Augmented Analytics: Enabling Analytics Transformation for Data-Informed Decisions

Augmented Analytics isn't just another book on data and analytics; it's a holistic resource for reimagining how your entire organization interacts with information so that it becomes insight-driven. Go beyond traditional, limited ways of making sense of data. Augmented Analytics provides a dynamic, actionable strategy for improving your organization's analytical capabilities. With this book, you can infuse your workflows with intelligent automation and modern artificial intelligence, empowering more team members to make informed, data-driven decisions. Be aware: This book is not just about adding another forecast to your dashboard. It goes deeper, presenting a holistic approach to fostering a data-driven culture of analytics excellence throughout your organization. You'll explore: Key elements and building blocks of augmented analytics, including its benefits, potential challenges, and relevance in today's business landscape Best practices for preparing and implementing augmented analytics in your organization, including analytics roles, mindset, toolset, and skill set Best practices for data enablement, liberalization, trust, and accessibility How to apply a use case approach to drive business value and use augmented analytics as an enabler, with selected case studies Drawing on extensive, real-world experience leading large organizations through this transformation, the authors provide a clear, actionable path to accelerate your organization's journey to analytical excellence. Cover Copyright Table of Contents Foreword Preface Who Should Read This Book? Learning Objectives Navigating This Book Conventions Used in This Book O’Reilly Online Learning How to Contact Us Acknowledgments Chapter 1. The Business Transformation Why Businesses Are Transforming Factor 1: The Speed of Change Factor 2: The Convergence of Multiple Technologies Factor 3: The Importance of Data Factor 4: Changing Consumer Behavior and Customer Centricity Industries Heavily Impacted by Digital Transformation The Consequences for Your Business There’s No Analytics Transformation Without Augmented Analytics A Data-Driven Culture The “People Problem” and the Limits of Upskilling Conclusion Chapter 2. The Analytics Problem Finding Your Analytics Purpose Competition and Customer Expectations Operational Efficiency Availability and User Friendliness Innovation Regulatory Compliance How to Start Your Analytics Journey Industry Examples Ecommerce Healthcare Manufacturing Financial Services Government Commercial Insurance The Concept of Analytical Maturity Determine Your Current—and Future—Data Maturity Stage 1: Data Reactive Stage 2: Data Active Stage 3: Data Progressive Stage 4: Data Fluent Conclusion Chapter 3. Understanding Augmented Analytics Definition The Five I’s of Augmented Analytics Overcoming the Limitations of Traditional Analytics Approaches Augmented Workflows The Benefits of Augmented Analytics AA Gives Nonexpert Users a Better Experience Automated Integration Provides More Complete Insights AA Gives Faster, More Efficient Insights Standardization Reduces Human Errors and Bias for Better Insights AA Tools Are Easier to Scale Up AA Reaches Further Afield to Generate Unexpected Insights Overcoming Bias Key Enablers of Augmented Analytics Automation and AI Artificial Intelligence: The Five Archetypes The Limitations of Augmented Analytics The Challenges of Augmented Analytics Conclusion Chapter 4. Preparing People and the Organization for Augmented Analytics Tailoring Augmented Analytics for Different Organizational Roles Analytics Leader Analytics Translator Analytics User Analytics Professional Analytics Transformation Manager Summary of Key Roles The Center of Excellence Creating a Center of Excellence Approaches to Organizing a CoE Driving Transformational Change with the Influence Model Fostering Understanding and Conviction Reinforcing with Formal Mechanisms Developing Talent and Skills Role Modeling Cultivating a Data-Literate Culture Cultivating Analytics Awareness Storytelling with Data Embracing Data-Driven Management Leading in the Age of AI The Enablement Program Training Formats for Analytics Leaders Training Formats for Analytics Translators Data Literacy Training Technical Training Conclusion Chapter 5. Augmented Workflows Types of Workflow Augmentation Fixed-Rule, High-Confidence Augmentation Idea and Insight Enrichment Conversational Augmentation Contextual Augmentation Collaborative Augmentation The Analytics Use-Case Approach: Finding Workflows to Augment Phase 1. Idea: The Initial Spark Phase 2. Concept: Structuring the Idea Phase 3. Proof of Concept: Testing the Waters Phase 4. Prototyping: Shaping the Concept Phase 5. Pilot: The Test Run Phase 6. Product: Full Deployment Making the Make-or-Buy Decision Decision Scenarios Overarching Success Factors Balancing Automation and Integration The Use-Case Library Technical Requirements for Implementing AA Infrastructure Setup Challenges IT System Integration Challenges Governance Challenges Conclusion Chapter 6. Augmented Frames Business Objects and Frame Units Understanding Frames Key Features of Frames Frame Types Frame Engines Frame Engine Types Attribute Aggregation Engine Interfaces Result Objects Implementation Challenges Frame Agent Dissolving Frames Identifying Types Translating Frame Units Enriching Frames Orchestrating Calls Standardizing Results Central Repository Monitoring and Performance Analysis User Access and Security User Interface Frame Dissolver Frame Adapter Dealing with Group Variables Dealing with Bottom-up Business Object Structures Dealing with Unconnected Business Objects Frame Creator Case Study: AP/TP Frame Engine Infrastructure and Technology An Iterative Approach to Introducing Augmented Frames Iteration 1: Free Frames and Frame Engines Iteration 2: A Frame Agent and Frame Adapter Iteration 3: The Frame Dissolver, ID Frames, and Indexed Frames Iteration 4: Static Frames Iteration 5: Dynamic Frames Iteration 6: The Frame Creator Iteration Wrap-up Conclusion Chapter 7. Applied Examples The Underwriting Process Types of Augmented Workflows in Underwriting The Workflows in Detail Example 1: Location Workflow Situation and Problem Statement Solution Overview Solution Breakdown Example Summary Example 2: Benchmarking Workflow Situation and Problem Statement Solution Overview Solution Breakdown Example Summary Example 3: Proposal Workflow Situation and Problem Statement Solution Overview Solution Breakdown Example Summary Example 4: Improved Forecasting in Agile Projects Situation and Problem Statement Solution Overview Solution Breakdown Example Summary Example 5: Quick Sales Intelligence Situation and Problem Statement Solution Overview Solution Breakdown Example Summary Conclusion Index About the Authors Colophon Augmented Analytics isn't just another book on data and analytics; it's a holistic resource for reimagining the way your entire organization interacts with information to become insight-driven. Moving beyond traditional, limited ways of making sense of data, Augmented Analytics provides a dynamic, actionable strategy for improving your organization's analytical capabilities. With this book, you can infuse your workflows with intelligent automation and modern artificial intelligence, empowering more team members to make better decisions. You'll find more in these pages than just how to add another forecast to your dashboard; you'll discover a complete approach to achieving analytical excellence in your organization. You'll explore: • Key elements and building blocks of augmented analytics, including its benefits, potential challenges, and relevance in today's business landscape • Best practices for preparing and implementing augmented analytics in your organization, including analytics roles, workflows, mindsets, tool sets, and skill sets • Best practices for data enablement, liberalization, trust, and accessibility • How to apply a use-case approach to drive business value and use augmented analytics as an enabler, with selected case studies This book provide a clear, actionable path to accelerate your journey to analytical excellence.