6 Data Analytics and Business Intelligence Trends to Fire Up Your Business
“There is only one boss. The Customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.� – Sam Walton. Every good company can survive only providing excellent customer service. But with the evolution of technology on a day to day basis, the customer expectations are soaring high. Hence to balance it with other business needs and goals, it is a paramount task. Excellent customer satisfaction gives the critical competitive edge for any business nowadays. With data becoming the raw material for customer satisfaction, it has become the prime focus of digital business now. The rapid pace of its accumulation has created new opportunities and challenges for companies. Only by analyzing these mountains of collected data could enable to predict the customer behavior for better results. Almost all the new and resurging technologies solely depend on data. It includes AI, IoT, AoT, ML, RPA, AR, and many more for better customer satisfaction.
This year there will be more focused on data-driven technologies for a better future. It is now considered not only an ideal but the expectation of the modern business world. The recent past few years have seen the data explode to enormous levels. The evolution of business intelligence from spreadsheet work is now in the cloud. Data analytics democratized the data product chain. With evolving BI landscape, its strategies are going to be more customized. 2019 is going to be a year to look beyond the hype of data and find ways and means to extract the maximum possible scalable and secure benefits from it. Master data management will become the top priority of the business intelligence strategies of organizations. The data discovery trend will become one of the best BI trends as humans' process visual data better. Data analytical tools are a boon to this data-driven business world. The future trend is using intelligent business analytical tools for the effective decision-making process. It will become the customers' prerogative to dictate the advancements and future trends for thriving businesses in the future. It is because they are now more asking what the best BI solution for their specific business is rather than the need for it is.
Data Analytics and Business Intelligence Trends To fire any business in this technological world, fuel in the form of data analytics and business intelligence is essential. The following are 6 of the best trends that could add fuel to the fire of future business development and growth.
1. Consumer Experience "Excellent customer service is the number one job in any company! It is the personality of the company and the reason customers come back. Without customers, there is no company!"- Connie Elder Gartner has recently developed a Hype Cycle for supporting the customer process by analyzing them with critical technologies. It is because many business leaders are relying now on technology to deliver the desired customer experience. Future trends in customer experience will depend on collecting quality data rather than massive data.
According to Bill Gates, "your most unhappy customers are your greatest source of learning" makes the customer journey easy with many analytics. Only by trial and error, you can give the perfect customer experience can through multiple devices and channels in this digitalized world. Some of the customer journey analytics include:
Emotion detection Speech analytics CEC or the customer engagement center Interaction analytics Customer intelligence analytics
"By 2021, 15 % of all customer service interactions will be completely handled by AI, an increase of 400% from 2017". The above prediction of Gartner in 2019 Strategic Technology Trends report is a significant indicator of AI influence in customer experience. It promulgates AI into future customer experience enhancements for better customer satisfaction. AI and its subfield Machine learning are revolutionizing businesses and data management. The benefits of AI for better customer experience: Live dashboards help businesses not only to monitor every second happening but also to get alerts when something is not right Algorithms based on advanced neural networks to provide high accuracy in anomaly detection Automated analyze of datasets to provide high-quality insights and a better understanding of information even without an IT background. Online verification processes like CAPTCHA technologies are enabled with GANs or Generative Adversarial Networks to determine the image is artificial or not.
2. Data-Driven Future "Not everything that can be counted counts and not everything that counts can be counted." – Albert Einstein In this data world, the above words of Einstein imply upon the right data. All data are not practical and usable and hence to analyze for the appropriate data is the
need of the hour. What information is essential as per the business needs has to be given preference for business sustainability and success in the long run. As per reports, more importance and focus will be on data quality management and data discovery. The use of data to predict customer behavior is becoming crucial in today's digital world. Also, strict data quality management enables us to comply with the recent stringent regulations and demands. Click here to read more