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Megan Petersen
It's Just Too Much: How Automated Business Analysis Can Help with Too Much Data
The number of systems being used by business organizations worldwide has grown exponentially in recent years and so too has the volume of data being collected by each of these systems. Businesses are typically utilizing fifteen or more systems to track actions across all areas of their business. The result is massive amounts of data, across different systems within a single organization. Companies now have access and visibility to seemingly endless amounts of data about their business, but not enough resources to quickly and efficiently analyze their data.
The truth is that we all wanted this. We thought that the more data had, the more knowledge we could gain, and the farther ahead we could push our business. At baseline, this is true, but we did not account for the sheer volume of data that we'd have. We now have so much data, we do not know where to start to analyze everything we have been collecting. We have data in so many different formats that it would take a team of several data scientists months or even years to analyze. We have so much data that it is overwhelming to quickly gain actionable insights from our data.
So how are the team's solving this "too much data" challenge? Throwing more bodies at the problem? Creating more visualizations? Yes and yes. But are those the best means to solving this challenge? In recent years a solution to too much data has emerged: Automated Business Analysis. Automated Business Analysis (ABA) applies Artificial Intelligence (AI) algorithms to the analysis of data to automatically find unexpected changes in your data quickly, acting as a virtual business analyst. Here's an example of how Automated Business Analysis has helped a leading pharma company to analyze millions of data points…
A leading pharma company selected Outlier as their Automated Business Analysis platform to turn their data into an advantage. Outlier analyzed 331,000 metrics and dimensions combinations (i.e. time-series) and 8.6 billion individual data points. And yes, artificial intelligence is absolutely the best way to analyze that much data!
Amongst this massive volume of data, Outlier immediately identified insights into their business that were often so minute they may have gone unrecognized:
Data quality issues that risked compromising their reporting and analytics tools
Shifts in drug prescription rates across different healthcare provider types that indicated changes in treatment strategies
Supply chain issues that affected the availability of drugs to arrive in certain locations at certain times of the year.
Outlier now delivers weekly insights to this pharma company, helping leadership to make strategic business decisions in real time.
Automated Business Analysis platforms automatically surface business insights across huge amounts of data and serve those insights directly to business owners. Thus alleviating the analysis choke point, reducing the amount of time required to take advantage of opportunities and to fix problems and mitigating the workload of data scientists. You, too, can find meaningful insights in your business data with Outlier.
Sign up for our Webinar: How Automated Business Analysis Can Help with Too Much Data.
Tagged: Automated Business Analysis
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