disadvantage in using augmented analytics? In the next two years, which of the dataset tools will still be of immense relevancy to the business world? That and many more we will discuss as you journey through this article.
So, before we proceed, let’s deliberate briefly on BI, the full meaning of the acronym BI, Power BI, and things you should know about Power BI.
What is BI?
Abbreviated as BI, Business Intelligence is a technologically developed tool that helps business entities take the right action in their organization through effective data analysis and providing effective information to the company, therefore fostering the growth of the entity.
With the help of this tool called “BI”, business owners and managerial teams can easily get updated data from the organization, which are well presented in either a tabular, or graphical form, therefore presenting it to the company employees on time.
BI however consists of these three major tools to help in effective data analytics and management. The tools are; analytics, data management, and reporting tools, alongside other strategic methods.
Power BI doesn’t tell the organization what to do, but with the aid of its generated report, it can play a vital decision in the organization's decision-making, therefore increasing revenue, and operational efficiency to acquire higher leverage over competition in their business niche.
So, now that you’ve been briefed on what Business Intelligence (BI) is all about, let’s move down to learn more about Power BI before we head to augmented analytics and its possibility of taking from Power BI in a few years to come.
About Power BI
Power BI is a Microsoft developed Business intelligence tool, which serves as a data analytics, and reporting platform that’s used daily by businesses. Microsoft developer builds Power BI in such a way that non-professionals can easily use the platform without a basic knowledge of data processing; although the platform is mostly used by business professionals irrespective of their level of expertise in data analysis.
Data Visualization and reporting are made easy with the aid of the Microsoft Power BI platform, as data are structured in any of the following structures or styles;
Charts
Graphs
Scatter plots
Maps etc
However, it works with Artificial intelligence (AI) to bring out accurate insights within data sets for each user. It’s unarguable that most industries across the world depend on Power BI for their data visualization and decision-making because it empowers them with effective data-driven insights. Also, note that you have to subscribe to the platform before you will be able to use its premium version, and the platform works perfectly well on both computer and mobile gadgets.
What are the Core Functions of Power BI?
The Microsoft Power BI is designed to serve the following business intelligence purpose in the business world;
Data Creation, and Visual Presentation of Data Sets
Data integration
Gather important data, therefore analyzing, publishing, and sharing Excel business data
Give real-time stream analytics and turn insight into action
Disadvantages of Power PI
However, Power BI has limited data processing ability, meaning it can perform heavy-duty data tasks.
Also, Power BI users have limitations when it comes to the customization or creation of new visuals, and reports.
As my last take on this, due to the low storage capacity of Power BI, users may need to purchase/pay for additional storage or any other premium feature of the software.
So, now let’s take a look at Augment Analytics.
What’s Augmented Analytics?
This is another heavy-duty software that’s developed by Microsoft, to aid in solving voluminous data-related issues in the business world. According to Microsoft, Augmented analytics provides business users with intuitive, and brilliant tools for preparing data, analysis, and visualization, therefore helping its users company make effective data-driven decisions, easier and faster.
Augmented Analytics is made of 3 major components, including;
Machine Learning
Automation
Natural Language Technology
With the above-mentioned components, Augmented Analytics can help its users to prepare data, insight discovery, share, deploy, and augment how individual users metamorphose and analyze data in analytics and other BI tools. The software only augments, but does not replace human intelligence, curiosity, and instinct.
Core Importance of Augmented Analytics
Augmented analytics helps in gathering and assessing factual data from different sources. With the aid and application of its ML (machine learning) component, it can easily generate great, and meaningful insight into certain pieces of data, and what the data represent.
Other benefits of Augment Analytics include;
Cost reduction
Democratization of data
Advance decision making
Prepares data faster
analytical bias reduction
Increase speed to insight
Provides accurate results
Augmented Analytics “Task automation” feature saves time and energy when working with data, be it during data preparation, discovery, running statistical analyses, and more.
You can say that, Augment Analytics generates more effective data analysis, communication, and visualization, meaning it can create and customize visuals.
Is Augmented Analytics the Future of Power BI?
In some years from now, Augmented Analytics may become the future of Power BI.
For instance, Augmented Analytics has the capability of creating new visuals, whereas Power BI has limitations in data visualization.
We all wish to see Augmented Analytics as a great and productive tool for data generation in years to come. However, augmented analytics can collaborate with other business analytics tools like Power BI, to gain a better insight into events and trends and then dynamically plan for rather than just reacting to them.
Conclusion
As the data analytics landscape evolves, augmented analytics promises to enhance data preparation, analysis, and visualization capabilities, providing a deeper understanding of the insights that drive business success.
While navigating the complexities of implementing augmented analytics can be daunting, onpoint is ready to guide your organization through this transformative journey. As an industry leader in reporting solutions, onpoint can seamlessly integrate this cutting-edge technology into your existing operations, providing expert guidance and support to unlock new opportunities for growth and competitive advantage.