Advanced data analytics, like any other area with massive adoption, is undergoing significant developments and changes. We are going to look at the top trends in advanced analytics that define and shape industries.
Increase Advanced Analytics Adoption
According to the Big Data and Advanced Analytics Report by Dell, over 71 percent of companies use analytics actively to make decisions on a daily basis. For those companies that don’t use it, they have plans to use advanced analytics shortly. This is because the big data analytics helps the companies make strategic decisions based on their insights developed by data analysis. Companies are now shifting to the advanced analytics from the simple statistical analysis because it allows them to predict future outcomes and events.
Companies are now collecting historical information to predict the future occurrences. In the future, the demand for predictive analysis will be expected to rise higher. Predictive analysis will also make organizations minimize the risks associated with pursuing new opportunities and identifying fraud to generate revenue.
Shifting from “Big Data” to “Smart Data”
It is also imperative to mention that data usage in many industries is cyclical. For instance, bankers and retailers were using available resources to get data about their borrowers and customers. However, we are in the shift of changing from quantity to quality. This can be named as a shift from big data to smart data. According to the IIA, only two in 10 companies using advanced analytics use the high velocity or high volume data related to Big Data. Instead, most companies use their independent data.
For the development of this technology, such a shift is a natural process. Having plenty of data is not necessary or enough. We need to determine if the data is uniform or regular. Can be it be easily analyzed or extracted? Is there any variation in the data?
Growth of Social Media
The leading source of client data is now the social media. The obtainability of online conversations offer the companies unprecedented access to the opinions stated by their clients and consumers about their attitude and products towards their company .
With the prolonged use of social networks, there is a growing demand to analyze client behavior through the use of social media. Companies now realize the need to have their CRM enriched through the social media customer insights. For this reason, organizations are investing in the advanced platforms for social media analytics tools and social listening tools. This is one of the analytics trends we expect to shoot in the coming years.
Personalization is the Key to Improve Customer Experience
The number of touchpoints between customers and companies has increased significantly. The capability to understand and integrate meaningful information about their clients from external and internal sources is imperative to a company that strives to achieve customer loyalty and satisfaction, higher revenue, and better engagement.
Advanced analytics will always enable companies to achieve a better understanding of their clients. They will also use that technology to gain a personalized experience and shift to personal relationships with their clients.
“Real-time” Analytics Comes First
Many companies are now using an advanced real time analytics architecture to stay ahead of their competitors and make faster decisions in business. In the recent past, analytics engines have been useful for stored and collected beforehand to be analyzed in the future after the product is launched. Moreover, they are also used to provide insight into the past. However, organizations are using real-time data analytics capabilities that look into the future.
Depending on how involving or sophisticated the analysis part is, real-time data systems offer more information about the activity of a network to improve customer experience.
The numbers of emerging developments in advanced analytics are an indicator of the demand and high-interest towards the solutions sought by the business industry. Advanced analytics is here to stay.