Following the announcement of Theresa May’s Brexit plan and a couple of high-profile Cabinet resignations, the pound tanked while city firms considered the likelihood of a no-deal withdrawal from the EU.
This hints at a potentially problematic time for businesses, who are struggling to cope in a volatile economic climate and the uncertainly that surrounds Britain’s exit from the European Union.
With this in mind, businesses need to get serious about data and its analysis if they’re to make informed decisions in a post-Brexit world. So here are some of the latest trends in business analytics to help you on your way:
The Popularisation of Automated Insights
While companies have been gradually transitioning from pre-built to automated reports for years now, the next 12 months will see the latter grow to dominate the market.
By 2021, 75% of prebuilt data and reporting software will have been replaced by automated insights, which are customisable and delivered on a priority basis.
Another key benefit of automated reports is that they’re intuitive, helping businesses to delve deeper into their data and review key metrics such as conversion rates in far greater detail.
So while the current trend is seeing pre-built reports being augmented with automated insights, the latter will become increasingly dominate as the years progress.
The Rise of Adaptive Device Interactions
The popularisation of apps and mobile devices is also a key trend in the world of business analytics, with a growing number of interactions now classed as adaptive.
In fact, it’s believed that every personalised interaction between users and apps will be adaptive by the year 2022, as the range and quality of customer data gathered continues to evolve with time.
The deployment of personalisation and AI is extremely important, as they’ve introduced a concept known as ‘calm computing’ that requires the minimal amount of a user’s attention.
This means that apps can garner the necessary data quickly and efficiently, even in an age where people are constantly engaged by content, videos and branded adverts on their smartphones.
Real-time Analysis is Set to Become Huge
Location analysis has been central to business success for years, particularly local firms that target regional customers.
In recent times, however, the use of real-time data has become particularly prominent, as retailers strive to advertise live and limited promotions to geographically targeted customers.
It’s thought that by 2022, an estimated 30% of all customer interactions will be influenced by real-time location analysis. At present, this impacts on just 4% of interactions, so this will become a major trend in the next four years.
This will lend itself to a more efficient marketing spend in the near-term, and one that will deliver a far greater ROI on this investment.