Business analytics is more important than ever these days. The acquisition of various types of data helps businesses boost productivity and improve their marketing and growth strategies. With that in mind, here are some business analytics trends we can expect to see in the next year.
Acquiring data is only the first step in the business analytics process. In order to tap the benefits of data, businesses must first understand what they should actually do with it. This is why, over the past two years, finding value in data has become a very popular career path.
This trend is likely to continue in 2017, as more businesses realize the potential of Big Data and use data analytics to increase their customer base and boost customer satisfaction. Data storytelling is particularly essential to helping high-level managers and executives understand how to create more effective business strategies.
Because developing an in-house team of IT data experts is beyond the financial reach of many small businesses, many choose to outsource business analytics to outside companies. This trend will certainly continue, as data analytics is key to ensuring stable growth for most companies.
Many businessess collect far too much data to store it all locally. Fortunately, the cloud offers a secure, affordable solution for storing crucial information about projects, business decisions, customers, and more.
One reason we can expect this trend to continue is the fact that cloud systems are highly scalable. Only a decade ago, companies invested heavily in IT to store data. Today, cloud providers offer flexible, affordable storage options for businesses of all sizes. In addition, the wide variety of cloud service providers creates healthy competition and reduces costs for customers.
Gathering data is largely an automated process that requires little time investment. However, deciphering what data is important and how it should be used is a bit trickier.
Businesses can utilize data to achieve many different goals: to increase sales, to better understand their customers, to reduce the cost of business processes, to improve customer service and satisfaction, to increase workflow efficiency, and more. The trend of companies viewing data as a valuable asset will only gain momentum in the new year.
Whatever the size of your business, if you are not already enjoying the benefits of Big Data, it’s time to adopt an analytics strategy. It offers the best way to understand where you business is now, and how to grow it in the future.
These are some of the most important changes which are going to occur in the world of business analytics. Make sure that you are using big data for your business, no matter what size it is. It is the best way of understanding where your business is currently at, and what can be done for stable growth and improvement.
For more insight on the value of data analytics, see Information Is Now The Core Of Your Business.