The Rise of the Data Driven Business
Date: Tuesday , January 26, 2016
Founded in 2014, Anodot provides real-time analytics and automated anomaly-detection systems that discover outliers in vast amounts of data and transform them into valuable business insights.
In recent years, data-driven startups have exploded on the technology scene. These nascent businesses blow away incumbents and disrupt entire industries with platforms that leverage the power of data. Uber, wunderkind iconoclast of the ground transportation industry, laid waste to competition without owning a single car. It simply exploited data to connect drivers and passengers. And down the info highway comes Waze, leveraging big-data from fellow drivers to provide the fastest route to a destination, accounting for real-time traffic.
Many of today\'s startups prevail because they seize on real-time data analysis to identify issues on which they base smart business decisions. You don\'t have to be Uber to leverage data for business success. Powerful benefits are waiting for your business if you accurately analyze the plethora of online data produced by businesses today.
Take online retail as an example. If your weekly sales are down, is it seasonality, decrease in advertising, usability issues or is your checkout process broken? Maybe you\'re a software-as-a-service (SaaS) company suffering decreased user engagement. Is shrinkage due to recent product changes, an upturn in novice users or the sluggish performance of the latest deployment?
Every business wants these critical answers-in real time. Quick and efficient detection of outliers and root causes is crucial for confronting issues before they become costly problems. Clearly, since knowing the cause of last week\'s issues is not the answer to today\'s potential catastrophe, hiring more analysts to shift through your data is not the solution.
Enter real-time automatic anomaly detection, stoking businesses with the data-driven fuel to grow on. Monitoring your data continuously like a 24/7 workhorse, it anticipates, optimizes and preempts unlocking business value by processing the myriad of metrics available from all tools.
Automated anomaly detection sits on a three-legged stool. First, it analyzes vast amounts of data in real time; it learns the normal behavior of the data, including its dynamic seasonality - for example if traffic tends to go down on the weekend, or every evening. Second, it identifies anomalous behavior that deviates from the normal it defined. Third, it correlates among multiple anomalies, delivering robust alerts when things occur that are out of the ordinary day-to-day business.
In our online retail and SaaS examples, automated anomaly detection can clearly identify when low sales and lower engagement arenormal, or whether an issue should be investigated. Anomaly detection also helps pinpoint the root cause of issues, saving time and money in resolving potential problems.
While today\'s businesses could thrive on the vast amounts of data available to drive growth or detect problems, most of that data is left unused in the ether. If you want to leverage invaluable business insights derived from vast quantities of data, automated anomaly detection offers processing, analyzing and detecting of outliers in real time-24/7.