AI Powered Analytics Platform

AI empowers people with skills they never had before or required great efforts to learn. In recent years, we’ve seen AI enabling everyone to write content, design visuals, compose music, translate languages, and provide support in daily tasks. One important area where AI has empowered business decision makers is accessing and analyzing enterprise data. AI-powered data analytics platforms like MachEye enable everyone to analyze data and access insights quickly and efficiently to make data-driven decisions.

Why do you need an AI-powered analytics platform?

AI-powered analytics platforms use advanced technologies such as Natural Language Processing (NLP), Natural Language Generation (NLG), Generative AI, Machine Learning (ML) models and algorithms to analyze enterprise data for extracting insights. AI significantly elevates the capabilities of analytics platforms by automating manual tasks, delivering personalized and focused insights, creating data stories for better understanding of insights, and improving the overall insight discovery experience.

Every business decision needs to be backed up by thorough research and accurate interpretation of business events. When decision makers are empowered with actionable insights at their fingertips, they tend to be more confident, accurate, and timely in their decision making. The 2023 Forbes Advisor survey of business owners found that AI is perceived as an asset for improving decision-making (44%), decreasing response times (53%), and avoiding mistakes (48%). An AI-powered analytics platform ensures faster time-to-insights by enabling self-service analytics capabilities for all types of users. Using AI, analytics platforms can understand natural language search queries better and deliver actionable insights. These insights can be further tailored to suit the exact business needs and interest areas of users.

An AI analytics platform not only simplifies analytics for business users but also empowers data engineers and business analysts to save their efforts on mundane tasks and focus on solutioning and innovations. AI also helps automate, expedite, and enhance analytics workflows that require a lot of time and manual efforts such as cleaning and organizing data, building and testing models, measuring data quality, and performing complex analysis.

Key Features of AI-powered Analytics Platform

While evaluating an AI-powered analytics platform, consider the following key features and capabilities.

Self-Service Analytics

Self-service analytics encourages business decision makers to become not only self-reliant but also data-driven. Research by Harvard Business Review Analytic Services establishes that organizations can substantially improve business performance by giving frontline workers modern self-service analytics tools to enable fast and intelligent actions. AI-powered analytics platforms that offer a simple and intuitive interface, intelligent search capabilities, and anywhere anytime access to insights enable decision makers to converse naturally with data, without extensive training or dependency on analysts. Instead of relying on guesswork, intuition, or hearsay, they can base their decision on insights, since insights are readily available through self-service analytics.

Decision Intelligence

Decision intelligence is an advanced insight discovery process that uses AI, ML, NLP, and automation to distill data into focused decisions quickly and accurately. Decision intelligence enhances human decision making by presenting the most suitable option upfront, without overwhelming decision makers with all possible and irrelevant options. A PwC research found that highly data-driven organizations are three times more likely to report significant improvement in decision-making. AI-powered analytics platforms can automate simple decisions, augment complex processes that require rapid analysis and advanced calculations, and provide reliable and actionable decision intelligence.

Automated Data Curation and Quality Assessment

Cloud-native AI-powered analytics platforms can directly connect to data sources to analyze data in real time. With their automated data catalogs, AI-Powered analytics platforms reduce the time-consuming process of classifying data, enhancing metadata, identifying relationships, and preparing data for analysis from weeks to minutes. As per Gartner, poor data quality costs organizations an average $12.9 million every year. Poor data quality leads to wrong insights, inaccurate decisions, missed opportunities, and revenue loss. AI-powered analytics platforms can identify errors and inconsistencies in data quickly and automatically, thus increasing the reliability of data and insights.

AI-Powered Visualizations

Extracting insights is only one part of the insights discovery process. The next and important part is delivering it to users and making sure they understand it. Visualizations in the form of charts, graphs, tables, maps, diagrams, and audio-visual data stories make understanding insights very easy and intuitive. AI-powered visualizations automatically generated by AI-powered analytics platforms determine the best possible visual format to present insights. By leveraging the benefits of visual storytelling, AI-powered analytics platforms simplify complex concepts, improve access to insights, and enable users to explore granularities of data easily.

Tailored and Actionable Insights

Too many insights can become data noise for decision makers, confusing them with irrelevant details. AI-powered analytics platforms can learn from user searches, usage patterns, past searches, business metrics, and interests. This learning is used to generate actionable insights and tailored recommendations that are relevant for users. Also, such insights can be conveyed automatically when they surface in data, instead of making the users search for them.

Use Cases for AI-powered Analytics Platforms

Businesses are discovering many use cases of AI and AI-powered data analytics.

Anomaly Detection

Anomalies arise when business activities deviate from their planned course. Sometimes, such anomalies can go unnoticed and cause losses in the long run. So it becomes important to spot them the moment they arise in data. AI-powered analytics platforms are equipped with advanced models which do the heavy lifting for analysts to identify anomalies, irregular patterns, and deviations in data and highlight them as they happen. This is especially useful in detecting fraudulent activities, containing security breaches, and maintaining optimal operations.

Predictive Analysis and Forecasting

Besides analyzing historical data, AI-powered analytics platforms have the advanced capability of analyzing latest or real-time data. This makes them very efficient in predicting trends, forecasting demand, and delivering insights that help decision makers form future strategies confidently. In a 2021 EY survey, 39% CFOs chose advanced analytics or predictive analytics as their main priority for technology investments over the next three years. With the help of AI-powered analytics platforms, decision makers can perform predictive analytics easily to monitor budgets, track transactions, identify changing patterns, manage risks, and perform accurate forecasting.

Root Cause or Why Analysis

Just knowing what happened is not enough. Decision makers need to know the root causes of a particular business event to understand why it happened and how it can be prevented to avoid a loss or replicated to increase sales and profits. AI-powered analytics platforms enable decision makers to perform root cause analysis easily without having any technical knowhow. They can identify influencing factors, determine the exact causes, and drill-down to explore all dimensions using simple queries created using natural language.

Sentiment Analysis

Decisions such as which channel to select for maximum reach, how are customers responding to a campaign, when to launch a new product, or which new region to venture into require a thorough study of the customer behavior and preferences, a detailed examination of their feedback, complaints, and conversations, and correlation with various influencing factors. AI-powered analytics platforms that offer such sentiment analysis capabilities can assist marketers, store managers, customer service executives, and product development teams to improve their understanding and make strategic decisions accurately.

Visualizations and Interpretations

Visualizations help in improving understanding of insights, but it takes a lot of effort and time to create engaging visualizations. Updating them with the latest data triggers a vicious circle of repetitive efforts and delays in reaching insights to the actual decision makers. AI-powered analytics can determine the best-fit visualization format based on the type of insight. These platforms can automatically generate visualizations, be it charts, maps, or audio-visual data stories, on-the-fly whenever users initiate their search. Also, the generated visualizations are supported by textual narratives that help users interpret the visualizations correctly and understand its summary quickly.

Automation and Integration

AI-powered analytics platforms can quickly automate time-consuming processes of cleaning data, organizing and classifying it into different types, enhancing metadata, and applying rules. This helps cut down data processing time, improves data quality and accuracy, and frees up data engineers from mundane tasks such as creating data visualization and periodic reports. Along with automation, AI-powered analytics platforms come with embeddable components such as search box, charts, dashboards, and so on that can be integrated easily in business applications for a seamless user experience and better access to insights.

Leverage the MachEye’s AI-Powered Analytics Platform for Data-Driven Decisions

MachEye’s AI-powered data analytics platform brings the advanced capabilities of AI, NLP, and ML technologies to democratize data and enable decision makers to make data-driven decisions. Built with AI as its core architecture, MachEye uses intelligent search to interpret search queries entered in simple language, identify user’s intent behind a query, and offer instant contextual answers with actionable insights.

MachEye acts as a copilot for business users, helping them navigate enterprise data with ease and take confidence actions. MachEye automatically generates text summaries of insights, displays best-fit visualizations, and creates audio-visual data stories containing useful related information, actionable insights such as anomalies, trends, clusters, root cause or why analysis, business metrics, and influencing drivers.

MachEye connects to any data source without duplication and classifies data with its automated data catalog. It also measures data quality and provides recommendations to fix data issues, thus ensuring high quality insights. This way, MachEye leverages the power of AI to simplify analytics, automate tasks, and deliver personalized insights experience.