2020 was an unprecedented year for shifting businesses online. Technology, never quite in the background, arrived center stage to help drive transformation in a variety of industries. Many businesses were forced to change their processes, how they interacted with their employees, customers, and with each other.
One of these major shifts was in Advanced Analytics and Insight. Stemming from a Marketing perspective which had specific deliverables of demographics, location, and consumer histories, advancements found a place in working with unstructured Data. Working in tandem with these new analytical insights
, artificial intelligence brought learning, problem-solving, planning, and other naturally human behaviors to life. This includes in the creative fields, not just in traditional industries like Finance or Retail.
In a study conducted by Forrester on behalf of Intel, though most businesses know Analytics can drive their business forward, less than half are taking advantage of these transformational technologies.
Below are a few ways Advanced Analytics can drive business forward
1. Decision Science and the CDO Roles Will Grow
In a seemingly counterintuitive measure, while most businesses were cutting back in IT, Data and Analytics budgets were expanded. As the Chief Data Officer and Decision Science roles increase in importance, businesses who know the value of their Data can derive actionable insights and business decisions from these executive level communicators.
2. Access to a variety of Data Sources Will Help to Streamline Business Operations
With most businesses operating strictly online or in a hybrid ecosystem, optimization of processes is key. In the ever-changing market systems, buyer behaviors and the consumer journey will increase dependency on Data and Analytics as businesses seek to meet consumer demand.
Offering bespoke solutions and coordinating such Data sources as chatbots and call centers, businesses will have the opportunity to create a seamless system as they adopt and implement technologies such as Advanced Analytics and AI. In the right mindset, these practices can also drive partnerships within their ecosystems from Data Science to technology vendors with AI capabilities.
3. Sharpening Focus on Measurable Projects to Increase ROI
Rather than rely on third parties, Data will become part of the business offering value in their operations. It will drive how they operate, deliver, and understand the needs of their consumer. Owning and managing their own Data will provide unique insights they may not have been aware of before.
Sharpening their focus to get a good return on their analytics investment, businesses will broaden their ecosystem. Seeing the bigger picture, businesses will also want to access more specific insights that drive actionable answers to their questions.
4. Machine Learning, NLP, and Domain Expertise Can Help Scale Data Modelling
As AI, Advanced Analytics, NLP, and Machine Learning platforms come into full swing and in combination, new Data Modelling opportunities can increase insight. Automated processes of Data classifications will drive scale increasing both the amount of Data and a granular level of detail to be extracted.
The specialization of these Data platforms will only grow in importance. In our always-on, always on demand world, the need for Advanced Analytics professionals and a variety of posts in the Data profession, businesses will expect strong domain knowledge. They’ll be looking for professionals and platforms which can help them understand specific use cases. Rather than just simple demographics and birds-eye views of their consumers, they’ll want to drill down to not only what they can provide now in terms of goods and services, but anticipate what consumers will want and need for the future.
In the last year, we’ve absorbed a lot of information, and have struggled to distill it in actionable insights. But, if you’re interested in Marketing and Insight, and would like to shift into Advanced Analytics and Insight, we may have a role for you.
Not your bag, but interested in Life Sciences, Decision Science, Machine Learning, or Robotics just to name a few, Harnham may have a role for you.
Check out our current vacancies
or contact one of our expert consultants to learn more.
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