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Often, when we think of marketing insight and analytics, retail is the first to come to mind. But, every industry - from retail to medtech to fintech - wants to better understand their customers through feedback and to study their behaviors. Investing in business intelligence and analytics continues to grow at a rapid rate. The beginning of 2017 saw a few predictions on the rise, not the least of which is how analytics will continue to shape events within the business community.
Cloud Analytics Embedded in BI
Many organizations have opted to move most of their business to the cloud and cite analytics and business intelligence as their primary reason for the move. Beyond the overarching benefit of BI, the cost reduction due to minimized hardware and infrastructure, implementation, and administrative costs are contributors to the decision as well. As cloud options mature and additional benefits such advanced analytics, unstructured data capabilities, and collaboration are realized, cloud analytics will increasingly prevail.
Collaboration and Data Information
Business Intelligence and analytics tools will be integrated with business applications such as CRM, human resource management, and strategic planning. Analytics embedded in BI helps to improve the end users experience and increase productivity. Data quality will be higher and insights quicker with the advent of collaborative analytics embedded in BI and stored in the cloud. Data and analytics is no longer a luxury, it is now a necessary part of business.
Solving complex problems using business analytics are more conversational, more collaborative, than in years past. Through interactive reports data is shared live for more real-time decision making allowing businesses to more effectively and efficiently manage their data. These data-driven insights will fuel an organization toward their common goal through collaborative analytics. Roles will expand within businesses to empower employees to have a more active role in shaping the end user experience.
Business-oriented AI will continue to predict sales and marketing trends. However, executives will focus less on reports and more on actionable insights delivered via any device the executive prefers. These trends will ultimately save time for data scientists to solve more complex business problems through creative means.
Data analytics is fast becoming a mandatory requirement in business. And as such, an increase in online learning courses and training has steadily become a core competency for every industry. Analytics will no longer be relegated to the select few (data scientists), but open to all as more and more businesses require analysis as a core requirement. Pushing the boundaries of innovation, a national leader in the financial services industry, is driving change in their market strategy. Using statistical tools such as SAS, SQL, Python, and R, their goal is to optimize market spend through up-sell and cross-sell of their existing customer base.
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