In today’s data-driven environment, companies are sitting on a treasure trove of information. However, many are failing to turn that data into tangible benefits for their business, missing out on opportunities to boost revenue and profit. A North Carolina-based company called Automated Insights offers a solution to the data dilemma, promising to revolutionize business in the process.
“Automated Insights is helping companies transform their data into real-time analysis that everyone in the organization can understand and act upon,” according to Laura Pressman, marketing manager at Automated Insights. She spoke to RewardExpert about the benefits of using the company’s natural language generation (NLG) technology, known as Wordsmith, which also happens to be the world’s first public NLG platform.
How it Works
Wordsmith’s technology takes data and translates it into an easy to understand, compelling narrative via written analytics. The company’s technology can make auto generated narratives sound like they were created by an expert writer but on a massive scale.
Automated Insights creates more than 1.5 billion narratives every year, involving everything from earnings reports, weather forecasts and real estate reports to stock market insights, sports reports and beyond.
Next Level Intelligence
While many companies are already using business intelligence and data platform visualization tools, this platform takes auto generation to the next level.
“Automated Insights adds context to these dashboards with prescriptive, written insights that update with real-time changes in the company’s data,” said Pressman. “This written analysis can be customized and tailored to the specific viewer of a dashboard/analytics tool.”
Pressman cited the example of a sales department where a sales manager and a sales rep can see different customized information. “Companies are able to move quickly through data collection to data understanding, and action is taken with better confidence as a result,” she stated.
From Generation to Results
So how does a company take that data-driven narrative and turn it into real results? Pressman explained that the narratives are useful for many purposes, including personal communication and decision making.
For a personalization example, Pressman cited the NBA’s Orlando Magic. “(The team) uses our platform to generate personalized emails and app messages to their season ticket holders, using their individual data to tailor the content,” she said.
That data includes emails about resale options if the season ticket holder chooses not to use a ticket for a particular game. As a result, the narratives have led to increased engagement between the team and its fans.
Make Better Decisions
When it comes to decision making, Automated Insights can help make the whole process more seamless.
“Whether that’s generating concise summaries of internal, operational business data or it’s pulling key insights around competitive sales analysis—there are a ton of scenarios where written analysis can aid understanding and decision-making processes across the enterprise,” said Pressman. She points out that business intelligence is one of the fastest growing areas of the business.
Solutions are offered across more than 50 industries, with some of the most popular being financial services, e-commerce, consumer goods, sports and media.
For an example with media, Automated Insights showcases how the Associated Press uses its services to automate company earnings articles using each company’s financial numbers. For e-commerce companies, Wordsmith handles product descriptions, allowing a company to eliminate the cost of freelance writers. For financial services, Wordsmith can integrate with voice assistants to reduce service times and increase compliance. And for real estate, companies like Homesnap use Wordsmith to automatically turn housing market data into readable real estate reports.
An AI-Driven Future
Pressman said Automated Insights is pointed toward the future, seeing much more opportunity ahead for artificial intelligence. “There are a lot of really practical and powerful uses of subsets, with natural language generation being one of them, and I think we’ll be seeing a lot more practical approaches to deploying AI software and processes to business applications,” said Pressman.
To find out more about Automated Insights, check out the company’s website.