Making business decisions in an increasing uncertain world
The covid pandemic, supply chain issues, and high inflation have increased the uncertainty in the world. To make good decisions, organizations need to examine all their data. Analyzing only a subset of data by relying on gut instinct and personal experience is dangerous. Looking at aggregates and averages is also not enough.
An article in the prestigious Harvard Business Review iterates this view:
Identifying the next big thing is often treated as an exercise in analyzing trends. But that’s misleading. By the time a trend is established, any opportunities it presents have probably been captured by competitors. And although a company may need to reflect trends in its business plans, that may mean catching up with rivals rather than gaining a competitive edge.
To take advantage of emerging trends, companies must identify them when they are embryonic—not purely speculative, but not yet named or widely known. At that stage the signs will be merely anomalies: weak signals that are in some way surprising but not entirely clear in scope or import. Most anomalies don’t become meaningful trends, of course. But some do—and the businesses that identify and interpret them early will steal a march on the competition.
Organizations need new tools that can draw quick insights from vast amounts of granular data. Purely visualization tools like Tableau, Looker, Amazon QuickSight, PowerBI or SuperSet are not enough.
BoostKPI is a leading tool for this task. It can identify emerging trends when they are in the infancy stage. Trends that are not widespread but that have enough statistical backing. Many organizations, including public and private unicorns, leverage BoostKPI in a wide variety of use cases, ranging from performance marketing, optimizing subscription funnels, detecting user and merchant fraud, to highlighting structural changes in revenue mix.
See a product demo of how BoostKPI can help your organization make faster business decisions.