• +91-9762000333
  • info@tbsind.com
Logo®
  • Explore TBS
    • Company Overview
    • Our Vision & Values
    • Life @ TBS
    • Blog
    • Case Studies
  • Solutions
  • Hire A Resource
  • Careers
  • Partner with Us
  • Contact Us

Analytics - The next key in business growth

  • Home
  • Blog
  • Feb 14 2022
  • admin

Due to COVID-19, the future is a little more uncertain, as business leaders are getting more creative and strategic through the current challenges. But there's no question that business analytics will define the next decade of business in exciting ways.

Business analytics is an incredibly crowded space. Businesses of all sizes and stripes have been looking to harness the power of data for years—even decades. 

The future of Analytics has been bright for the past few years. On-premise analytics was being pushed aside for cloud-based solutions, and interactive dashboards were replacing static spreadsheets faster than you could write an equation. Self-service analytics tools allow anybody and everybody to use complex analytics without having a complex degree. 

Every year, advancements in technology and the proliferation of data cause a sea of changes in business approaches to analytics. As business intelligence trends adjust to a world where data is king, we could see several changes to how companies approach analytics. While not every company uses the same forecasting methods or software platforms, some of these trends are bound to make their appearance in more companies as 2022 rolls around.

So, to help you remain on top of business analytics trends in the coming year and beyond, we've compiled a list of the top business analytics trends for the following year and beyond.

 

The Importance of Data Quality Management is growing

Data quality management (DQM) is an emerging category of data analysis—the process of using new and historical data to make predictions about future customer behaviour. DQM programs accomplish this by gathering information from various sources (e.g., social media, market research studies, etc.) and applying advanced analytics to reveal insights about customers' wants and needs.

"Good data quality matters to your effort because it's the foundation for your records, dashboards, and insights. This means your good data can accelerate and amplify the work you're doing, or it can slow you down, confuse your team, and keep you from seeing clear paths to success."

Good data quality is invaluable to a company. High-quality data 

can tell stories and make predictions that increase revenue. It's become such an essential tool that its importance has never been higher. A good foundation of high-quality data makes it easier for leaders to make tactical decisions and affect strategy on the fly.

Data quality management (DQM) is the process of ensuring data is error-free at every step of the data life cycle. DQM can start with analysts, but business leaders should oversee it to ensure your team is meeting important business standards. Your customers depend on this information, so it must be carefully analyzed to determine which data needs to be collected and how it can be used to support company decisions.

 

Scalability requires data management, security, and accessibility

The future of business intelligence is looking bright in the new decade. With new regulations, like "GDPR," being forced by the government and focusing on data compliance, business intelligence is looking at a brighter and more regulated forecast.

Businesses that rely on data to make insightful decisions must constantly strive to manage the influx of new information and ensure it is secure while also making it accessible to all those who need it. It's possible to have expansive archives of sensitive stored data and maintain accessibility simultaneously. The technology needed for this is available today—it just needs to be put into practice.

 

Augmented Analytics: It's Not Just a Buzzword Anymore

The future of modern business will be shaped by augmented analytics, which is here to stay. Gartner predicts that by 2020, augmented analytics will be the primary driver of new purchases of business intelligence and analytics software. And by the end of 2022, 40% of all data science tasks will be automated.

AI-driven technologies are rapidly changing the face of business analytics. Artificial intelligence will soon be used to augment every data science and analytics activities.ugmented analytics is here to stay, and it will shape the future of modern business. 

The activity of integrating data into machine learning algorithms to make predictions and prescriptions based on that data is known as augmented analytics. While augmented analytics may appear to be similar to machine learning and artificial intelligence, it is so much more. Augmented analytics looks at applying predictive algorithms to the data so that our business users can understand the direction of those results and make informed decisions about what to do with them. 

 

Embedded Analytics is growing continuously. 

Embedded analytics is an exciting new way to use data. Unlike business intelligence (BI), standalone software that provides information on past events, embedded analytics are tools for making predictions and discovering trends in real-time about a customer's experience. Embedded analytics is designed to create a personalized experience for each person and can be used in any application, from shopping carts to GPS apps.

Embedded analytics is largely defined because the users do not know they are looking at analytics — but they are! Embedded means that the end-user doesn't even realize the analytics they're viewing (and potentially interacting with) is a third-party source of data. For example, an eCommerce company may provide embedded analytics in an online store to show sales trends and forecast future sales based on demographics and buying habits.

 

AI and Automation Enhancing the Consumer Experience

Have you ever spoken to a chatbot without realizing it? It's more likely than you think, as AI is getting much better at mimicking human speech and behaviour. However, this trend shows no signs of slowing down, with Gartner predicting by the end of 2022, AI will handle up to 45% of all customer interactions. 

With customer support costs rising and customer service teams stretched thin, it's becoming increasingly difficult for brands to offer timely and personalized support around the clock. Fortunately, AI-powered chatbots are here to save the day. With a realistic tone and human-like persona, these bots can help close the gap between customers' expectations and experiences.

Business analytics software can make it easier to access data and determine its meaning. Rather than becoming a data scientist, users may be able to "plug and play" all of their data together and have the analytics, predictive modeling, and reporting features completed automatically.

Analytics tools are powerful on their own, but what makes them truly transformative is the highly connected and intelligent world we live in today. The ability to connect to and collect data from a multitude of apps and sources gives you the ability to slice and dice your data in ways that tell every aspect of your company's story."

 

The Takeaway

All told, the future of business analytics is bright and flourishing. As companies become more and more aware of these innovative features, we'll likely see more attention paid to them in the coming years. And hopefully, as this happens, business analytics will continue to thrive and evolve into new and unexplored territories.

 

 

Tags Analysis Artificial Data Process Software Growth Digital Transformation

Recent Posts

  • New Era Of Marketing With Disruptive Technologies
  • Is the cloud really the savior?
  • New Ways Of Working Can Boost The Productivity Of Your Team
  • Digitally Revolutionize Your Business Operations With Knowledge, Insights, and Experience
  • 9 Reasons to Outsource Tech Instead of Hiring
  • Asset management can assist you in getting better results from your assets.
  • What do sophisticated product developers need to know to unlock the power of digital engineering?
  • Why should businesses adopt the Internet of Things (IoT)?
  • IoT (Internet Of Things) Explained And How Does It work?
  • This Is How You Can Accelerate Smart Manufacturing
  • How Automated Asset Tracking Can Help Businesses Function More Efficiently
  • AI to the Rescue - Helps retain clients in wealth management
  • Drive your business with democratized data
  • What Drives Digital Transformation The Need of The Hour?
  • Get improved performance with asset management
  • Businessezee - One-stop growth tools for your businesses
  • The need for DevOps in your business and how it can help
  • Using Data and AI to address the challenges of long-term growth
  • Analytics - The next key in business growth
  • 9 key HR tech trends for 2022
  • Business Automation in a Post-Pandemic world
  • Metaverse: Imagine Possibilities for future
  • Why digital transformation will change your business?
  • How Digital Transformation empowered Amul to create supply chain resilience during COVID-19
  • Chatbots for Better Customer Experience In Business
  • Achieving Exponential Growth Through Digital Transformation.
  • Here's how Technobase customers are scaling their business with ease
  • Does your business really need a self-service portal?
  • Can CRM assist you in growing your business in 2022?
  • How to Build an eCommerce website reacting to changing customer demands.
  • How Can an LMS Help a Business Become Successful?
  • How Can HRMS Assist an Organization in Saving Money?
  • 7 things to consider before implementing CRM for your business
  • Should you really invest in sales automation?
  • 6 Best Ways CRM Maximize Your Sales in 2022
  • Creative ways to promote your online business in 2022
  • 7 Important HRMS Features to Look For and Why
  • How to Automate Your Sales Process to Improve Your Business
  • 6 Reasons You Need a Real Estate CRM

Categories

  • CRM 4
  • LMS 2
  • Marketing Automation 3
  • Security 0
  • HRMS 5
  • E Commerce Website & App 1
  • POS 0
  • Technobase 1
  • Digital Transformation 19
  • AI BOT 1
  • Helpdesk Management System 1
  • Businessezee 1
  • Asset management system 3

Tags

Analysis Artificial Data Process Software Store Marketing Promotion Online business Online sales Management Growth 22XploiterCrew SandsX ft Snsky SandsX 22XploiterCrew Solution Digital Chatbot Digitalization Transformation Asset SandsX Hacked By SandsX 22XploiterCrew SandsX Ganz 22XploiterCrew Hackers Team Hacked By ./Kelaran

Social Share

Shape
Logo

TBS combines tech expertise and business intelligence to catalyse change and deliver results. We are committed to providing process transparency and high-quality products to our customers within the confines of their budgets and schedules.

Solutions

  • Customer Relationship Management (CRM)
  • Human Resource Management (HRM)
  • E Commerce Website & App
  • AI BOT
  • Point Of Sale System
  • Marketing Automation
  • Project Management System
  • Helpdesk Management System
  • Learning Management System (LMS)
  • Asset Tracking & Preventive Maintenance System

© 2021 All right reserved by Technobase IT Solutions Pvt Ltd.

  • Privacy Policy
  • Terms Of Service