Let’s start by addressing the skeleton in the closet. No one can think of all the questions to ask of their data. Even with the most sophisticated Business Intelligence (BI) tools that are able to collect and curate data into pie charts, graphs, and other visuals, these dashboards will never find insights that you were not already looking for. It’s true: your data is ghosting you.
The amount of data businesses collect, store, and analyze has grown exponentially too. According to big data statistics from IDC, only 37% of all data has the potential for analysis. Addressing this information explosion has not had a quick fix – most of which is siloed across the organization and not stored in a centralized location or data lake! In today’s world where customer behavior, demographics, and influences are changing so frequently, if businesses only rely on these dashboards for customer insights, they will not uncover the most important changes in their business data.
This is where Automated Business Analysis (ABA) platforms, like Outlier, come into play. An ABA platform utilizes AI and advanced machine learning algorithms to analyze massive amounts of data, regardless of location (cloud, on-prem, in each individual application) to surface patterns, trends and insights. ABA picks up where BI leaves off.
Go beyond BI with ABA
BI dashboards inaccurately market their capabilities to process data analytics. Businesses are at a choking point. There’s too much data, in too many places. Between web traffic and customer segmentation data by age, gender, location, product SKU, inventory, product delivery, and more, there are millions of computations which cannot be handled quickly by one team of data analysts at an organization.
Human analysis could take months or years. Even if consolidated in one large pool, the data still has to be analyzed in a timely manner to get value from it. Most companies don’t even know where to start with the analysis process and lose out on discovering new opportunities hiding in their data by resorting back to using BI tools with only a simple-to-use query interface.
ABA enables strategic data-driven decisions
With the right ABA platform, companies can be alerted every day to the most important and unexpected changes happening in their businesses. An ABA solution is able to bridge siloed data and provide timely analysis across data points, such as those we discussed above. Here’s how ABA works.
Anyone – even the non-technical user – is guided through further investigation. Insights are emailed daily to show contextual information on changes, related data, and potential business impact, as well as possible causes. Businesses can see what is actually going on in their data and are given opportunities to make more strategic data-driven decisions that will improve their bottom lines.
If businesses chose to create more enterprise analytics dashboards and hire more data analysts, they likely will continue to miss out on making an impact. Our recent study confirmed that while enterprise marketers are buried in large volumes of customer and campaign data, that data isn’t translating into timely and useful insights. A marketing program, for example, may not surface insights hiding in data such as new customer purchasing trends or spikes in competitive pricing.
ABA allows for Zero-effort integration with your data sources
Any ABA solution should be quick and easy, requiring zero-effort to integrate. Outlier is what we call a zero-touch integration and can be connected to a data source in minutes. No additional effort is needed to identify new segments to target and increase revenue.
Time is of the essence when businesses contract with ABA vendors. Businesses need to quickly get ahead of the competition and make more decisions backed by data insights. Immediacy is imperative to reduce dependency on data analysts and provide value directly to the line of business owners. By surfacing emerging issues or new growth opportunities across huge amounts of data from these sources, time to insight incrementally advances business intelligence.
Outlier’s ABA responds to your business needs
Outlier is committed to helping our customers continue to utilize ABA to better understand their businesses and closely work with them to support their immediate and evolving business needs. This summer we released new features that enhance the ability for companies to discover and address emerging trends and developments in their business data.
In Part 2 of this series, we’ll delve into how Outlier’s ABA brings rise to the augmented consumer, as Gartner noted, where the analytics value chain is shifting and businesses are identifying new revenue opportunities outside of the expected.
Interested in learning more first hand, contact us.