Business Intelligence (BI) has undergone significant transformation in recent years. Today augmented business intelligence platforms are using modern technologies like artificial intelligence and machine learning to enhance the capabilities of an organization, says Naren Vijay, EVP – Growth, Lumenore in an interaction with CIO AXIS. Lumenore is a cloud-based BI and analytics platform that delivers organizational intelligence by sifting data from any business application.
The biggest challenge for organisations today is to rapidly parse through enormous amounts of data and drive out the information that will deliver key insights and enable making more informed business decisions. Through Lumenore’s suite of applications, this challenge can be simplified at all levels in the organization and business intelligence can be made actionable.
CIO AXIS: How augmented BI platform can help organizations go beyond reporting, querying, and diagnostic analytics?
Naren Vijay: Augmented business intelligence platforms use modern technologies like artificial intelligence and machine learning to enhance the capabilities of an organization. With accelerated speed to insight, accurate analysis, and efficient automation, organizations can go beyond the traditional role of business analytics with an augmented BI platform. Using AI and ML in business operations can help an organization improve its overall business operations and profitability in the long run.
CIO AXIS: How can business intelligence help in organizational decision-making?
Naren Vijay: Business intelligence plays an integral role in gathering essential information from data stored in silos and converting them into actionable insights that allow businesses to make data-driven decisions. Using business intelligence in an organization helps improve the decision-making process by improving the efficiency and productivity of an organization. It helps in improving the overall performance of an organization with accurate analysis and data-driven insights. A company can also identify new opportunities, foresee risks and market trends with the help of an augmented BI tool.
CIO AXIS: How are companies bridging the distance between data and decision-making?
Naren Vijay: The gap between data and decision-making exists because of isolated strategy and operations. As information moves deeper into workflows, the strategy line becomes less clear for the workforce. As data sets from various departments of an organization are analyzed and used for making data-driven decisions collaboratively, it helps to reduce the distance between data and decision-making. Using an augmented business intelligence platform in an organization helps create an integrated ecosystem with increased transparency and better knowledge-sharing.
CIO AXIS: Can you elaborate on the importance of conversational analytics and the emerging trends around conversational analytics and predictive analytics?
Naren Vijay: Conversational analytics uses AI and ML to derive data from customer conversations and suggest appropriate responses. The application of natural language processing (NLP) uses linguists and computer science to understand the feedback across channels like email, phone, chat etc., and presents valuable insights that help decision-making. Conversational and predictive analytics are used in multiple business areas, including sales, service and overall customer experience. It is expected that these solutions will increase further in the future.
CIO AXIS:Please tell me what Lumenore’s suite of applications is and how they are helping organizations in making sense of all the data they have at their disposal.
Naren Vijay: Lumenore handholds companies throughout their data journey by providing end-to-end to data solutions and insights derived from it. We work with clients in major industries like telecom, retail, e-commerce, automotive, banking, manufacturing, and healthcare. With a focus on innovation, intelligence, intuitiveness, and impact, we can reduce data silos and create a collaborative ecosystem for decision-making. Lumenore helps by digging deeper into the organization’s data universe and boosting its performance with the help of a powerful and integrated business intelligence platform. Features like ‘Ask Me’ and ‘Do You Know’ help to improve the customer experience with better understanding and suggestions from the platform.
CIO AXIS: What is the current scenario for Big Data & Analytics, and what are the key trends driving the growth in this segment?
Naren Vijay: The conversation has moved from ‘what’ and ‘why’ to ‘how’ organizations can use big data and analytics in business operations. Big data and analytics have proven their worth in almost all major industries. Several industries like banking, automotive, telecom, retail, healthcare, and e-commerce are using big data and analytics in a big way in their business operations.
Businesses are generating a lot of data but face challenges when processing and using the data being generated effectively. It is expected to develop practical solutions that help companies make data-driven decisions quickly.
In the future, many more organizations will likely move towards big data analytics for faster and consistent data analysis for better decision-making. Big data analytics user interface and capabilities are expected to cover a wider variety of business functions more effectively in the near future. With the increasing importance of data in business operations, an organization that invests in the right resources to leverage data effectively can build a competitive advantage in the process.
CIO AXIS: What are some key Business Intelligence trends that will hit in 2022-2023?
Naren Vijay: Business intelligence is expected to become integral to business operations in almost all major industries. With increasing competition and crunched margins, it has become all the more important for businesses to make the right decisions for the company. As a result, it can be expected that an increasing number of businesses will rely on business intelligence for their long-term strategy and day-to-day operations. At the same time, the integration of business intelligence with other systems will likely improve. Further, a more uncomplicated and sophisticated mobile business intelligence ecosystem will take shape, and data warehouse modernization will become the need of the hour.