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Analytics leaders highlight potential of generative AI at Mixpanel's annual EMEA customer forum
A key theme of the forum was the role that generative AI will play in product analytics, with speakers from companies including telecoms giant AT&T, fintech leader Wise, trading platform eToro, video game innovator Superplay and gambling software firm Playtech, touching on the potential of generative AI for analytics.
Rather than having to prepare queries, analytics leaders anticipate being able to chat with AI using natural language to get fast answers from their product data. For example, instead of writing a Structured Query Language (SQL) query to extract specific insights from a dataset, or using more modern and intuitive workflows like Mixpanel, the leaders saw potential in simply asking a question of generative AI linked to their analytics tool, like, "At what stage of the sign up process are we seeing the most drop offs?". AI chat could be used in this way to create meaningful visual representations of data, such as charts and dashboards, removing the need to build queries manually.
The experts also saw generative AI being used to identify anomalies and blind spots in datasets that may be challenging to detect using manual methods. By identifying emerging anomalies at an early stage, proactive measures can be taken to address them, enabling more efficient and accurate analysis.
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Integrating generative AI into analytics tools can make data insights more readily available to all team members, creating an environment where insights become an integral part of more discussions, problem-solving, and decision-making processes. Team members who may previously have been reluctant to attempt data analysis become more comfortable using data, interpreting it, and drawing insights. Indeed many of the speakers explained how they were already making significant progress with Mixpanel's existing user interface.
Engaging in this shift and taking advantage of new innovations in the coming months will prove essential for businesses wishing to make data insights available to more teams and colleagues.
Event analytics captures every action (or event) that each user performs within a digital product, like an e-Commerce site or a ride hailing app. This very granular view helps companies understand how different groups of users behave at various points during their experience, to answer questions like: which cohorts of users drop off during sign-up? Using Mixpanel, it's now also possible to understand the knock-on revenue impact of such customer experience issues.
This approach is much faster than traditional Business Intelligence (BI) tools that require data to be prepared and tabulated. While BI analysis can provide a view of how many customers churned, it doesn't allow exploration of why users are behaving in certain ways. That's why event analytics is so crucial for product teams that create and continually improve the world's most successful digital products.
Mixpanel is an event analytics platform that allows anyone to get answers from their customer and revenue data in seconds. It offers powerful real-time charts and visualizations of how people interact with digital products and companies. Regardless of technical expertise, everyone can focus on what's working, cut what isn't, and spend more time on their best ideas with Mixpanel. To learn more visit: www.mixpanel.com
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