Big data and business analytics are predicted to have a double-digit growth – from $130.1 billion in 2016 to over $203 billion in 2020. There is no denying that big data is getting bigger and gaining immense popularity across sectors. Businesses are striving hard to make use of data analytics to drive growth and competitive advantage.
As big data continues to grow and influence the modern business landscape, it is imperative for you to watch out for the latest trends in order to adopt a focussed strategy for big data and business analytics. While there is rapid fluctuation in the technology landscape, here are five major trends that we think will continue to grow, redefine competition and create new opportunities.
1. Machine or Deep Learning – from hype to reality
As data explosion continues, big data solutions will increasingly rely on machine learning techniques such as pattern identification and anomaly detection to simplify mining vast volumes of data and automate data analytics. Players need to start recognizing and focus on areas where Deep Learning can be deployed to accelerate business value.
2. Predictive Analytics – powered by machine learning
While many players have already started to use predictive analytics to drive better business outcomes, this trend will continue to grow further only to become more sophisticated. As businesses aggressively drive their performance, a new era of insights driven by machine learning will become critical for businesses looking to gain a strategic advantage.
3. Customer Experience (CX) – digital channel optimization
As omnichannel becomes mainstream, retailers need to deliver consistent customer experience across traditional and digital channels to ensure superior customer service and achieve a competitive advantage. Automated data analytics and management will play a key role in helping players create innovative ways to enhance CX across channels.
4. Artificial Intelligence – the new era of marketing strategies
With buyers demanding more customized interactions across products and services, marketers need to tailor campaigns and content to meet buyer-specific interests. As artificial intelligence (AI) continues to advance, it will allow you to gain deeper customer intelligence and drive superior, relevant and personalized interactions with customers. A case in point is the advanced recommendation engines that power companies like Amazon and Netflix.
5. Big Data, Cloud, IoT and Cybersecurity – the big integration
As we continue to increasingly rely on smart devices, machine learning and interconnectivity, sophisticated cyber security threats become even more imminent. Therefore, it is critical to protect these assets from such exposure. The convergence of digital forces will see robust data management technologies that will ensure stringent data protection.
In a fiercely competitive landscape, businesses need to have visibility into what’s driving their performance and how they can stay ahead of the pack. By integrating these top trends into business processes, players can truly make Big Data work to their advantage.
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