Nowadays all business, no matter what sector they work in or their size, heavily rely on analytics to operate properly. Understanding why analytics has become an essential part of business operation is easy though, they help you make smarter decisions, keep clients happy, increase staff productivity, standardize workflows and remain way ahead of your competitors.
Yet if you are not staying on top of the new trends, analytics can be frustrating. After all, what you’re doing with the data processes is just as valuable as what you bring in. Investing in some kind of analytics is a daunting task, so here are four types of analytics that I think you need to pay careful attention to if you want your business to thrive this year.
A.I. Augmentation is a collaboration between human and machine. It will boost the human intelligence and be implemented in real time to a variety of fields. It’s no surprise Gartner expects A.I. Augmentation The rise would drive $2.9 trillion in market valuation by 2021, together with 6.2 billion hours in workforce productivity worldwide.
Examples may be virtual assistants (such as Alexa, Siri, Google Assistant or Cortana), smart home gadgets, online customer service, security surveillance, or fraud detection that use algorithms to point you in the right path without eliminating human contact entirely.
Take the company Calendar for instance. This company uses machine learning and artificial intelligence to suggest smart decisions about whether a meeting will be held. This will also suggest which sort of meeting to schedule and which people to invite. While that eliminates most of the planning effort needed, both the coordinator and the invitees still have to accept and verify the invitation. What if you’d want a last minute rescheduling? When you let it understand that the planned event has been cancelled, calendar can propose a new date.
“Biometrics includes assessing and evaluating the cognitive and physiological features of a person,” says CB Insights. “Because biometric data — such as a person’s fingerprint or voice — is distinctive to each person, it’s helpful for identity verification and access control.” That’s why businesses use it to unlock your phone or car. But other sectors, like financial services and health care, use the tech to deliver faster and safer services.
In fact, biometrics could be used to deliver a more customized experience for consumers. A restaurant or store may recognise who you are utilizing face detection and then make decisions based on your previous orders.
I’m more interested in the future biometrics for usability though. Although they no longer offer this product, some businesses, such as Humanyze, used to produce employee badges that included RFID and near-field contact sensors, an accelerometer, a mic, and an infrared sensor that could track face-to – face activity. The microphones on such badges were especially interesting, because they would literally monitor when staff were speaking and when they did not. It would be sent to supervisors after this data had been compiled, who would then be able to evaluate it to help workers realize how they spent their time and where they should improve.
We almost always concentrate on the ‘big four’ whenever it comes to business analytics: descriptive, diagnostic, predictive, and prescriptive.
Descriptive insights use details from the past to characterize any current scenario. Diagnostic insights go a bit deeper to clarify whether a single incident happened, or make sense of evolving trends. Like the term suggests, predictive analytics use machine learning and the available data to forecast potential outcomes. Nonetheless, prescriptive analytics deserve special attention.
In comparison to merely “forecasting what will happen,” as described in TechRepublic, prescriptive analysis changes those variables to produce the best possible result and recommends the course of action.
Let’s just say that this could have enormous effects on the business. In fact, Klipfolio asserts with prescriptive analytics your small company can improve its recruitment efforts, improve its marketing strategies and execute its expansion intelligently.
Next-Gen Embedded Analytics
This trend must be on your radar, between several people who work remotely while using the same apps and systems for both their work and personal lives. But really what’s embedded Analytics?
“This concise embedding style does not compel users to switch between different analytical interfaces — such as full-page reports and dashboards — and transaction – based and productivity apps where people do their job,” describes Constellation Research VP and chief analyst Doug Henschen. “The strategy gives data-driven insights to more consumers and in the context of sales, the insights are right there because it is a better option to support actual business decisions.”
It helps you to evaluate data during your daily process, helping you to make more rational real-time decisions.
If this year and beyond you want to succeed you need to dig deeply into analytics. Start with these four, to avoid getting frustrated. They’ll tell you more about your own business than you ever have imagined.