Data analytics you can use

RESPONSIBLE & SCALABLE TECH

If you spend more time reading reports than acting upon them you might have a problem.

“Businesses don’t want more time-consuming reports which aren’t read or recommendations that aren’t followed,” says Adam Ahlgren, Founder and CEO of Lablytics. “People want to take actions that are relevant for their business. This is somewhere we see AI helping.”

Lablytics is a Stockholm-based startup focused on insight analytics. They use algorithms, artificial intelligence, statistical modelling, scripting and other tools to bring insight to data and make it actionable. As Lablytics specialises in customer analytics, they can provide solutions faster and more economical than many companies can do in-house.

“People are looking for ways to derive value from analytics,” Adam continues. “Many companies are racing to use AI as a solution, but the paradoxical nature of this is they also ignore the data. To ignore your data foundation and implement AI will only give you as much value as the data you feed it. If that data is questionable, the results will be as well.”

For many companies in the Nordic region the issue is not gaining more data. It just needs to be better managed.

“Most companies would derive more value by boosting their insight capabilities as a start,” Adam explains. “Initially, this requires sharpening data strategy and data quality while at the same time becoming better at extracting insights. But this requires heavy investment, and that is why we exist.”

A company might come to Lablytics to improve customer retention, boost conversion rates or create more relevant product suggestions to improve sales and profits. Lablytics helps their client establish a strategy with data and data quality at its core in order to utilise more advanced tools. From there, they can apply analytics, data wrangling, calculations and feature extractions – all to deliver insight which leads to action.

“In most of our products we apply ”For many companies machine logic to extract insights that rhymes with strategy,” Adam says. “As in the Nordic region we see it, the goal is to gain insight on the issue is not gaining a more granular level – understanding more data. what is really affecting the drivers of core It just needs to be metrics like Customer Lifetime Value. better managed.” Sharpening your segmentation beyond basics. All while working towards a more predictive mindset to be more actionable than reactionary.”

Data visualisation is a critical final step, because the whole point is gaining insight so you can take action. This can be done by tables or imagery – as Adam describes it, they use data to paint a painting.

“I’m really excited about the future because we are developing more products to work even better, quicker and applying more advanced techniques,” Adam says. “AI is a tool like many others and, if implemented correctly, can have a significant impact, but in the end it’s not magic.”

Lablytics.se