In the American biographical sports drama blockbuster Moneyball, Billy Beane (played by Academy Award winner Brad Pitt) is criticized for not scouting talent as it has been done for generations. His response? “Adapt or die.”
Change is hard. But it is also inevitable. In Gartner’s 2019 CEO Survey results showed that “almost 80% of CEOs recognize they must change their business models significantly over the next three years.” Most notably, “augmented analytics can significantly contribute to business model innovation.”
Businesses house too much data today. It is impossible for a data scientist to analyze millions of computations. Organizations are at a choke point. The challenge, Garter states is “given their limited knowledge of this (augmented analytics) technology, CIOs are not fully prepared to leverage the technology to innovate their business models.”
Some may argue that the high number of departures in 2019 was due to chief executives being the face of the company and nothing else. Businesses today are at a loss because their C-Level executives are not adding enough depth to a company’s marketing bench.
No longer can executives rely upon simple business intelligence (BI) tools to deliver real business value. Businesses must leverage methods that find the unknown. Simply tracking revenue by geography or product SKU isn’t enough. Today’s leaders need to examine their business for unknown challenges to quickly fix and opportunities to take advantage of now.
Automated business analysis solutions can help today’s leaders find insights that they were not already looking for in their data. One data scientist, or even a team, cannot analyze the millions of computations or combinations of a company’s data that is required to fully be aware of in 2020. Artificial intelligence can be leveraged to quickly compute changes in the data to better understand customer behavior, demographics and influences, which change frequently.
Businesses need a solution that helps them understand when a customer segment begins to buy products in a new way, indicating an emerging shift in behavior. They need new leaders who are not afraid to explore the possibilities of using automated business analysis to affect positive business change. Once organizations are aware of the impactful moments happening in real-time, they can course-correct and identify new opportunities to target and increase revenue – an executive’s Boardroom dream.
Outlier empowers businesses to take a deeper look at their data and uncover unexpected trends that can lead to revenue increases. Sign up for a custom demo to see how you can be a champion of the future and allow your executives to find the golden needle in the haystack to capitalize on.