Augmented analytics is drastically changing the way marketers work, empowering them with better ways to identify customer needs, develop more effective campaigns, drive conversions, and ultimately improve business outcomes.
Using advanced tech solutions such as artificial intelligence to collect and analyze data, augmented analytics helps marketers make more informed, data-driven decisions. Simply put, it’s a smart and powerful solution that enables marketers to move way ahead of competitors by helping them achieve more with less. From providing smart insights to revealing valuable intelligence, augmented analytics is a game changer that can transform your business in 2023 and beyond.
What is Augmented Analytics?
Augmented analytics is a data processing approach that uses a variety of techniques, including data mining, statistical modeling, and machine learning, to analyze a wide range of historical and current data to improve data exploration and analysis. Applying advanced algorithms to the data enables businesses to better understand customer behavior, identify trends and anomalies, and make predictions that inform decisions based on facts, rather than intuition. By leveraging these complex algorithms, augmented analytics enhances the way businesses can use data for further analysis in business intelligence applications. This strategy has huge potential and is a key tool in helping marketers develop a strong competitive advantage. In fact, the augmented analytics market is expected to grow by 25% in the next five years, reaching $22.4 billion by 2025.
4 Ways Augmented Analytics can Help Your Business
Using augmented analytics can multiply your business’s success by improving your bottom line and introducing new ways to boost campaign efforts.
Marketing teams confronted with frozen or shrinking budgets are nonetheless still expected to generate leads and build pipelines to increase revenue. Using augmented analytics, marketers can make data-driven decisions and optimize their marketing investments through accurate insights and recommendations. Instead of just relying on past experience, estimates, gut instinct, or trial and error, the technology provides an accurate picture of which campaigns are performing well and which aren't, enabling marketers to allocate their budgets effectively to maximize returns. Here are two ways augmented analytics can help optimize marketing budgets.
- Budget Forecasting
Budget forecasting supports operational improvements that can lead to greater business success. For many marketers, monitoring spend versus allocated budget is a time-consuming process that is often prone to inaccuracies — especially when juggling several clients simultaneously. With augmented analytics, however, forecasting allows marketers to stay on track by providing historical and current information about budget spending so they can act on timely suggestions. This way, marketers can ensure that allocated budgets are spent according to plan, freeing time to spend on granular analysis of under- and overspending, preparing them to navigate future campaigns that will achieve higher ROAS.
- Anomaly Detection
Another practical way augmented analytics can help marketers maximize ROI is through anomaly detection, a tool that uses historical data on metrics including clicks or CPM and impressions to identify and self-learn expectations for the metrics. When an anomaly is detected, the outlier is automatically flagged, indicating issues that can drain a budget. These anomalies reveal campaign performance problems that might have otherwise gone unnoticed, helping to minimize negative effects – or eliminate them altogether.
Rapid Time to Insight
The beauty of augmented analytics is the way its powerfully constructed machine learning algorithms reveal important insights that can save time and improve a company’s bottom line. Through real-time insights and recommendations based on data analysis, marketers can make more informed decisions, understand customer behavior and needs, and tailor their campaigns accordingly.
With such proactive insights, augmented analytics can not only help reduce risk, but can also minimize issues by allowing marketers to use its highly sophisticated number crunching to drive more sales, build effective pipelines, and retain customers.
Improve Customer Experiences
Augmented analytics give marketers accurate and detailed information about their customers that they might have not been able to obtain through other means. With greater insights about prospective and existing customers, marketers can improve customer experience by understanding how their customers will interact with their brand.
Since augmented analytics is able to unify a diverse range of datasets such as demographics, CRMs, psychographics, and more, it can provide critical information marketing teams need to maximize customer value. By exploring large volumes of different data, augmented analytics can also model and predict customer behaviors, calculate customer lifetime value, and discover customer trends and patterns — all of which can be used to improve customer experiences.
Marketers can also harness augmented analytics for smoother operations. By automating certain tasks, such as data preparation, data discovery, and data visualization, marketers can save heaps of time and effort. Additionally, augmented analytics can automatically generate charts, graphs, and other visualizations based on data analysis, helping marketers to quickly and easily understand and communicate the results of their analysis. When data is streamlined and manual tasks are automated, marketers can spend less time combing through data for insights, and more time focusing on other strategic business initiatives that demand attention.
Getting started with augmented analytics
Here are three steps to help you get started with your augmented analytics journey.
Start Small and Choose a Use Case that is Aligned with Your KPIs
To begin using data science and artificial intelligence, your data doesn’t need to be perfect. Identify the business problem or opportunity you want to address. Focus on a use case that is aligned with your KPIs and has high business value. Once you see that it is successful, you can move on to other larger projects.
Invite your Whole Organization to be a Part of Your Analytics Initiatives
Being strategic about rolling out augmented analytics and collaborating with your entire company can help build trust and show employees that you want them to be involved with the implementation. Communicating with different stakeholders in your company will help them understand the value of the technology and how it can be used to drive business results. Encourage employees from across the organization to play a role in the initiative, demonstrating that you value their input and cooperation in achieving your business’s mission and goals.
Provide the Right Training to Gain the Most Value out of Your Investment
Concentrate on creating a data-driven culture. When you’re ready to start using augmented analytics as part of your company’s daily operations, establish strategies and offer training in place so employees can get the most out of the valuable data assets. When you include users from the beginning, they will likely be more invested in the outcome.
Be prepared to make changes along your augmented analytics journey. Encourage others to contribute feedback so you can gather insights and make adjustments as needed. A flexible approach supports iteration. In turn, when you iterate with stakeholders, you’ll be better equipped to adjust to their needs. Adopting a flexible outlook will help ensure a successful transformation for your business and make for a more seamless transition.
Using Augmented Analytics to Improve Your Campaigns
From identifying user segments to refining your target audiences, you can use augmented analytics to gain a deeper understanding of customer data and optimize your campaigns. With the right insights, you can effectively focus on those customers most likely to buy or respond positively to your offers, putting the right messages in front of them at the right time.
As you embark on your augmented analytics journey, remember that success is achieved through collaboration, training, flexibility, and the right data-driven strategies. When implemented properly and consistently across all areas of your business, these principles can help you maximize the value of your investment and take your analytics initiatives to the next level.
If you're eager to elevate your marketing efforts with sophisticated analytics, reach out to MarinOne for help. As a customizable, enterprise-class solution, MarinOne can help you more efficiently analyze your customer data, better understand your customers’ needs, and take advantage of the opportunities augmented analytics provides.