In the realm of business and diverse fields, data exhibits various trends over time, influenced by seasonal patterns or external factors. Leveraging Lumenore’s AI-driven big data technology, the minutiae of your data are meticulously scanned across hierarchies to unveil compelling patterns.
Trend Analysis Overview
Trend analysis, a statistical technique, plays a pivotal role in identifying patterns and temporal shifts within historical data. Its essence lies in scrutinizing past data to discern trends and make informed predictions about future behaviors.
Executing Trend Analysis in Lumenore
Follow these steps to harness the power of Trend Analysis within Lumenore:
Step 1: After accessing “Do You Know”, select “Trend”.
Step 2: Now, click on “Create New Insight-Trend”.
To configuring Trend Analysis
Step 3: Choose a Schema and proceed.
Note: The schema signifies the dataset for analysis. If absent, create one, ensuring prerequisites (A KPI, Date, and Attribute) are met.
Step 4: Select the following:
- Trend Metric: Choose the metric for trend analysis.
- Trend Date Attribute: Select a date or time attribute for temporal distribution.
- Trend Attribute: Specify the attribute for identifying trend patterns (e.g., Product Category, Country).
- Add Filters (optional): Apply filters based on conditions.
Then click on “Next”.
Note: If you wish to apply a filter a window for creating filters appears. Establish filters by groups or conditions as needed.
Step 5: Customize the insights narration in the subsequent step, outlining variables used for the insight.
Step 6: Name the insight for future reference (default suggestion provided). Then click on “Save”.
Step 7: Click “Execute” to initiate the analysis.
For illustrative purposes, an insight was crafted using profit (trend metric) and Order Date-Quarterly (outlier bucket). The output showcases the overall trend line and percentage change, as depicted in the accompanying image.
Upon initiation of execution, the system will undergo four background processes. Also, you have the flexibility to terminate the execution at any point before its completion.
Now, you can see the “Trend Analysis” in the sophisticated Lumenore platform.