New ‘Data Stories’ give companies deep insights for better decisions using data
OAKLAND, Calif., Aug. 20, 2019 (GLOBE NEWSWIRE) — With significant recent growth and series A funding already under its belt, Outlier has accepted a strategic financial investment from Capital One Growth Ventures. Terms of the deal were not disclosed.
Outlier’s Automated Business Analysis (ABA) offerings go beyond dashboard visualization, data aggregation, storage and reporting to offer proactive, actionable insights based on large volumes of data. Outlier discovers unexpected changes and patterns in data automatically, guiding teams toward the most relevant and critical changes across the organization daily, and offering correlation and root-cause analysis.
Investment Allows Outlier to Expand
Capital One Growth Ventures invested in the company because it recognizes a growing need to identify key changes in patterns, including customer trends, financial data or fraudulent activities.
“As organizations continue to wrestle with increasing volumes of data, they are looking for ways to understand and prioritize changes in their business,” said Venkatesh Seetharam, partner, Capital One Growth Ventures. “Outlier enables the ability to sift through large data sets and deliver insights in the form of ‘Stories’ to elevate anomalies that may require immediate attention. This allows organizations to leverage employees for high-value tasks and removes heavy manual data shuffling and analysis.”
“Fraud continues to be a concern for banks and financial institutions,” said Matt Aslett, research vice president, 451 Research. “Some fraudulent behavior appears to be oddities in customer behavior. ABA platforms like Outlier track changes in customer behaviors and can be used by financial institutions to identify systemic fraud or organized crime.”
“Working with Capital One Growth Ventures is a great testimonial for Outlier. Capital One recognizes the need to deliver ongoing and actionable insights that lead to immediate business improvements,” said Sean Byrnes, CEO and co-founder, Outlier. “This investment is helping us expand quickly into the financial services sector.”
Expanded Data Insight Stories
ABA platforms like Outlier utilize AI and act as a virtual business analyst. Outlier performs data analysis quickly and intelligently to uncover unexpected data behaviors and changes that are undetectable through other analysis methods. ABA automatically finds and serves insights in the form of daily Stories directly to businesses, unlocking the data by finding hidden threats or opportunities that human analysts cannot find.
As part of its offering, Outlier’s daily Stories provide customers with the top 4-5 questions they should be asking about their business. The Stories offer contextual information on any data behavioral change, related data and potential impact on the system, and possible causality factors. Outlier offers dozens of types of Stories and has recently launched:
- Rank Stories – Most business intelligence tools struggle to identify changes in customer segments that offset each other. When one segment increases and another decreases, those changes cancel out when viewed through top-level metrics. Outlier’s new Rank Stories identify and summarize compositional changes across the many dimensions of your customers, ensuring that you know when and how demographics are shifting.
- Data Quality Stories – The hardest part of working with data is knowing whether you can trust it. Outlier’s two new Data Quality Stories automatically identify data quality issues like missing data and corrupted data, ensuring that customers know when there are problems that need to be fixed. These new Stories ensure that there is no confusion between real business insights and artifacts of data quality problems.
Outlier, based in sunny Oakland, California, helps global retail, financial services and pharmaceutical organizations identify unexpected behavioral changes within their critical business data. The Outlier automated business analysis platform uncovers unexpected patterns and relationships using advanced artificial intelligence and machine learning algorithms. Organizations can integrate Outlier with existing sources of data within minutes, allowing leaders to gather business insights quickly, identify potential opportunities and address any unexpected data behaviors.
About Capital One Growth Ventures
Capital One Growth Ventures (COV) is the venture investing arm of Capital One, with offices in San Francisco, New York and Washington, DC. COV invests across data, security, payment, and financial technology, and seeks opportunities to build unique strategic relationships that benefit both startups and Capital One customers.