Data analytics tell you what you need to know about a particular topic. When used properly, you can establish trends, successfully launch a product, promote your business with a campaign strategy, and avert a crisis.
Understanding the emerging trends in data analytics to deliver more business insights can ensure you’re doing all that you can to maintain a competitive edge over the competition.
The Top Trends Emerging in Data Analytics
Data and analytics have been gaining in popularity with businesses of all sizes. As new technology emerges, it makes it affordable for even the smallest of businesses to take advantage of what’s being offered.
Additionally, artificial intelligence is coming into play more and more often. It makes it possible to not only offer the data but to use the data to predict and prepare for anything.
Below are some of the top trends that have emerged within the past year:
- AI is smarter and faster, making it easier to achieve data models with trends and predictions.
- Dashboards are being replaced with data stories that highlight more of the prominent insights.
- Decision intelligence is trending, allowing for automated or semi-automated decisions to be made based on the way in which the data is applied to specific models.
- Analytics are being used not only for text but also for video and audio. AI is capable of combing through any media in which data is stored.
- Machine learning and artificial intelligence combine to offer augmented data. It makes it possible to increase automation and also consolidate data architectures.
- The cloud is being used for 90% of the data analytics tools. Businesses that have failed to adopt cloud operations will find themselves lagging behind the competition.
- More data is being sold and purchased, making it possible to obtain more data about consumer behaviors.
- Blockchain technology is proving to be valuable because of its ability to offer a full line of transactions while also offering transparency.
With all of these new trends, it’s possible for businesses to hone data in new and more effective ways than ever before.
How to Use the Insight Tools Effectively
It’s one thing for the trends to emerge and another thing entirely to wield tools that allow you to take advantage of the new technologies. There are various tools that can help you to learn more about your customers, the market, and what needs to be done in order to drive more traffic to your website and attract new customers.
You can choose to collect the data on your own or purchase it from data purveyors within your industry.
Additionally, you have to identify what data you want to collect and what questions you want answered.
Data is capable of being turned into actionable insights when you use the right platforms. Depending on how much you want to take advantage of business intelligence, it may be necessary to use multiple platforms, too.
You’ll want to explore the platforms based on what they can offer, what technologies they’re using, and how you can get a quality ROI from using the tools.
Learn How NetBase Quid Can Fuel Intelligence for Your Business
NetBase Quid has experience working with top brands to offer consumer and market intelligence. You can learn more about how your consumers behave and what your competitors are doing. This intelligence can ensure that you’re making the best decisions so that you can remain competitive.
NetBase Quid offers help with competitive intelligence, trend analytics, technology scouting, and more. A free demo can make it easier to learn how the tools can make it easier to gain an edge over the competition within your industry.
Any time that you’re in business, knowledge is power. If you’re not getting sufficient data, you’re not as powerful as you think you might be. Exploring the emerging trends on a regular basis can ensure that you’re able to have the most powerful marketing strategies in place. You’ll be ready for anything that the market is going to throw at you, whether it’s from consumers or your competitors.