Business Monitoring Systems: Using Machine Learning to Analyze Business Metrics
March 31, 2021
A new study from Eckerson Group finds that business monitoring tools, when applied to analytics, fill a vital gap in data analysis and will soon be a part of every organization’s analytics toolkit.
Using statistics and machine learning algorithms, these systems can analyze millions of factors that affect business metrics over time. By continuously running root cause analysis, detecting interesting populations, and proactively surfacing the most relevant facts, these tools focus analysts on high-priority issues and enable them to be more efficient.
According to the report, business monitoring tools are “like having hundreds of data analysts working 24/7 every day of the year scouring corporate data for pertinent issues that might affect business outcomes.” These tools find facts that decision makers would miss in existing operations dashboards, and Eckerson Group suggests they will soon replace dashboards completely.
In this report, you’ll learn:
- The types and characteristics of business monitoring tools
- How monitoring systems automatically separate signal from noise
- Why traditional operations dashboards can’t scale with growing data
- How business monitoring tools increase organizational agility
- Recommendations for getting started