Our focus is using data and analytics to help businesses make smart, data-driven decisions. Because we recognise the importance of being able to make decisions in real time, one of the technologies we are expert in is Anodot.
Anodot relies on AI to detect real time data anomalies that might otherwise go unnoticed. With its ability to detect data irregularities as they happen, we implement it as a tool to empower our clients to react faster to either solve problems or, even better, exploit new opportunities.
The Importance of Anomaly Detection
We now have more data at our disposal than ever before. With so many metrics available, companies can develop an impressive dataset to measure performance. Within this dataset there are patterns that basically represent “business as usual”. An unexpected change within these data patterns, or an event that does not conform to the expected data pattern, is considered an anomaly. A deviation can be a good thing, or a bad thing. But it is definitely a ‘thing’ worth investigating.
There are millions of data permutations, but only so much you can see on any given dashboard. Unsupervised anomaly detection can throw light on business blindspots, and generate real alerts for real issues.
‘The price of light is less than the cost of darkness” – Arthur Nielsen
A sales boom for an ecommerce site on Singles’ Day is not an everyday occurrence, but a sales peak every November 11 would be a well-established peak for companies active in Asian. It’s business as usual, An anomaly would be slow sales on Singles’ Day, especially when there had been strong sales the year before. It would mean something different is happening. A break in the pattern. Something going wrong that needs urgent attention. Maybe your payment gateway has crashed? A price glitch? Whatever it is, you want to know now so you can fix it and prevent a problem becoming a crisis.
An anomaly can be premeditated. A boost in marketing spend for example, or the launch of a new and improved model. An increase in sales above the regular pattern could be an anomaly indicating that a new campaign is making a positive impact on sales. In this instance, anomaly detection can be used to measure the effectiveness of a new business initiative and help you better manage your resources.
In many real-life scenarios, business anomalies often require immediate action. If something has gone wrong with your ecommerce site on Singles’ Day, you need to fix it immediately, otherwise sales will be lost for every second an issue remains unsolved. Or if sales start to spike because Selena Gomez mentioned your brand on Instagram, you are going to want to know about it as soon as it happens so you can start converting likes and shares into sales.
You don’t know what you don’t know until you know it.
How Anodot Works
Anodot offers automated anomaly detection that can detect real-time anomalies at large scale. It has the capability to handle millions of data points, and updates every second. It is powered by patented machine learning algorithms using the latest in AI research. The algorithms learn what is normal so it can flag what isn’t. By continuously analysing business data it alerts in real time when an incident strikes.
Anomalies correlated across multiple data sources tell a clear story of what is happening with the data, which can then either be investigated by human experts, or used as triggers for automated business actions. By identifying the root cause of a problem you can immediately zero in on the issue. The end result is a powerful analytics solution based on AI, which empowers users to remedy urgent problems faster and capitalise on opportunities sooner.
Contact us to find out how we can apply Anodot technology to your business so you can start leveraging real time insight.
Analytics8 is technology agnostic advisor and implementation partner, not a software reseller. We pride ourselves on being able to provide businesses with genuine, unbiased advice based on our deep experience in data warehousing, business intelligence and advanced analytics. We are passionate about transforming data into usable information and actionable insight and have the skills and experience to deliver projects irrespective of an organisation’s current technology mix.