Nowadays, businesses are collecting a colossal amount of data, still they are able to use only a minute fraction of it for actual analysis. Companies make use of mere 1-3% of hundreds of billions of data points per customer for getting the insights. This naturally raises the question, what is being done with 97-99% of this data which constitutes the major part of the data? This data may have helped marketers in deciphering the risks and opportunities. Adobe Analytics may help them to find out these missed risks and opportunities.
At 6:30 Pacific Time on the morning of September 24, 2018, Adobe made the announcement of launching the next generation of “Virtual Analyst” in Adobe Analytics. It is an AI assistant tool that will perform analysis of huge amounts of data to give recommendations on what needs to be examined further.
Experts at Adobe say it is designed for the non-quantitative professionals to assist them in performing tasks of a data scientist.
The Theory Behind This Innovative Tool
Usually, marketers and businesses consider known-knowns in the data they collect about the visitors coming to their business’s website. They have a particular target in their mind in terms of bounce rate, page views, etc., then they move to their data for the number.
If and when marketers get through all known-knowns, they then go to the known-unknowns. The good examples of these known-unknowns are: Why did X video went viral? Why has cart abandonment gone above Y?
However, it is extremely rare that marketers devote time towards finding out unknown-unknowns. These are things that they do not even know to consider. As an example, you unlocking the insights of a lottery ticket is very rare. After all, who has the time to move through hundreds of billions of data points for searching uncertain things whose existence is not even sure?
The Entry of AI Virtual Analyst
The idea is that this Artificial Intelligence tool will bring out for the marketers and businesses the things they may be interested in for stimulating a deeper level analysis. By employing adaptive learning, the tool learns to get an understanding of the business contexts and user consumption. This is just like Spotify recommendations which are for marketers and not for music lovers. The idea is that the Virtual Analyst tool identifies what any given user will be interested in on the basis of what he has already looked at – and also gives recommendation for the key data that the user may otherwise fail to notice.
John Bates, who is the Director of Product Management at Adobe Analytics relates this to astronomy in its early days. According to him, people had a lone goal of seeing more, further and deeper. Similar to the data at the present time, there was much more than what met the eye. Fifty years ahead, there may be many new secrets which marketers will be able to find from the 97-99% of data which remains unused at the present time.
What is Achieved by AI Virtual Analyst Tool?
The two principal goals of this tool from Adobe Analytics are to automate and personalize. This is the first time Adobe will be integrating AI directly into the interface for the purpose of having a better understanding of the preferences and tastes of the individual users.
The amount of data produced in the world keeps on increasing at a double-digit rate year after year, still the amount of time marketers have to analyse the data remains constant. Consequently, the proportion of data they can analyse is decreasing.
By making use of AI, marketers can work at an unparalleled scale. Assist tool of Adobe Analytics functions to constantly analyse all the trending data at a macro level. As the user clicks through shown insights, the system spreads out with more detailed metrics. While it does not analyse all the data automatically, which would slow it down considerably, the tool does perform an automatic analysis of the trending data, and uses this to provide a bridge of what to touch into further. As per Bates, it is comprehensive; it indeed covers the rest of the 97-99% of data gathered.
Two Key Conclusions
From the perspective of our analytics experts, we can say the two biggest pieces of this are the breadth of insights and the personalization of users. In the past, marketers and businesses had to manually create the metrics they wanted alerts for. But now, AI from Adobe Analytics can help in analysing data automatically and pushing out insights it thinks will be useful for the marketers, without they needing to ask for them explicitly. According to our analytics pundits, this is not uncovering new data, but simply using the data in new ways. Again, the power of excavating into the unknown-unknowns could be what stimulates marketers and businesses into the elevated levels of growth.
To gain more knowledge about how Virtual Analyst Tool from Adobe Analytics can help your business to gain useful insights about unused data for running better marketing campaigns and achieving higher growth, get in touch with Devrun experts.