In the last article we discussed what anomaly detection is and how the anomalies can be classified.
Today we aim to dive a little deeper into this topic. We will consider the main benefits of this new AI-approach of KPI performance tracking.
As it was mentioned before, traditional methods of digital marketing KPIs tracking can be time-consuming and expensive. Moreover, the quality of such monitoring leaves much to be desired. This becomes an issue since KPI performance tracking remains one of the most valuable processes for marketing analytics.
Let us now discuss what is so precious about Anomaly detection and how it can enhance the process of digital marketing KPIs tracking.
5 Reasons Why Anomaly Detection is Worth Noting for Marketers:
1. Simplification and high efficiency
Anomaly detection helps you to enhance and simplify the process of KPIs performance tracking at the same time. In other words, AI helps you to save plenty of time and nerves.
It makes the monitoring process much faster and therefore more efficient. As a result, rapid and small adjustments help to improve the overall KPI performance.
2. Ongoing Optimization
One of the main benefits of artificial intelligence is its ability to adjust. Thus, the algorithms are being continuously improved and customized for specific clients and their KPI metrics.
At nexoya, after an anomaly is detected, the user receives an anomaly alert notification regarding their KPI performance. Afterwards, the platform suggests to define the significance of each anomaly. This way AI technologies help to optimize the further process of digital marketing KPIs tracking.
The ongoing optimization process can help AI technology to adjust and enhance the algorithm over time depending on the user’s needs. Thus, during regular digital marketing KPIs tracking, the algorithm is further refined and customized for each client. As a result, the algorithm can define if the anomaly in the KPI performance is important or not. Notifications for anomalies of interest are shown while the number of notifications for KPI performance that aren’t significant for a user are minimized.
4. Possibility to scale
Thanks to artificial intelligence, you can now scale and monitor KPI performance of all the metrics you need. Just imagine how much time you can save! Moreover, it allows you to keep an eye on other metrics. Often, it helps to identify surprising patterns or correlations between parameters.
5. Saving your time, nerves and money
Anomaly detection can help to define an anomaly in the KPI performance really fast. This way, actions can be taken immediately. It also helps to track the running of a marketing campaign or a specific marketing action. The anomaly detection algorithm detects if it was successful or not and how it affected the overall KPI performance.
In this way, the digital marketing KPI tracking process is becoming more efficient. Once a significant anomaly in a KPI performance is detected, timely action can be taken to capitalize on the positive effect or mitigate the negative effect.
We hope this article was helpful to you and now you can use the anomaly detection algorithm in your marketing strategy.
Download our free ebook and learn the fundamentals of data-drivenness with 17 marketing KPIs!