6 top analytics trends and how to act on them
Digital innovation, enterprise transformation and buyer engagement will drive opportunities in 2019. Here are steps that organizations can take to cash in.
Trends that will impact data professionals
Solstice has released its 2019 Trends report, which looks at digital innovation, enterprise transformation and buyer engagement trends and how organizations should best act to capitalize on them. Here we look at two trends that will impact data professionals, including those created by the so-called ‘Long Tail,’ identified in 2004 by Wired ’s Editor-in-Chief Chris Anderson as “one of the most powerful shifts of the internet age: a movement from scarcity to abundance and in many cases, virtually unlimited choice.”
In the B2B world, 'Long Tail Tribes' are forming around shared and often temporary needs
"Enter the new world of intent data, which combines both topic and contextual insights from online searches to identify customer needs in real time," the report says. "As Long Tail Tribes continue to proliferate, so too will the opportunities — and because human beings are nothing if not complex, those opportunities are poised to be near-limitless. Brands that consistently deliver value around both a consumer’s individual preferences and shared identity will lead the way in 2019."
Do: Tap the power in numbers
Tap into existing consumer tribes or leverage your CRM and other data sources to create tribes within your existing products.
Do: Make experiences personal
Deliver personalized data experiences by creating avenues for customers to curate their own branded experiences.
Do: Encourage collaboration and cooperation
Drive better data management ROI by embracing the collective values of tribes in lieu of one-to-one customization.
The combination of human experience, advanced analytics and the application of EI will move the needle in 2019
"Thanks to the rise and use of algorithms that make decisions on our behalf, our ability to weigh options will soon have exponential implications," the report explains. "The lifeblood of any organization is the quality and speed of its decision-making, and as AI technology continues to advance, those decisions will need to happen faster than ever. The combination of human experience and interpretation, AI and advanced analytics, and the application of EI (emotional intelligence) will move the needle in 2019."
Do: Identify the data use cases with the greatest near-term impact
Real-time pricing, personalization, and recommendations are among the most compelling on the front-end of the customer journey, whereas anticipating customer behaviors (e.g., closing an account, orchestrating customer centricity across touch points, and forecasting) will transform operational decision-making.
Do: Prioritize a reassessment of your data-to-insights process
Many firms vastly underutilize rich data sources such as unstructured data, and thanks to the rise of new platforms, it has never been easier to translate that information into action.
Do: Consider new or emerging analytical approaches such as the use of a “digital twin”
Digital twins are virtual replicas of physical devices are allowing designers, engineers and data scientists to run simulations before devices are built and deployed.