As companies seek to use information assets to grow their brands, improve operational efficiency, and expand customer relationships, business analytics and intelligence are highly in demand. It is becoming more difficult than ever to meet the changing demands and expectations of an ever-growing analytics community. Users want more control, faster development cycles, and better visualization and analysis capabilities.
To gain the next competitive advantage from data, organizations are closely monitoring emerging trends. It is easy to spot a trend if you have more information than your competition. Organizations continue to increase data volumes at an alarming rate, as they tap into new sources of information from social media and online customer behavior. It is important to know how your business can leverage emerging trends in analytics to gain actionable insights that will help you understand and grow your brand.
How to Use Emerging Trends
Trends are constantly emerging in the analytics industry. Here are some important emerging trends that companies are using to gain competitive advantage.
Customer Analytics Innovation Powered by Big Data From Social Media
For many years, consumer data intelligence has been a key driver of growth in prediction and pattern recognition. Companies want to compare transactional data with demographic information during brick-and-mortar stores. Advanced companies took this one step further by mining the data to uncover product affinities or buying patterns. After e-commerce and call centers became established, companies needed to expand their analysis to include all interactions data, which would have a huge impact on the amount of information available.
Customers are using social media to communicate their shopping and personal experiences, as well as influence others via word-of mouth advertising. Companies are eager to collect and analyze this type of social media activity, both from existing and potential customers.
You will be able to gain a competitive edge over others by analysing the big data from social media activities. This data is used by major companies such as eBay, Yahoo! and LinkedIn to determine the content placement and feature development.
Decision Management allows organizations to be predictive
Automated information technology is being used by the most innovative companies in all industries to reduce delay in customer interaction, prevent fraud, respond to supply chain changes and more. It is important to run a business in real-time, which allows companies to provide excellent customer service and fast responses. Information analysis is an important part of achieving the operating in real time goal. It allows customers to be more proactive and predictive. This allows businesses be prepared for any predicted events.
Text Analytics Help Firms Interpret Social Media Trends
The continued interest in social media analytics has brought a spotlight to text analytics. This technology is crucial for understanding customer reviews and “sentiment” on social networks. Text mining and analytics, like data mining, can include a wide range of software and techniques such as predictive analysis, natural language processing and visualization.
Companies have found text analytics to be a competitive advantage due to the ability of companies to understand customer sentiments while they interact with call centers. Companies may record customer voice of customer (VOC), comments from customer or call surveys, but they are not able to analyze them and share them regularly. Social networks, on the other hand allow customers to share information in a casual and natural environment that can be chock-full of clues about the success or failure of a product. Text analytics is used in healthcare to monitor social networks and help companies understand the experiences of patients when they take certain drugs or undergo treatment.
NetBase Quid, a platform for marketing and consumer intelligence, helps companies to better communicate with customers, provide business insights to uncover trends and patterns, as well as understand the market. NetBase Quid provides a range of services, including brad health, perception, campaign strategy, trend analysis, product innovation, ad launch, and campaign strategy.