Why AI Analytics Assistant Is the Next Step in Analytics for Your Business
What is an AI Analytics Assistant and why is everyone talking about it? Well, let's get right to it.
What is an AI Analytics Assistant and why is everyone talking about it?
Well, let’s get right to it. This specific kind of assistant are AI Assistants that have been trained with the single purpose of supporting employees and users with their analytics tasks. They apply the power of the latest AI technologies such as LLMs to retrieve hidden insights from the large amounts of data owned by any company.
Let me explain.
Picture this: You’re sitting at your desk, staring at a mountain of data, tasked with finding which of your suppliers defaulted on deliveries last quarter. You’re unsure of where to start.
Enter the AI analytics assistant. It’s like having a savvy, intelligent teammate who understands data like the back of their hand. This assistant can transform complex data into actionable insights and present them in an understandable manner. What’s even better is that you simply need to ask a question and receive the relevant information corresponding to it, you don’t even have to look at the entire data-set. So in this case, you simply have to ask “Which of our suppliers defaulted on deliveries last quarter” and you’ll have a table with all the details.
Really – it’s that easy.
An AI analytics assistant like Veezoo’s brings scalability, speed, and intelligence to the table, streamlining the process of data analysis.
Why is AI Analytics trending right now?
Before we dive into the Veezoo AI analytics assistant, let’s talk about why AI analytics assistants are on everyone’s minds.
The rise of AI analytics assistants can be attributed to several factors that have converged to create a perfect storm for innovation in the analytics space.
- Data explosion: The digital era has led to a massive increase in the volume and variety of data generated every day – but the most common issue here is that people don’t know what to do with this data, where is the starting point? AI can be a lifesaver here.
- Advancements in AI and Natural Language Processing: ChatGPT and LLMs. The key technology behind ChatGPT can be used for many other applications and optimized for analytics. With ChatGPT becoming a part of business as usual, we’re all used to having a sort of AI assistant that makes our day-to-day job far easier – this was unimaginable just a few years ago.
- Democratization of data analysis: More and more businesses are waking up to the fact that employees need access to data in order to make fact-based decisions that are good for the business as a whole. Employees cannot be self-sufficient if they are not given the necessary tools to make the right calls. This is a big reason for the growing popularity of AI assistants.
Types of Analytics Assistants
In the world of analytics, the nature of the assistant can be tailored to specific user needs. Broadly, there are three types of AI analytics assistants, each designed to cater to different levels of data interaction.
–Data Scientist Assistant: This type of AI assistant is geared towards those with a deep understanding of data and statistics. It’s designed to augment the work of data scientists, helping them delve deeper into complex data sets, identify patterns and relationships, and streamline their data modeling tasks. These assistants provide a powerful toolset for advanced data exploration and statistical analysis – in some cases even predictive analysis.
–Business User Assistant: On the other hand, a business user AI assistant is aimed at professionals who need to make data-driven decisions but might not have extensive data science knowledge. These AI assistants translate complex data into understandable insights, enabling business users to interrogate their data in natural language and receive clear, actionable answers. This makes the power of data analysis accessible to a broader range of users within a business. In other words, this kind of AI analytics assistant powers self-service analytics tools.
-Embedded Analytics Assistant: A game-changer in the field of AI analytics is the embedded analytics assistant. This kind of assistant is integrated directly into business applications, creating a seamless user experience. It enables users to interact with their data within the familiar confines of their usual software platforms. It essentially bridges the gap between data analysis and business operations, allowing users to ask questions and explore data from various angles within their ERP systems or other business software.
Each of these AI analytics assistants brings unique advantages, empowering different users to leverage the power of data in ways that best suit their roles and needs. As AI analytics continues to evolve, these assistants are likely to become more sophisticated and intuitive, further revolutionizing the world of data analysis. In fact it’s already started.
But Creating & Implementing AI Analytics Assistants Is Not That Easy
AI analytics assistants can be a real game-changer, but implementing these on an organizational level doesn’t come without its set of challenges. These challenges often make it difficult for companies to deploy AI Analytics solutions that cater to the diverse needs of their users.
While developing a prototype with AI might be relatively easy and result in impressive demos, creating a production-grade system requires overcoming various complexities. Many companies are leveraging the OpenAI API to create amazing demos, but for highly complex engineering problems such as Analytics. This leads to large underestimations of the time, effort and resources needed. Real-life requirements, such as high performance, low latency, and the ability to handle large datasets, can make the process of transitioning from prototype to production challenging.
Often these challenges are the main reasons why companies end up failing or taking too long to implement an AI solution that could do wonders for their bottomline.
Veezoo addresses this challenge by offering a scalable, secure, and user-friendly AI analytics solution that caters to the complexities of real-life scenarios and empowers users to make data-driven decisions.
Our AI Analytics assistant is designed to overcome the challenges enlisted above. Here’s how
- Scalability: Veezoo’s architecture efficiently handles large datasets by breaking down the problem into two distinct tasks – understanding the question and querying the data. This enables the solution to scale effectively, (without hallucinating), even with billions of rows of data.
- Robustness and security: Veezoo’s battle-tested solution ensures robust performance, secure multi-tenancy, and effective governance, making it a reliable choice for software companies and end-users alike.
- Seamless integration: Veezoo’s embedded analytics can be easily integrated with existing databases and systems, ensuring a smooth implementation process.
What Sets Veezoo’s AI Analytics Assistant Apart?
Veezoo’s unique approach to AI analytics sets our Analytics Assistant apart from traditional solutions. Our technology combines advanced AI capabilities with a robust, scalable, and secure system that caters to the needs of software companies and their users.
Why is Veezoo’s AI Analytics assistant so accurate?
At the heart of Veezoo’s technology lies a two-step process to analyze and retrieve data. This process ensures high performance, low latency, and scalability even when dealing with billions of rows of data.
Step 1: Understanding the question
When a user asks a question, Veezoo doesn’t directly translate it into a code to query the data. Instead, the system first converts the question into a mathematical representation. This representation captures the precise meaning of the question, eliminating ambiguities and ensuring that our system accurately understands the user’s intent.
Step 2: Querying and processing the data
Once the question has been understood and mathematically represented, Veezoo’s algorithms then work on finding the answer within the dataset. By splitting the problem into two parts—understanding the question and querying the data—Veezoo effectively deals with the complexities of large datasets and delivers fast, accurate results.
Plus, the natural language processing capabilities of Veezoo allow users to engage in easy, two-sided dialogue with the system. Users can ask questions in their own words and receive guided assistance as they explore the data. Veezoo’s conversational interface makes data analysis more accessible and user-friendly, providing a delightful experience for end-users.
By combining the latest AI advancements with a scalable analytics solution, Veezoo enables software companies to empower their users with AI analytics, helping them make data-driven decisions and drive growth.
Use-Cases for AI Analytics Where an Assistant Comes in Handy
Inventory Management: An AI analytics assistant can provide real-time insights into stock levels, demand forecasts, and product performance. A category manager could ask questions like, “Which products are at risk of being out of stock in the next month?” or “What is the sales trend for Product X over the past six months?” Based on the responses, the category manager can quickly make necessary adjustments to prevent stockouts or overstocking. Retail giants like Walmart could leverage such technology to maintain optimal inventory levels across their numerous stores.
Customer Relationship Management (CRM): Within a CRM system, an embedded analytics assistant can help sales and marketing teams understand customer behavior better and tailor their strategies accordingly. Users could ask, “Who are our top customers by revenue in the past year?” or “What are the common characteristics of our most loyal customers?”. By providing these insights, the assistant can support the creation of more targeted and effective sales and marketing campaigns. A company like Zoho, known for its comprehensive suite of business software including a robust CRM, could benefit significantly from such an assistant.
Supply Chain Management: An embedded analytics assistant can be incredibly valuable in the realm of supply chain management. For instance, within an ERP system, a user could ask the assistant, “What were the top 3 causes of delivery delay last quarter?” or “Show me a comparison of supplier performance based on delivery times and order accuracy.” The assistant would then pull relevant data and present insights in an easily digestible format, enabling the user to identify bottlenecks, evaluate suppliers, and make informed decisions to optimize the supply chain. A real-world example of this could be Amazon using embedded analytics to manage its complex global supply chain more efficiently.
AI analytics assistants are transforming the way businesses unlock insights from their data. By addressing the challenges of implementing AI analytics assistants and leveraging powerful technologies like our very own Veezoo AI Analytics Assistant, organizations can harness the full potential of their data – employees at every level can start making fact-based decisions, without having to wait on the data team for a report. As we continue to witness the rapid evolution of AI and data analysis, the case for AI analytics assistants gets stronger and stronger. By embracing this innovative approach to data analysis, businesses can gain a competitive advantage, optimize operations, and drive growth in today’s dynamic and data-driven world.
Interested? Hit us up to learn how we can make your solution AI-powered!