How is ABA different from my existing BI tools?
In recent years the amount of data an organization collects, stores and analyzes has grown exponentially. To address this information explosion problem, organizations are currently spending more on Business Intelligence (BI) tools to try and visualize the enormous amounts of data they currently have.
However, BI tools only report on the metrics you explicitly tell them to report upon. There is no data analysis performed on data not explicitly specified and hence they will never find insights you were not already looking for in the data. Organizations have a plethora of data they collect and store and that data changes frequently. BI tools only provide visualizations of all that data. To analyze the data would require years of effort and teams of expensive and hard-to-find data scientists.
How Automated Business Analysis Works
What is Automated Business Analysis?
Automated Business Analysis (ABA) leverages AI techniques to analyze data and find unexpected changes in your data quickly, acting as a virtual business analyst. ABA can find these insights immediately reducing the dependency on data scientists and serve up those insights directly to the lines of business owners. ABA platforms automatically surface insights across huge amounts of data, reducing the amount of time required to take advantage of opportunities and fix problems. Automated Business Analysis products work across a myriad of data sources, including cloud-based services and cloud or on-premise storage to perform this analysis quickly.
What sources can Automated Business Analysis automatically analyze?
Automated Business Analysis is the new approach to Business Intelligence
Automated business analysis
Immediacy of insights
Businesses today, especially digitally run businesses, run at lightspeed and need to be able to make quick changes to strategy to leverage an opportunity or divert around disaster. Business have to stay on the pulse of changes in near time and require a solution that will communicate performance-based insights quickly. Additionally, there is a balance for too many insights that can create too much noise and cause analysis paralysis, which means no action is taken because the options of actions are too vast.
Ability to identify occurrence of changes outside the expected
The most important impacts to your business might not be what you are tracking. Some refer to this as Anomaly Detection and in its most simplistic format it could be. This is a requirement of ABA because so many computations need to be calculated quickly and customers do not know where to find these changes.
Cross platform is a requirement of ABA
The truth is businesses don’t operate in data silos. With the explosion of cloud storage, many companies back up databases and large sets of data to the cloud, while they maintain some data on premise as well. Cloud service providers are also prevalent in marketing, finance, and sales data sets. And, the list of cloud service provides increases every year in these business functions. It’s important to see what relationships exist across these datasets and how your business is performing holistically.
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