If you were to describe 2020 in one word, the word uncertainty aptly describes the environment that businesses had to put up with. However, instead of companies sitting back and whine, forward-thinking businesses can choose to see a silver lining and turn the challenges of the so-called “new normal” into opportunities. The below business trends are emerging, and only the bold will seize the opportunity.
Increased demand for data
Whether big or small, businesses are now starting to understand the criticality of data. No wonder there is an uptick in data analytics applications to help businesses harness the power of data. Businesses are relying on data to formulate more targeted campaigns that resonate with their target audience.
Before the rise of big data analytics, businesses fumbled with keeping track of their customer trends. Today, businesses know the nitty-gritty of their customer base, including general data like birthdays, gender, and demographics to specific information like their favorite menus and visit frequency!
It’s paramount to understand that no matter the amount of data a business has, it will amount to futility if it’s not transformed into actionable insights.
Focusing on customer experience
The customer of today demands more than shopping — they want a personalized customer experience. Simply displaying your products or services won’t work. With many options available out there, only businesses offering personalized services will cut through the noise.
The only way you can amp up your customer experience is by knowing your customer in and out. That makes data an indispensable tool if you want to understand your customer’s needs and wants.
The emergence of data analytics trends
When the Covid-19 pandemic struck, many organizations realized that traditional data analytics relying on humongous historical data was largely irrelevant. Game changers in the data industry are pivoting from brick and mortar analytics that depend on big data to less, leaner, and varied class of analytics.
In line with this, below are some emerging trends in data analytics to help businesses get the most out of their data:
- Smarter and more scalable artificial intelligence: A smarter AI translates to better learning of algorithms, quick data processing, and more interpretable systems. Given that businesses will demand more predictive insights from AI, historical data will become less relevant — AI technology will have to rely on limited data by using machine learning and “small data” techniques.
- Data fabric as the base: As businesses demand more data, data fabric will become the most sought technology. Why? It helps enterprises optimize data and acts as a catalyst for digital transformation.
- Data and analytics to become a core function: Business managers are coming to terms that to accelerate digital business initiatives, data and analytics are integral. A while back, business leaders brushed off the complexities of data analytics, losing opportunities in the process. However, if data analytics is infused into the organization’s everyday operations, businesses will set themselves apart from rivals by doing less for more.
- Moving data to the edge: Gone are the days when data was centrally stored in a physical data center. Today, the cloud has transformed data storage, immersing businesses in a sea of opportunities even where data can’t be moved from particular localities due to legal restrictions.
Do you need help in harnessing the power of emerging trends in your business? NetBase Quid can help. The company will help your business stay on the cutting edge by continually combing the market to identify trends that can help you beat the competition and achieve your business goals. We mine data in online spaces, news sources, and other platforms to help formulate a trend analysis that will set your business apart from the competitors.