Here’s the interview snippet from the interaction with Mr Naren Vijay, EVP Growth, Lumenore
Saumya: How augmented BI platform can help organizations go beyond reporting, querying, and diagnostic analytics?
Naren: Business intelligence platforms enable a business to achieve high productivity and better results with the help of modern technologies like artificial intelligence and machine learning. Augmented BI platforms like Lumenore help a company build a data universe and effectively use advanced analytics to drive data-driven decision-making in the organization.
Augmented BI platforms in business operations can boost automated data capturing, processing and insight generation. It also helps achieve data democratization in the business by ensuring that the relevant data is accessible to a large employee base rather than limiting it to a select few. Augmented BI platforms help reduce the time spent searching for data and insights for the workforce.
Lumenore works with an anti-dashboard ideology that focuses more on intelligence development. The ability of modern BI tools in data management and seamlessly use them for visualization and insights help a business to go beyond traditional reporting, querying and diagnostic analytics.
Saumya: How does business intelligence help in org decision-making?
Naren: Data and analytics provide relevant information to a business. However, these alone are insufficient to survive and prosper in this competitive landscape. As a result, companies are using business intelligence to generate insights and rely on data-driven decision-making.
Business intelligence considers expected demand, consumer behaviour, future trends and challenges to generate actionable insights for an organization. The ability to customize business intelligence solutions as per the requirements of the organization and its various departments helps in the overall decision-making process.
For instance, we have delivered a customized business intelligence solution to THK Rhythm Automotive, a Tier 1 automotive parts supplier, that helped the organization to significantly reduce negative inventory and also drastically reduce the raw material inventory needed. The changes have helped the organization to including bring down time spent on analyzing the controllable spend from one week to near-real time. Similarly, other businesses can build customized business intelligence solutions and achieve data-driven decision making.
Saumya: How can companies bridge the distance between data and decision-making?
Naren: Businesses of all sizes need to bridge the gap between data and decision-making. The data captured needs to be used effectively so the company can take full advantage of the capabilities of the available technology. A modern business intelligence platform can derive actionable insights to facilitate data-driven decision-making.
Saumya: What is the importance of conversational analytics and the emerging trends around conversational analytics and predictive analysis?
Naren: Conventional products require apt technical understanding and workflow for instant and ad hoc business intelligence. With modern technologies like artificial intelligence and machine learning, it has become possible to onboard platforms that have conversational abilities.
After a business can configure the metadata as part of the business intelligence and analytics platforms, it can start asking queries using search-based features. These capabilities can reduce the gap between business users and data. Using conversational analytics can reduce the delivery time by 90% add increase efficiency by 100%. Additionally, the inclusion ofNLQ-based features can double up the benefits as users can access the data in simple English.
Predictive intelligence helps foresee the future so business processes can handle the ups and downs. Predictive intelligence allows businesses to stay aware of the ecosystem and optimize operations and investments. In other words, it helps a company become future-ready.
Saumya: What is Lumenore’s suite of applications? How are they helping organizations in making sense of all the data that they have at their disposal?
Naren: Lumenore is helping companies use data and derive actionable business insights using modern solutions like AI, natural language querying, and predictive analytics. We have embedded industry-specific solutions in a robust BI platform that helps businesses transform raw data into accurate insights.
Lumenore also helps a business build a data universe and emerge as a one-stop solution for all data-related requirements. It is an all-in-one data service that can create a lakehouse and establish a data engineering framework.
Lumenore has created a single offering built after combining several modules. ‘Ask Me’ and ‘Do You Know’ are some of the popular modules that are part of the solution offered by Lumenore. Other modules like Lumenore Self Service, Data Layer and Connect make it a comprehensive platform that can be used for a variety of requirements.
Saumya: What is the current scenario for big data and analytics? What are the key trends driving the growth in this segment?
Naren: The conversation on big data analytics and analytics has shifted from what and why to how and when. The increasing data literacy and data-driven cultures are rising in global businesses. Companies have realized the critical role data can play in the business ecosystem. It is in the interest of the business to utilize data and insights effectively for growth.
Companies seek self-service business intelligence solutions for better data discovery and usage. The pandemic pushed the digital transformation curve for several businesses. At the same time, it also increased the adoption of cloud and SaaS-based BI solutions.
Saumya: What are the key business intelligence trends that will hit in 2022 – 2023?
Naren: Business intelligence is expected to continue its growth run in 2022-23. According to a report,26% companies have already adopted business intelligence. It is expected that over 33% large-sized companies will use business intelligence by 2023.Companies are likely to go for increased automation and augmented analytics. Trends like predictive intelligence and AI-powered intelligence are expected to drive the dialogue in several businesses. The conversational intelligence and NLP-based features are expected to promote data democratization in organizations.
Saumya: What is the company’s mission and future plans?
Naren: We will continue to integrate new and relevant solutions into the platform. We also plan to initiate a product-led approach by building more solutions for the end users.
