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Data analytics is a hot topic that every marketer needs to know more about. Data is the new oil. With everything becoming more digital, data has become a commodity that can drive marketing strategy.
Data analytics is an essential tool for marketers to identify consumer trends, provide insight on how social media affects consumers’ decisions, and understand customer needs through analysis. It has a significant impact on how we market and what we do to meet the needs of our customers. Considering that customers and companies generate a copious amount of data every day, it comes as no surprise that data analytics trends are rapidly evolving. Hence, business owners and managers need to know which trends will be important in the future to ensure our business stays ahead of the curve. We’ve listed a few emerging trends to watch out for in the coming years.
Simplified and Composable Data Analytics
It’s no secret that modern businesses rely on data to make informed decisions. Composable data and analytics aim to provide managers with a flexible, user-friendly experience that will help them connect insights from various sources.
Most renowned organizations have more than one “professional standard” analytics and business intelligence tool. These tools are typically used for data exploration, reporting trending topics of interest to an organization’s decision-making team. They also help to prepare presentations that communicate insights from various reports.
The components of packaged software allow organizations to be more agile and productive. Not only will composable data encourage collaboration, but it also increases access to analytics your business needs now or in the future. It would be best to train professional resources via formal education or short courses to make good use of this information. Or to upskill yourself. Flexible learning options such as an online masters in analytics is viable option to upskill cost-effective and straightforward manner. These programs will empower you or the respective trainee with the knowledge to use correct tools in a future driven by data.
Smarter Artificial Intelligence (AI)
More innovative AI will be the catalyst for a range of groundbreaking developments in AI. These include better-learning algorithms that can interpret and make sense out of data quickly. And shorter time-to-value with scalable systems enabled by advanced technologies like neural networks.
AI depends on the availability of sufficient amounts of historical data. But considering how the ongoing global health crisis has altered the business landscape, historical data may not be as relevant as it used it be. This means AI technology must operate with less information via “small data” techniques and adaptive machine learning to fill regulatory gaps and protect privacy. Nevertheless, these systems need both federal regulations compliance and minimizing bias to support an ethical use of such tech while complying at all costs by society’s standards.
Beyond Predefined Dashboards
Data is at the heart of every decision. As we move towards a data-driven world, analytics and machine learning push us into streaming real-time updates powered by our own stories in front of customers’ eyes across all devices.
It’s time for a new era of data-driven storytelling. Augmented analytics and machine learning will push us towards dynamic dashboards that stream updates in real-time, not just static ones.
Augmented analytics are pushing us towards real-time data stories that update every second with more focused details than before. A transformation of how we interact, aesthetically and functionally, as people who crave instant feedback.
Cloud-Based Data Analytics
In 2022, professionals will use cloud-based services to connect to more than 90% of data analytics advancements. The use of AI is also expected to increase at least five times in 2023. This means AI-based systems can’t miss out on this guaranteed fixture for future advancements.
The cloud has become an integral part of allowing organizations to operate flexibly. Especially with the majority workforce now working remotely in recent months, it was logical that they would need this same type or function from their technology. The cloud has enabled organizations to use only the resources they need at any given moment and scale up with other available forces once economic normalization takes place.
During the COVID-19 pandemic, cloud software has been instrumental in facilitating innovation, collaboration, and automation. This is an opportunity for companies that want a more flexible way of operating in a challenging business environment without worrying about downtime and scalability.
The future of data analytics is looking more innovative, simpler, and more cost-effective. AI combined with cloud-based solutions means companies will be able to access the latest insights on-demand. All of this will happen without worrying about a dedicated IT team or expensive software installation costs. By following these trends in data analytics, you can ensure your business will be ready for a world where technology gets better every day