The business world is evolving rapidly with the massive volume of innovation and technologies driving various domains at the same time. Not long ago, a business would essentially focus on Marketing, Sales and Customer Service only. However, in 2019, things have changed and how. Today’s businesses are focused much beyond and farther – essentially driven by data and customer experience. To stay on top of the changing landscape of business operations, you should equip yourself with knowledge and expertise that one can earn by enrolling with leading Business Analytics courses.
Here are the top 5 business analytics trends that every professional should know about.
Big Data and Computing
Big data refers to a large pool of data collected and processed from various sources like the website, social media, mobile devices, emails and traditional data warehouses. The need to learn Big Data trends and master computing has become a prerequisite for all professionals looking to build their careers in analytics, programming and cloud infrastructure.
A native definition of Big Data computing would suggest that professionals need to work with Petabytes and Exabytes of data, digging through trillions of data points from qualified sources that we have mentioned above and so on.
Most CIOs and CTOs agree that these two technology mainstreams, Big Data and Computing, are merging together, fueling a massive amount of disruption across organizations.
For a better understanding of Big Data and computing, professionals need to extend their expertise in these areas:
- Platform-as-a-Service (PaaS)
- Infrastructure-as-a-Service (IaaS)
- Software-as-a-Service (SaaS)
- Data-as-a-Service (DaaS)
- AI-as-a-Service (AIaaS)
Machine Learning-Based Business Analytics
Everyone seems to be hell bent at deploying Big Data systems without enforcing standards of analytics.
“What we really want to look at is the analytics that Big Data can provide,” said a leading CIO recently when inquired about the top trends in business analytics.
The capacity of today’s super computers can make any data look easy to process, however, the real challenge is to bring real-time analytics to serve purpose at scale.
As software and machine learning algorithms become smarter and faster, business analysts and data professionals would have to rely on highly efficient hardware systems as well.
Leading companies are already relying on machine learning-powered BI and business analytics to carry out various operations, such as –
- Cyber security and Risk Management
- Inventory Cost Optimization
- Fraud analysis
- Market Intelligence/ Competition Analytics
- Search Engine Management
- Mobile Data and Location Data analytics
- E-commerce and Cloud Analytics
Various industries such as Banking and Finance, IT and ITES, Medicine and Healthcare, crypto currency, Marketing and Sales, Automation and Robotics and many more are adopting business analytics driven by machine learning already.
Media Intelligence and Social Media Monitoring
Data discovery is a powerful trend that has shown its value in 2018. Major business operations now rely on Data Discovery technology to understand how customers and competitors reach to a particular incident, like product launch, leadership hiring, funding, merger and acquisitions, events and conferences and so on. Media intelligence is at the center of all things that are designed to strengthen and fortify marketing and brand management efforts.
Business analytics training are focusing at length on media intelligence and social media intelligence strategies to bundle and tie in with existing brand analytics management. These are social media management, online analytics, social media measurement and crowd sourcing.
Mobile and field assistants are ruling the roost. Today, 70% of the businesses are carried out from mobile devices. They are easy to manage and connect easily with all the existing SaaS and cloud platforms required for operations, including for CRM, HR management and contact management. To reduce cost, businesses are hiring more business analysts who are entirely trained on Mobile-based platforms and visualization dashboards. In the future, mobile would replace and solve 90% of IT-related challenges.
Virtual assistants and chatbots
This brings to the final trend point of the article. We can’t hide the fact that bots are indeed the future human touchpoints for all forms of communication across channels.
Marketing, Sales, and Customer service professionals are adopting chatbot and self-service contact center tools to build more relevant, 360 degree customer relationships based on intent and sentiments revealed across various online and offline channels.
In addition to these, HR managers and wealth managers are also adopting these core business analytics tools to hire their respective human resources and reduce attrition in their industry.
Are you prepared to take on the future?