Decision intelligence is the upcoming evolution in analytics. Gartner defines Decision Intelligence as “a practical approach to improve organizational decision making—Decision Intelligence models each decision as a set of processes, using intelligence and analytics to inform, learn from, and refine decisions.” In other words, it empowers from the C-suite to the frontline employees with the power to draw whatever insights they need to make faster, more intelligent decisions. Introducing Decision Intelligence requires one thing for certain, enabling even the employees with no-technical background to draw insights and in a very short time. This is where the no-code, AI-powered, BI (business intelligence) and analytics platform, Lumenn AI kicks in. Before we leap into more of it let’s understand why there is a need to rethink traditional BI and data analytics and embrace Decision Intelligence.
What Leaders are Rethinking About the Conventional BI Approach?
“90% of the total data generated data so far has been generated in the past two years” – Gartner. This explosion of data demands more sophisticated analytics approach which can serve insights in a very very short time. Leaders are shifting their approach from figuring out how to staff-up the data engineering and BI team to empower everyone with the insights to act, innovate, and capitalize on opportunities at a rapid pace. Strategies are being realigned in perspective of: data, people, and analytical capabilities.
Do we need centralized data?
Conventional BI approach requires all data to be migrated to a central location before they can be analyzed. It takes typically 6-9 months for the IT team to migrate data from disparate sources into a data warehouse. The growth of unstructured data has made data preprocessing a incompetent process in the face of real-time analytics. Innovative BI and analytics leaders are looking for provisioning direct access to any data at scale from multiple data sources.
Who gets access to data and insights?
Only technically expert people can indulge in analytics with traditional BI tools. This leaves 80% of the people within an organization without access to insights for decision making. Organizations uses a mix of BI tools across different teams. This creates inconsistencies and inaccuracies within the organization leading to data silos. The technical complexity of traditional BI tool not only drops the interest towards analytics adoption among no-code users even the technically experts are restricted or delayed from insights. Limitations of tools prevent them from predicting what’s next or what to do now.
Do we need multiple analytics tools?
25% of organizations use 10 or more BI platforms, 61% of organizations use four or more, and 86% of organizations use two or more – Forrester. (graph). This leaves organizations struggling with multiple analytics tools, vendors, support contracts, training programs, and maintenance and infrastructure costs. Different departments reporting of KPIs using different tools leads to inconsistent KPI reporting. More time is spent on validating data accuracy than actual analytics. Organizations need a holistic, unified approach that’s more inclusive across a full spectrum of analytics capabilities.
Lumenn AI: AI-Driven, No-Code, Unified BI Platform
A decision intelligence platform democratizes access to data-led insights used for decision-making. It should be able to provide access to a wide variety of shared data resources, deliver insights based on that data, make those insights sharable and explainable.
Purpose-built unified BI platform, Lumenn AI, incorporate an AI-driven, no-code experience with governed self-service. This emphasizes access and usability eliminating the need for multiple analytics tools.
Lumenn AI enables enterprise members to:
- Directly access any data source
- Scale with growing data
- Get a unified view of enterprise data stored in disparate data sources
- Query and generate insights in simple plain English
- Empower no-code employees to perform analytics on their own to accelerate decision making
Following are some key functionalities of Lumenn AI that makes it a credible tool to foster Decision Intelligence:
Directly access multiple data sources
Lumenn AI leverages universal connectors to connect multiple data sources of different data types. This eliminates the need to set up custom ETL pipelines for each data type and saves time and frees up data architects for other important tasks.
Scale with data
As Lumenn AI is cloud-based it can extensively scale computing power with increasing data. There is no requirement for additional storage space as it directly connects to the existing enterprise database. This saves businesses from latency-induced delays in analysis which a traditional BI tool following a centralized data approach might face.
Unified view
As Lumenn AI can connect to data sources of different formats it offers a unified view of data across the enterprise without the need of hopping between different BI tools.
AI-Driven
Lumenn AI is driven by plain English prompt leveraging NLP (Natural Language Processing), a subtechnology of AI. The chatbot like interface is integrated with generative AI to analyze data and generate human readable reports or visualizations in minutes. This fosters data democracy allowing even no-code users to derive insights instantly.
Provisions analytics
Lumenn AI offers a unified analytics experience to support a spectrum of analytics needs from the simple to the sophisticated. The platform is designed to consolidate the three functional areas of data analytics: data prep, data analytics, and data science. By automating the integration of these functionalities Lumenn AI enables users to access insights for their decision making without writing a single line of code.
