Competitive intelligence is out there for the taking. Through the use of data analytics, you can obtain all of the intelligence needed to understand consumers, make better decisions, and grow your business. The latest trends show how artificial intelligence is offering an added layer of technology to not only collect the data but also read it so that it can predict behaviors and offer decision making solutions for you.
How to Use Emerging Trends
You can’t just grab onto the emerging trends and say that you want to benefit from them. Instead, you have to figure out how to use them. Some platforms are capable of offering you more features than others.
A platform will allow you to interact with the data that you have either collected or purchased. You can run various models to show you how the data is relevant. Additionally, it can offer insights so that you can strategize marketing campaigns and adjust your approach in order to compete against the other businesses in your industry.
Using the tools involves understanding a few things:
- How accurate your data is
- What insights you want to capture
- What your in-house capabilities are
- What tools offer what features
- How you want your data to be visualized
Once you have your insights captured and analyzed, you can turn them into action. Otherwise, the insights simply sit on your desktop. You have to embrace actionable analytics so that you are measuring what needs to be measured.
Every business has to be treated differently. You may want to know why people are leaving your website, what devices people are using, and what channels prove to offer the most conversions.
Through clear visualizations, you can ensure that your message is conveyed. The way to get the visualizations is by ensuring that your data sources are coming from reputable suppliers.
You’re able to achieve everything that you want as long as you’re aware of the trends and choose a platform that embraces these trends. If you’re not in the cloud and you haven’t embraced business intelligence tools yet, you have a long way to go to catch up to your competition.
How Data Analytics are Being Used in Today’s Marketplace
What if you could have a unique advantage over your competition simply because of the way in which you analyze data? New business intelligence and machine learning tools are being utilized by businesses around the globe.
Coca-Cola is a great example of how a company is using big data analytics. They build a loyalty program in 2015 that was digitally-led – and it strengthened its data strategy. Now, they’re able to retain customers more effectively than ever before.
Netflix has been using data analysis to focus on target advertising. They’ve got over 100 million subscribers. Yet, each person who logs on is given suggestions of what to watch next. This is possible because of using past search and watch history.
UOB Bank, located in Singapore, has also proven that they can use big data as a way to reduce the risks that they take. Using big data, they’ve reduced the time it takes to calculate the value at risk. Instead of it taking 18 hours, it can be done in minutes.
Amazon Fresh is also proof that big data can be used as a way to innovate and develop new products. They understand how people buy groceries, making it possible to work with suppliers and offer an easier way for people to get their groceries cheaper and faster.
NetBase Quid offers a unique platform to help businesses benefit from competitive intelligence. It’s possible to explore emerging trends to ensure campaign effectiveness is being maximized and understand how your target market is behaving within your industry. When you’re able to analyze the data faster and more effectively than your competition, you’re able to take the necessary actions – and grow your business in the process.
The more you can use emerging trends within data analytics, the more you can grow. Companies around the world are already using these technologies. As you put them into place within your own operations, you can take advantage of a unique position.
