Anomaly detection is a lot like the check engine light for your car. It alerts when there’s tweaks, repairs, and maintenance that need to be had.
Flip that. Imagine your car didn’t have one. You’d be guessing when fixes need to be made or worse—only finding out when they cause damage.
This is how many of us are running our businesses: in the dark ages. Yes, we have analytics tools and the usual tech stacks. That’s good. But, we’re working in the stone age as marketers. Anomaly detection is the way out.
This software hovers in the background of a company to find marketing, budget, and security failures or optimizations. Teams are alerted when opportunities or risks arise, versus waiting around to swat them like a fly.
In fact, 61% of executives are using AI to find opportunities that would otherwise be missed. But, let’s talk about both sides: the pros and cons of anomaly detection.
Advantages of anomaly detection
One of the biggest advantages of companies adopting anomaly detection is getting back to working on tasks that matter. If time is infinite, then we must make better use of what we have.
We’re constantly interrupted by random things as marketers. You know the feeling. Broken campaigns, forgetting to send reports, integrations no longer working, etc.
Your team has to scramble to fix these once they’re found. Anomaly detection offers a peace of mind you can’t get anywhere else. All of these small human errors are sent to marketers as alerts to address now or later, not when they cause problems.
Secondly, marketing doesn’t need to be as gruelling as we make it. A/B split tests, experiments, and optimizations are normally done by hand. That made sense when the technology wasn’t available. But, it is now.
Anomaly detection in business is capable of doing all of those things to find the most profitable customer profiles, campaigns, and channels. It analyzes these advertising elements to determine what’s converting and what’s drier than the Sahara desert.
Think about it like this:
The purple line is a standard deviation. Anything outside of that is an anomaly. A.K.A something to investigate.
This also applies to business budgets and finance. Tools, equipment, contractors, software. The list goes on. There are many expenses and investments a company makes.
Wouldn’t it feel great if you knew what’s spending the most money and delivering the highest/lowest ROI? That’s a reality with anomaly detection. Adopting it will help you cut what’s draining cash flow and focus on generating revenue.
Disadvantages of anomaly detection
The main disadvantage of anomaly detection is that it can be intimidating or seem complex. It’s a branch of artificial intelligence involving machine learning models, neural networks, and enough things to make your head spin.
That’s why 37% of executives say the main obstacle to adopting AI is not understanding how the technologies work.
Luckily platforms like Morphio resolve this pain completely by making it plug and play.
I’m sure you use standard tools like marketing analytics, for instance. Could you explain all of the algorithms behind the scenes piecing that information together? Probably not! Yet, you use and benefit from the tool.
That same thing applies to anomaly detection and marketing security software. You don’t have to be a Harvard AI major to grasp the general concept and all of the hard work is done for you.
You navigate the dashboards, receive reports, and receive alerts to make changes. Simple as that.
The above is what a card looks like on our platform, for example. This includes the channel, detected anomalies, a key metric, and other data neatly packaged for users to understand.
Anomaly detection is going to be like analytics or CRM. Everybody will be using it and you don’t want to be left behind. Who doesn’t want hands-off optimization and security?
While artificial intelligence can seem complicated, anomaly detection business software isn’t. You work as usual and the tool will find all of the ways your company can improve automatically.
Want to see how anomaly detection can give you peace of mind as you grow? Try Morphio today for free.