There is no denying just how important data analytics is to literally every business of any size. To say that your company doesn’t need data science to survive in this hi-tech world we live and work in would be like asking a cardiac surgeon to do a transplant in the dark. Data analytics is used to predict everything from buying trends to prices to consumer behavior and everything in between. How would you even be able to set a budget without historical data to work with and a predictive analysis based on that data. With this in mind, you will undoubtedly notice that technology plays a huge roll in data analytics, so the forecast trends for 2022 will rely heavily on tech.
AI and Machine Learning
One of the more recent elements of data analytics would be the use of artificial intelligence as it relates to machine learning. As a result, AI and machine learning have become a strong focus in graduate degrees such as the Masters in Data Science from nationally recognized schools like Baylor University.
While data mining software has made it infinitely faster for data analysts to collect and analyze data, imagine having a brain that worked in nanoseconds like the speed of a computer. A huge amount of emphasis is now being placed on giving computers the ability to both gather and analyze raw data as it’s collected. That’s an amazing accomplishment and even though the field is still in its infancy, great things are expected in 2022. As a result, predictive analysis will offer immediate solutions to queries based on information collected and analyzed in mere moments.
Decision Intelligence and Predictive Analytics
How many times have you been presented with something in which an immediate decision is required? Nine times out of ten it’s an impossible request, especially if you don’t have the data on hand from which to base your decision. Computer technology has made it faster to mine the data needed, but there is still a decision to be made. As mentioned above, this is where the focus on AI and machine learning can offer faster results.
Not only can one issue be addressed but entire processes and departments can be run more efficiently based on the field of predictive analytics. Such things as market trends, customer behavior and geopolitical events can be factored into a predicted outcome which can lead to improved efficiency. More and more companies are seeking a better understanding of AI as it relates to their industry and as a result, this is one area of data science that is predicted to explode in 2022.
Graphs for Ease of Quick Analysis
Another element of data science takes into consideration the various ways in which humans interpret data they are given. Some people do well with verbal comprehension and others better understand visuals. Data science explores that concept as well as various ways of presenting the information for better understanding. Graphs are an important element in data analysis because they can be quickly assessed and addressed.
Here, a word about infographics is important. Infographics can be an effective sales tool for those consumers who work better with visualizations. There are those who will be able to assess mathematical data while others can quickly see which products or services are most relevant to their wants and needs. It will be interesting to note how many businesses rely on computer generated data infographics as part of their marketing strategy.
Interdepartmental Data Democratization
Thanks to the digital environment in which most businesses of today operate within, it is getting easier and easier to make data analytics available to every department within a company. Data democratization has been referred to as the ‘Self Service” access to tools necessary for data analytics. The focus of this practice is in creating a dashboard of tools that are user-friendly and don’t necessitate a background in technology or data science. By making the capability of data analytics available to all departments the benefits are multiple. They include:
- Analysis of customer intent
- Tailored customer service
With pertinent data available to the department in question, they can easily assess past outcomes to tailor more efficient operations. From R&D to sales, essential data to analyze customer intent can improve customer experience. Putting data analysis in the hands of your customer service desk can also aid them in determining who best to refer the complaint or question to. Historical customer service data with outcomes makes it easier to put that customer in the care of the employee best able to help them.
Enabling the Augmented Consumer
Just as AI and machine learning can facilitate better decision-making processes for various departments within an organization, so too can they lead to the development of an augmented consumer. With a user-friendly dashboard it is possible for consumers to gather the information they need right there on a business website. They will not bounce off as quickly as in the past to find the data they need prior to making an informed buying decision.
This is being referenced as the ‘augmented consumer’ and as more and more businesses offer this feature, it will be time to begin analyzing the data collected in order to reassess the concept of an augmented computer to make modifications and improvements going forward. It is already well known that consumers like to research products before buying, so giving them the capability of doing that on-site may just lead to higher conversions.
This Is Just the Beginning
Instead of summing up what we’ve mentioned, perhaps it’s better to close with the fact that these top trends for 2022 are just the beginning of where the field of data analytics is headed going forward. Not only will it provide the ability to operate more efficiently within an organization but advances in technology will also greatly improve the customer experience. Given this information on trending data science technology, which of these above-mentioned trends do you predict your company will be investing in this year?
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