Six Big Trends for Digital Analytics in
2013
We’ve all heard the both the hype and truth of Big Data and Digital
Analytics. With so much information available to companies regarding their
customers, it’s considered a catastrophe for companies not to be on-board the
data bandwagon. The concepts of Big Data
and Digital Analytics, along with the numerous applications, are infiltrating
throughout multiple industries and have made significant influences in business
strategy.
While it’s true that the future of business belongs to those
individuals embracing the big data concept, it’s even more advantageous to
understand how 2013 will be shaped by new trends in analytics. Here are six
trends in Digital Analytics and how they’ll shape the way business are run.
1. Rise in Data Applications
The demand for easily accessible/user-friendly data
applications has risen due to the influx of customer data and the need for
non-IT professionals to utilize data analytics and consumer insights in their
business decisions.
This new group of
applications, from well-known competitors like Hadoop and MapReduce, to emerging
players like Qlikview and Kognitio, will be expanding big data insights across numerous
industries. This will drive a huge competitive advantage enabling businesses to
clearly see new opportunities for engaging with their consumers.
2. Growth in Mobile
According to a recent Business Insider article, by the end
of 2013, there will be roughly 1.4 billion smartphones in use around the world
and mobile devices will overtake personal computers as the most widely-used web
access tools.
So what does this mean for the world of data analytics? It
means better access to customer information and thus quicker/more efficient
business decisions. With the ability for CEOs, Project Managers, or any
individual for that matter, to access customer information no matter their
location, equates to boundless opportunities. Mobile technology affects every
individual whether they’re the CEO of the company utilizing the analytics or
the customer providing the information.
3. Locality of Analytics
Location-based data is providing enormous possibilities for
companies seeking new ways to engage their customers. Having the ability to not
only understand their customer’s buying behavior, but also realize where
they’re at during any given time, provides the opportunity to create “hyper-local”
offers. (per Wikipedia: HyperLocal content refers to content intended primarily
for consumptions by residents of that area)
Outside the common direct marketing users, location-based
data is helping many different industries excel in their line of work. With so
many individuals utilizing location-based features on sites like Facebook,
Google, Yelp, and Twitter, there is now useful data outlining customer
preferences that companies can take advantage of in their marketing schemes.
There’s also the increasing usage of local data-based searches on search
engines like Google and Bing, which provide customer insights on buying
behavior.
4. Data Governance and Best Practices
With so much consumer information being available 24/7 to
hundreds of different companies, the issue of data security has become a
popular topic of conversation. The concept of Data Governance refers to the
overall management of data being exploited by a company. This particular data
management includes issues in data accessibility, data integrity and data security
by those applying analytics.
Data is becoming increasingly valuable for competitive
industries and so is the practice of guarding customer information. If a
company wants to gain the competitive edge while also maintaining its integrity
and reputation, it’s an enterprise-wide duty to create best practices to
protect different types of data such as financial information, trade secrets,
and even patient health information. An effective best practice plan will
generate an increase in data quality and thus create new business while also
maintaining existing customer bases
5. The Socialization of Data
Social Media is becoming a universal movement across various
platforms. With such a prevalence of users across sites like Facebook, Twitter,
LinkedIn, and Google+, there is an exuberant amount of opportunity for
companies to engage with their customers, while also gathering valuable
insights on their buying behavior, personal preferences and product opinions.
Obtaining these valuable consumer insights is the ability to
analyze data within social media sites and subsequently transform it into
knowledge. One of the issues surrounding social media analytics is
understanding what to measure. Often users that are seeking social media data,
have the goal of identifying upcoming trends. The secret however to gaining
this much sought-after status is to know what you’re looking for, but also
using technology that will provide valuable insights that may not have been
sought after. These applications will therefore gain popularity as companies
understand the importance of social media-derived data.
6. Evolution of Business Intelligence
The concept of Business Intelligence is absolutely vital for
all companies across various industries. Obtaining customer data is only the
first step in the right direction. Having the ability to understand and
visualize significant business metrics via a dashboard and thus generating
strategy is the key behind business intelligence.
So where is Business Intelligence headed? There are three important directions that
Business Intelligence is headed. The first is Unstructured Data, which is data
outside a database and that can be easily accessible by anyone within an
organization. The benefit unstructured data holds on business intelligence is
the opportunity for individuals across various departments to understand their
company’s data analytics and thus make efficient business decisions.
The second route Business Intelligence is going down is the
idea of Cloud-Based BI. Despite the fact that many companies would want to
purchase BI systems, they’re often expensive to install and can require
continuous maintenance. Building a BI system as a Saas (Software as a Service)
creates the opportunity for more individuals to access key analytics while also
allowing for easy BI software updates.
The third route in which Business Intelligence will venture
is Mobile BI Applications. As noted above, mobile usage has dramatically
increased and will soon takeover PCs as the main web access tools. Therefore
having the capability to access business intelligence anytime, anywhere, and on
any device, creates massive opportunities for business large and small.
Resources Used
-Adler, Steven. Six
Steps to Data Governance Success. May 31, 2007. CIO. http://www.cio.com/article/114750/Six_Steps_to_Data_Governance_Success
-Badlani, Amman. Driving
Consumer Insights with Mobile Analytics. April 19, 2013. Search Engine Watch. http://searchenginewatch.com/article/2262641/Driving-Consumer-Insights-With-Mobile-Analytics
-Brandon, Amanda. Four
Trends in Business Analytics and Data Analytics. September 8, 2010. Spotfire.
-Howson, Cindi. 7 Top
Business Intelligence Trends for 2013. January 25, 2013. Information Week. http://www.informationweek.com/software/business-intelligence/7-top-business-intelligence-trends-for-2/240146994
-Jordano, Lou. Future
Uses for Data Analysis and Location-Based Data. October 16, 2012. Spotfire.
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