There have been many transformations in business technology over the past few years, and we have seen innovations in how business data is analyzed. Many new technologies and analytic applications are being better fused with transactional systems closing the gap between analyses and operations. In this article, we look at some emerging trends and how businesses can take advantage of them.
Business Intelligence (BI)
Different types of businesses use Business Intelligence software to study, organize and visualize business data. These impressive technologies brought about advances in many spheres of business analytics, including the following:
- Multi-polar analytics
- Cloud analytic technologies
- Information privacy systems
The most emerging trend is how data analytics work with multi-polar analytics to collect the big distributed data, store, and analyze it through a combined analytic model. This reduces the incidences of data thefts and departmental corruption.
How do Businesses Benefit from Business Intelligence?
Business intelligence tools are beneficial for businesses to stay ahead of their competition and maximize revenue streams. Below are some benefits business can get from using business intelligence software:
- Valuable business insights
- Fast and accurate reporting
- Competitive analysis
- Improved data quality
- Better customer satisfaction
- Identifying market trends
- Increased operational efficiency
- Accurate decisions
- More revenue
- Lower margins
Cloud Analytic Technology
Another emerging trend in the world of data analytics is cloud analytic technology. These technologies have improved the way big enterprise data is handled and analyzed. Some of the common cloud technologies include the following:
- Amazon’s Red-shift hosted BI data warehouse
- Google’s Big Query data analytics system
- IBM’s Blue-mix cloud platform
These emerging trends in business analytics have enhanced data safety, data reliability, and data compactness.
Artificial Intelligence as an Emerging Trend
In the past few years, businesses were hesitant to incorporate artificial intelligence into their marketing campaigns. Nowadays, many brands have successfully adopted and are using artificial intelligence within their marketing.
Artificial Intelligence and digital marketing
Nowadays, consumers are researching and engaging with and buying across a broader range of channels than ever before. To boost conversions, marketers need to engage with each customer in a joined-up way across all channels. This presents a serious challenge because there are too many customer interactions. Therefore, it’s almost impossible to make decisions that deliver the best experience for each customer and get more returns.
Where Does AI Come in?
With the use of AI, businesses can create more intelligent campaigns. AI can process data, pick the best leads and enable marketers to act fast enough to maximize customer returns. It can also help businesses run data modeling on live campaigns and identify strands that deliver the best results, and eliminate the rest. With such data, marketers can keep optimizing at the highest possible speeds and accuracy.
Are Businesses Using AI?
A lot of businesses are using AI to analyze data and gain useful insights. For instance, Amazon uses AI to only display relevant products to shoppers based on what they have searched, purchased, and reviewed before. This enables them to create a personalized experience and increases the likelihood of a customer making an initial purchase.
Another company that is using new and innovative technologies to improve marketing efforts is Netbase Quid. Among other technologies, Netbase Quid uses artificial intelligence to process and analyze data enabling them to give businesses real-time insights and accurate social media analytics.
To stay competitive, businesses have to gain access to real-time data and use it to make decisions and take advantage of trends and crises. By engaging industry specialists like Netbase Quid, businesses can dig deeper into consumer insights by combining social media analytics and existing data sets. Companies can also gain a lot from the engagement metrics and author demographics provided by Netbase Quid.