Acquiring and maintaining an edge over your competition demands agility and innovation within your organization. Necessity may be the mother of invention, but in the age of digital transformation, is innovation the mother of competitive advantage?
Innovation is fueled by technology that automates manual processes and empowers insight-driven action. But which technology will give you the innovation you need to drive informed decisions and deliver faster value?
To evaluate the potential ROI from implementing natural language generation (NLG) and explore why it is the innovative technology businesses need now, Arria commissioned Forrester Research to conduct a Total Economic Impact™ study of Arria’s NLG technology.
Why is NLG a high-value choice for innovation expenditures?
Human brains can quickly fall into patterns or repetitive behaviors for manual tasks, risking bias. If only the ‘loud noises’ – the outliers – in the data are identified, the softer, but often critical sounds that are hidden in layers of data and last-minute updates may be missed. Arria’s NLG technology provides machine-speed analysis of large volumes of structured data and translates that data into natural-language data insights.
By using a broad set of out-of-the-box narratives or Arria’s self-use authoring platform, you can generate advanced analysis and actionable intelligence in plain-language summaries that all decision-makers across the organization can understand. The Forrester study explores how these summaries facilitate innovation across business models and processes by automating insight reporting.
Forrester calculated a significant return on investment for expenditures on Arria’s NLG technology. According to the study’s synopsis, “The decision-maker interviews and financial analysis found that the composite organization experiences benefits of $4.53 million over three years versus costs of $1.47 million, adding up to a net present value (NPV) of $3.06 million and an ROI of 209%.”
Employ automation instead of automatons
As data streams grow, it is difficult to scale the time-consuming and laborious report-writing tasks to keep up. Finding and hiring the skilled staff needed to keep up with the demand for real-time analytics and immediate access to insights is almost impossible, if not prohibitively expensive.
The Forrester TEI study found that NLG implementation can automate 80% of manual reporting. That is the equivalent of reducing a task from five days to less than a day. That is time freed up for expert analysts to apply their expertise to other valuable work – work that is less monotonous and more human, work they want to do. Freeing up experts for creative and innovative work keeps the organization ahead of the competition.
Reduce the wait for insights
Forrester found that only 20% to 30% of decision-makers frequently use BI applications. Instead, many rely on data or business analysts for data-driven insights beyond simple descriptive and diagnostic analytics. Implementing NLG to automate data insights empowers decision-makers with the information they need when they need it, in formats and a language they understand. Access to insights becomes efficient and self-serve across the organization.
With the TEI study identifying up to 60%-time savings for analysts and their supported decision-makers, not only is there more time for essential work, but, importantly, the decision-makers have the information needed to make faster, better decisions.
Drive increased efficiencies and revenue
More haste, less speed. Inaccuracies and errors are an inherent risk of any rushed task. Writing reports under pressure is no different, and time and effort are required to fix errors – at a cost. Arria NLG removes the risk of human error. NLG narratives provide confidence in reporting accuracy and improve operational efficiencies.
Streamlining the accuracy and democratization of data insights across the organization reduces the cost of creating strategic intelligence that everyone can access and action. The Forrester study includes these efficiencies in a potential annual revenue increase of up to 2%.
Technology you cannot afford to ignore
With global organizations managing ever-growing data streams, sifting through information, identifying key insights, and sharing them are critical but time-consuming and costly processes.
Arria NLG is the innovative and transformative technology your business needs to streamline those processes, increase data literacy, and improve decision-making. With a potential ROI of 209% over three years, it is the technology that will add value for your employees, your processes, your customers — and your bottom line.
Download the Forrester Total Economic Impact™ study to find out more.