With each new day, technologies are getting upgraded to suit the increasing demands of businesses and industries. With regard to analytics technologies, the world has witnessed massive advancements that are making things possible which were unheard of a few years back.
In this blog we list the top 5 analytics-driven trends that every business leader can’t do without.
1.AI-Powered Analytics Reach New Heights
There is no doubt that AI is the talk of the town. AI will be spread and every industry will desire to embrace AI and reap its utility. That day is not far when AI will be suffused to every possible enterprise platform to analyze consumer behavior and provide tailor-made experiences. According to Gartner’s predictions, AI will form the base for 80% of the upcoming technologies by 2021 while, Artificial Intelligence, Machine Learning and deep learning algorithms will take over the latest applications in the field of data science.
Predictions also indicate that there will be heightened mistrust in the digital ecosystem on account of the proliferation of AI-influenced “fake content”. With this respect, the field of AI governance will come into picture and gain enormous impetus. Organizations with greater foresight must act sooner to grab the opportunities to up their game and leave the competitors on the back foot.
2.The Era Of Hyper-Personalization
Consumers’ preferences have changed a lot over the years. They seek simplicity and speed in transactions, multiple options to choose from, and freedom above all. Organizations have closely observed and studied this trend to provide personalized and omni-channel experiences to meet their needs. With opening up of new avenues of interactions with their favorite brands, the phenomenon of hyper-personalization will be on trend and be the key in building relationships with customers and retaining them.
3.Timely Offers via Predictive Analytics
AI has its limitations. While it can assists brands in deciding over the right offer delivered through appropriate channel or device, it fails to however, suggest the right time to approach the consumers for higher conversions. Predictive analytics comes to the rescue. With proper amalgamation of AI and predictive automation, enterprises will be able to make this a reality.
Predictive analytics has extended capabilities to analyze “non-analytics” type of information such as macroeconomic indicators or weather, etc. For example, it can determine the changes in demand for products due to changes in geographical factors such as rain. In such case, consumers are less likely to go outside and prefer to remain indoors and watch feature films which are in higher demand due to the inclement weather. Organizations will have the powerful tool of predictive analytics to make an offer at the right time to yield higher conversions, enriched customer experience and better ROI.
4.Natural Language Processing (NLP) Will Shine In This Decade
With the growing popularity of voice-enabled devices such as Siri, Alexa, and Google Home, Natural Language Processing will surge now and in the years ahead, along with analytics. NLP is especially beneficial for non-analytical people to extract the exact information that they were looking for from the midst of data chaos. For example, anybody can ask questions like, “What was the profit for the month of April?” Apart from innovative ways of revealing insights, NLP will tone down the complexities of analytics technology and streamline our interactions with it.
5.Boosting Employee Performance with AI
AI integrated analytical systems and software will help in increasing productivity and efficiency by freeing the employees from performing iterative tasks related to anomaly detection, personalization, reporting, etc. They will have more time to focus on higher-value business priorities.
AI-enabled analytical technologies will transform the customer experience and business performance in the coming years. With more innovation continuing, the decade will flourish and mark the emergence of a golden era of phenomenal customer experience and fulfilled existence.
If you’re interested in exploring a platform that gives you key information all data for your customers, campaigns and sales, eConnect can help you. We deliver value-added, AI-driven analytical solutions for larger enterprises. We combine deep expertise in Data Engineering, Big Data Analytics and AI consulting. To learn more, please get in touch
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