Data visualization software have become increasingly indispensable in the digital age as businesses are thriving on these BI tools to make sense of big data for insightful decisions. At the same time, Artificial Intelligence (AI) continues to rapidly transform the way we know and understand the world. A key example in point is the manner in which we now collect, process and visualize a large quantum of data. However, with Natural Language Generation (NLG), this process is undergoing a further revolution.
NLG, a cutting-edge technology innovation, serves a range of impressive functions in the AI space. It enables machines to automatically transform structured data into easy-to-understand, humanized language. This technology thus allows users to generate millions of personalized narratives at scale within a matter of seconds. The advent of NLG is a massive boon to all business ventures, as it substitutes a host of human efforts and analyses, and provides highly relevant, consumable and actionable information in a jiffy.
How NLG Works
NLG is categorized under the language and cognition branch of AI wherein an intelligent machine can reason like a human being, identify nuanced relationships, and phrase complex sentences to report the deep hidden relationships between words. The narratives that are generated help users interpret data and visualizations in a ‘natural’ way and provide real-time analysis that can immediately be shared with others. NLG solutions can connect with any magnitude of structured data sources (enterprise DBs, Excels, Data Lakes), to instantly generate thousands of personalized reports.
Some Of The Key Functions That NLG Serves:
Building Narratives: NLG helps create compelling narratives based on data analysis by uncovering trends and patterns that may not be apparent in visualizations.
Evolving Analysis: The narratives generated are dynamic in nature, and they evolve and update continuously as the user further interacts with the data visualizations.
Customizable Results: The narratives are highly customizable and responsive to user inputs. They can also be easily shared with others.
The Many Advantages Of Using NLG
Highly effective in terms of time and cost, NLG provides a coherent and comprehensive analysis of complex datasets to the extent that it substitutes the need for a subject matter expert.
These analytical reports are presented in easy-to-read formats such as .pdfs, .doc and .ppt. Another major advantage of using NLG is that it helps augment the pre-existing dashboard of data visualization software by providing deep insights for the end-user to understand everything that has happened thus far (with appropriate causal factors) and what course of action to take ahead. NLG also offers the added advantage of the multilingual capability.
It can automate narratives in just about any language, while also allowing customization for the reporting structure, tables, charts and diction of writing.
NLG And Data Visualization Software
Tableau, Microstrategy, Qlik, SAP, Power BI, etc. are some examples of Dc that are used by enterprises on a daily basis to help analyse data. However, these applications represent data only in the form of tables and charts. Through NLG, interpretation of these visualizations is greatly simplified by using written narratives. These narratives not only encompass an overview of what has happened thus far but also give you the reasoning behind it and further share actionable recommendations.
Installing an NLG plugin for a data visualization software can help businesses in various ways. Diagrammatic depictions such as charts and graphs are open to interpretation, which could lead to ambiguity in data-based results. However integrating NLG technology to data visualization software delivers clear, insightful analysis in natural language, which enhances precision and clarity.
NLG technology also reduces human cognitive load and enables end-users to make decisions based on actionable insights. The technology also cuts down the possibility of human error such as miscalculations or grammatical errors.
NLG In India
The last few years have witnessed significant growth in the global market of NLG technology. However, in India, vPhrase is the only company that provides advanced NLG as its core offering. The demand for NLG is increasing across industries like Banking & Finance, Media & Entertainment, Pharmaceuticals, FMCG, etc. as enterprises are trying to decrease their operational costs with reporting automation and quick decision-making.
According to a report by Gartner, “By 2020, augmented analytics will be a dominant driver of new purchases of analytics and business intelligence, data science and machine learning platforms”. The competition in the Business Intelligence (BI) space is growing tremendously, with some high profile acquisitions happening worldwide like Tableau being bought by Salesforce and Google’s acquisition of Looker. For a business to stay ahead of the competition, it’s essential to maximize the use of business intelligence tools with Natural Language Generation (NLG).