Data exploration is the foundation of all your data-driven initiatives. And as those initiatives expand to include AI, data professionals need to get smarter ab...
Why Self-Service Analytics is the IKEA of Data Exploration
Furnishing a home can be a daunting task, especially if you’re living in a place with a few funny angles and oddly shaped nooks. IKEA, the furniture retailer known for their DIY kits, can provide you with some great easy-to-assemble pieces to fill your space, but for unique layouts, prefab furniture isn’t always going to be a perfect fit. These are the times when bringing in a custom or niche-focused solution delivers the perfect fit. When you finally have all your furniture, the result will be a blend of unique and off-the-shelf pieces that all work beautifully together.Similarly, every organization functions better when they have the right mix of IKEA-like DIY data analytics tools, such as self-service BI software, and custom solutions like AI-guided analytics that are capable of exploring complex data and discovering insight hiding in unusual places.Data exploration requires more than one toolThe applications used every day to run businesses create and capture thousands of data points every second. As a result, there is a deep treasure trove of information buried in these systems…but not a lot of resources or skills to analyze it all.Fortunately, there has been a ton of innovation in the BI technology space, making it easier for data consumers to now create their own reports and dashboards. This means they can get answers to some of their recurring questions without waiting for an inundated data scientist or analyst to find space in their project queue. In other words, they’ve now got their very own IKEA of business analytics at their fingertips.What’s also great about self-serve analytics is that it allows consumers to create their own reports within the boundaries set by experts. When data analysts are freed from creating and maintaining BI dashboards and spreadsheets for data consumers, they’re able to use their time and skills towards putting the correct guardrails in the self-serve software. This will minimize problems that come from using the wrong data, but it does limit the scope of inquiry…and that means some insights go unseen.This leads us to the custom solution that complements self-serve data work: AI-guided analytics. Platforms like Virtualitics give analysts the ability to dive deeper into data and find insights that will set your business apart. Deep exploration of complex data does require advanced analytic skills, but by leveraging AI-powered Intelligent Exploration solutions, data analysts can become stronger strategic advisors.
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Solve Business Challenges With This AI-Driven Framework
The answers to business problems, large and small, are there for the taking—right in your organization’s data. Yet, the quantity and types of data available for analysis have outpaced the tools most organizations have been using.A CIO.com survey found that 85% of companies are using inadequate tools to explore complex data sets. Furthermore, nearly two-thirds of data science leaders surveyed say that data exploration is held back by a lack of data science skills.While data scientists have been employing piecemeal AI techniques to wrangle their complex data for years, it’s only recently that AI innovation has resulted in technology that brings sophisticated data analysis within reach of analysts.
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CDAO Insights: Do Transformative Applications of Generative AI in Financial Services Exist?
Early this month I moderated the panel “The Implications and Opportunities of Generative AI in FS'' at Corinium’s CDAO event in Boston with David Dietrich (VP, Advanced Analytics and Governance at Fidelity Investments) and Jake Katz (Head of RMBS Research and Data Science at the London Stock Exchange Group). This was a lively discussion with a really engaged audience and it really highlighted for me the squeeze that Data and Analytics leaders are facing right now between their business leaders demand to hop on the GenAI train and finding a practical application for it. Data science insiders have known about GenAI for a while but the launch of ChatGPT at the end of 2022 brought awareness of it into the public consciousness, including that of senior management. Where before AI seemed ephemeral and complicated, ChatGPT made it tangible and easy. It also made AI seem a little bit like magic. As David noted, this led leaders to demand this technology, dedicating significant resources to integrate it into a broad set of applications. But do leaders really understand how GenAI and large language models (LLMs) work and what they’re asking for?The consensus from the audience was a resounding ‘No’. It’s tempting to shrug at this situation–this is just the latest in a long line of new technologies that seem to get everyone excited and distracted. No doubt the hype will settle down, right? Indeed, CCS Insight predicts that this is exactly what will happen in 2024 as the cost to deploy GenAI and LLMs safely and responsibly overshadows the value of the realistic applications of the technology in many situations. Are there Generative AI Applications in Financial Services?Does this mean that GenAI has no potential use cases in FinServ? Not at all. It’s proving its mettle with use cases in customer support, content generation, and even coming up with potential business ideas. These are all areas that offer a lot of efficiency gains and are worth exploring. But that still leaves a lot of the business that’s not currently seeing gains. And this leads me to my next point. What’s happening to all the other data-based initiatives and AI use cases while resources are diverted to GenAI? They’re stalling; and they were struggling to begin with (a CIO.com report says that only 53% of projects were seeing results). I could see in the room the frustration with an audience pressured to take away their attention from problems that could be solved with applications of other, more practical forms of AI. Managing up is never easy, but I think senior leaders need to hear that GenAI, while exciting, is not the answer to every business challenge. But CDAOs have good ideas that could be valuable ideas, and it’s time to turn their attention back to solutions that make sense.Download the eBook Three steps to solving your biggest business challenges with data + AI to see where your data can take you.
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Spreading the Message of Mission Readiness Through Data & AI
Virtualitics delivers an AI platform and custom workflows for the federal government to drive mission readiness, and discover intelligent insights.
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What is Unstructured Data?
Unstructured data is produced in abundance by every business in some way. Whether it's images and videos, text-heavy emails, or sensor data, all of these have the potential to increase competitive advantage if meaningful, actionable insights can be extracted from them. But traditional analytics tools haven’t been optimized to pull from or make sense of unstructured data sources. This means organizations are excluding a huge cache of their data from all their analyses—and potentially leaving revenue-generating information on the table. Fortunately, advances in AI technology now enable businesses to leverage their unstructured data in exciting new ways. The question is, in the world of unstructured data, how can organizations extract key insights from this dataset—without the headache?
Data exploration is the foundation of all your data-driven initiatives. And as those initiatives expand to include AI, data professionals need to get smarter about how they explore their data. If you care about making the most of your data, this podcast is for you.Sponsored and hosted by Virtualitics.
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