Data analytics is important in the current corporate domain. Since business success depends on the ability to make decisions based on analytical insights, forward-thinking marketers are looking for ways to leverage data to improve their efficiency and agility. Data analytics can be a great tool for helping organizations make data-driven decisions; however, acquiring the right capabilities still presents challenges. In this article, we will detail seven emerging trends in data analytics for brands.
1: Big Data
The term “Big Data” was coined by MIT researchers to describe a new approach to data analysis that focuses on large sets of unstructured data rather than smaller, structured repositories. Historically, analysts relied on structured databases to organize the data they needed for analysis. Due to the rise of unstructured data types (like text, video, and sensor information), analysts are turning towards technologies like Hadoop and NoSQL to process Big Data. In companies, big data helps generate new business leads and identify relationships between disparate information that might be useful to make data-driven decisions.
2: Smart Data
“Smart data” is a term used to describe analytical programs designed to leverage the real-time characteristics of data without using traditional structured databases. Instead of using static knowledge bases, smart data programs use messaging systems, social media platforms, and “Internet of Things” sensors to capture a comprehensive view of a customer’s behavior.
3: Predictive Analytics
Predictive analytics is the process of deriving actionable insights from historical data. These models can be applied to all types of data sources, including structured databases and unstructured sources like text and video. Predictive analytics helps marketers deliver campaigns that are likely to succeed. By understanding their target markets in unprecedented detail, brands can optimize advertising efforts and minimize waste.
4: Self-service Marketing
The data analysis process used to be an exclusive task of IT departments or analytics teams. Today, marketers can use self-service tools to collect and analyze data without the aid of traditional IT resources. This new approach is referred to as “Marketing Automation” or “Self-service Analytics. Furthermore, marketers can use the same tools to deliver personalized content direct to end-users. The result is an unprecedented level of customer relationship management that rivals the efforts of more mature industries.
Contextual Marketing -“Context” is one of the most important elements in a marketing campaign and is one of the emerging trends. It helps brands identify which products most likely to appeal to each consumer. By leveraging context-aware technologies, analysts can provide more relevant content to the target audience, helping brands increase their likelihood of success.
The Internet of Things is the next phase in the development of the data analysis cycle. IoT makes the world much smarter by adding new types of data that can be used to generate compelling information products and services. In companies, IoT is fundamental in the creation of new business opportunities and the identification of new customers.
6. Artificial Intelligence
As financial trading algorithms became more sophisticated during the early 1990s, companies began to rely on AI to determine which trades should be made and at what price. Moreover, these algorithms also started becoming capable of making decisions themselves, allowing them to trade and make other decisions autonomously with greater speed and accuracy.
7. Big Data Analytics Platforms as emerging trends
Big Data is one of the emerging trends that enables organizations to process vast amounts of information quickly, creating an ideal environment for data analytics. The sheer size and variety of information available through Big Data can be overwhelming, making it difficult for marketers to incorporate into their existing data analysis process. To address this issue, some companies are developing “Big Data Analytics Platforms” that provide a single point of access to various data sources.
Companies can leverage the power of data to gain a competitive advantage. Big Data, Smart Data, Predictive Analytics, and Artificial Intelligence are just some of the tools available to help businesses make data-driven decisions.
Data analytics is certainly an important aspect of business today. Companies with an understanding of how to leverage data will have a competitive advantage in their industry.