Trends happen all the time. It’s how you respond to them that allows you to gain a competitive edge in your industry. Your competitors are working hard to be just as successful as you are. If you want to prove that you’re unique and truly stand out, it’s critical that you have the data needed to know what’s going on. Your ability to access the data and analyze it is what will provide you with the edge that’s needed to be truly successful.
Emerging Trends in Data Analytics
New trends emerge regularly as it pertains to data and analytics. Learning about these trends allows you to implement them in the way you use data. It can ensure you understand more about your business and put the data to good use with the way you manage your business.
Trends shift based on new technologies as well as what’s going on in the world.
Some of the top trends right now focus on:
- Artificial intelligence (AI) and machine learning are making it easier to process data and offer insights
- Context is being offered as opposed to simply providing a dashboard
- Decision modeling is designed to offer decision making through the use of adaptive technologies
- X analytics allows data to be combed from any type of content – audio, video, text, etc.
- Data and analytics work hand in hand to improve the level of collaboration and foster a higher level of communication
Top companies look at emerging trends to see how they can benefit. Some companies are using AI as a way to improve supply chains. Other companies are using context to ensure data stories consider what makes them unique.
While it’s important to know what all of the trends are, you’ll want to pick and choose to see how they can benefit your operations. Not all trends will apply to your business and your industry.
The Tools Businesses are Using to Embrace Data Analytics
There are more tools than ever, allowing you to tap into the data so that it makes more sense. The data is already there – it’s what you do with it that makes a difference.
Some tools will analyze the data for one thing while other tools will analyze for another. To ensure you get the full picture, it’s critical to have various tools at your disposal.
The companies that are maintaining a competitive edge know it’s important to research the tools, consider the interface, and even examine the costs.
Below are a few of the top tools being used:
- Microsoft Power BI: Build automated learning models to explore data.
- TIBCO Spotfire: Use AI and natural language to obtain data insights.
- Qlik: Explore data in and out of the cloud.
- Google Data Studio: Get a tool that integrates with Google Ads, Google Analytics, and more.
- Redash: Obtain visualizations from the queries that you write.
- Python: Various third parties integrate to offer data visualization and machine learning.
- Looker: Identify relationships by using automatic data model generation.
- NetBase Quid: Reveal contextual business trends by using the market intelligence platform.
When you start to learn more about the data, it can make it easier for you to grow your business.
How to Use Data to Develop a Competitive Edge
Data is being used to tell you how to run your business more successfully. You can find out who your target audience really is, what needs to be done to remain innovative within your industry, and what can be done to enhance your marketing campaigns.
The data that you obtain has to be analyzed. By applying AI and machine learning to the data, you can also take it to the next level. Decisions can be made for you, ensuring that you’re always doing right for your business.
Companies like Coca-Cola, Timberland, Buzzfeed, and Netflix are all using data analysis in one way or another. They can monitor trends, increase revenue while lowering costs, and more based on the platforms they’re using.
With the help of various platforms, you can use data analytics to drive growth more effectively.