Big Data is getting bigger by the second. Information Age notes the demand for data adoption surged from 17% in 2015 to 59% in 2018! Corporate decision-making has evolved enormously in the last two decades, given the dawn of technology, mobility, digitization, and of course, the internet. Data analytics has become a blueprint for success in 2021.
Both technical and non-technical organizations today are committed to generating as much data as possible. When data is analyzed using relevant tools it can help businesses make faster & better decisions based on facts. Entrepreneurs have recognized that the utility of data analytics is far beyond IT operations. Meaningful interpretations of data can be leveraged for higher engagement, customer service & retention, building loyalty, and increasing efficiency of operations.
Why do organizations today need Data Analytics?
With the right tools, Big Data can reveal important insights about human interactions and behavior that can help various industries such as healthcare, sports, and entertainment. Research and Markets estimate the approximate data generated per day to be 2.5 quintillion bytes of data. The digital footprints of Internet users form patterns, trends, and associations that can be analyzed and computed by online tools. These tools interpret data in particular contexts, enabling businesses with real-time analytics. Real-time data analytics is the only way for businesses today to stay on top of the competition, particularly when businesses are faced with the challenging pressure of constantly keeping up with industry trends, opportunities, changes, and strategies of the ever-evolving market.
The COVID-19 pandemic is a recent example of how data analytics was used to produce valuable data to understand more about the disease and protect the public. X Analytics is a term coined by Gartner.com, in which the variable ‘X’ stands for various types of content (both structure and unstructured) such as video analytics, text analytics, and so on.
One among many of the reasons why X Analytics was on the rise in the corporate world during the pandemic was to learn more about their customers and look for efficient ways to serve them. Amid the pandemic, processes like sentiment analytics, predictive analytics, location analytics, diagnostic analytics, video analytics have proven mighty resourceful. The new patterns that emerged through data analytics were found useful for several industries including the healthcare industry that utilized X Analytics the most to prevent coronavirus infections or the logistics centers that utilized it for tracking shipments.
How does Data Analytics benefit your business?
As organizations consider incorporating X Analytics to tap into the otherwise unknown facts, here are a few applications of real-time data analytics that every business should consider:
1. Proactive Marketing: Understanding your audience in the light of the new patterns and associations that X analytics reveals, helps you market your products or service with a superior strategy. Data Analytics provides businesses with insightful information about the real-time performance of the current and past campaigns. This information can be used to make minor or major changes to the campaigns that are currently live so that they can be optimized for the desired outcomes.
Campaign analytics tools help analysts gain access to specific audience segments that show the highest likelihood to engage with a particular campaign and relate to it. This information can be used to tweak the target-audience criteria through manual or automatic means. X Analytics helps you rule out the junk leads and improves audience-targeting which results in better conversion rates
2. Faster, Better Decision Making: Data analytics is all about decision support. In other words, data analytics software supports businesses by helping them make better decisions. Harvard Business School Online Reports show that highly data-driven organizations are three times more likely to improve their decision-making than those who depend less on data. As mentioned above, better decisions are increasingly becoming synonymous with faster decisions given the pace at which markets evolve today. X Analytics provides businesses with immediate and continual insights meeting the needs of businesses that work remotely from various corners of the world bringing all stakeholders up to speed with the most relevant information.
One of the top trends of data analytics is Decision Intelligence. Decision intelligence combines multiple aspects of analytics. These include decision management and decision support to provide a framework for analysts to design, compose, model, execute complex businesses, and much more. According to Gartner.com, 33% of large organizations by 2023 will have hired analysts who practice decision intelligence, even for decision modeling.
3. Better customer service: Organization’s invest a great deal in customer service and integrate their real-time data into the processes and operations at a call center. X Analytics provides scope for improved customer service experience.
Data Analytics grants call center agents to access to information that helps them cater to any issue prompted to them by the customer, while they are speaking with the customer. This information is accessed through real-time data analytics for an end-to-end insight-driven customer service experience.
4. Better operations: X Analytics gives the big-league and multinational businesses just what they need to function efficiently. Businesses can use the data for IoT sensors, surveillance videos, and other such technologies to monitor productivity, production, and backlogs. According to Tableau, Lufthansa the largest German airline was able to increase operational efficiency by 30%.
Analysis of such data can provide an accurate report of business operations. Data Analytics can also help improve, balance, and update operations systems to meet targets and ensure a seamless operations process.
The increasing significance of Big Data & X Analytics in practically all industries are a sign that data- research analysts, applications and tools will bring forth countless advantages for all types of business, big or small. Given the recent pandemic-scare, it has become quite clear that running a business only makes sense if business leaders think long-term. On a parting note, here’s something from GS Lab, a company that helps businesses transform with technology. The real power of data is appreciated when “we move from data to insights to decisions and actions”. Data Analytics is the key technology that is gaining momentum today, by helping entrepreneurs and business leaders to run successful businesses from a long-term perspective.