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The 7 Biggest Data Trends That Will Improve Your Business Strategy

08 August 2019 | 0 comments | Posted by Joel Syder in Industry Experts

Data trends that help develop business strategy

Staying ahead of the crowd is the hardest part of the digital revolution we’re in. Everyone is moving faster, producing more content and so, a fast-paced age of innovation and collaboration has become a neo-culture of marketing and business.

This is not going to slow down at any point soon, meaning that it is essential to review your business strategies constantly. Incorporate these seven tips to be creatively different in the way you do business.

1. Targeted marketing

Big data’s most prominent effect on business is its use of targeted marketing. This enables businesses to focus their marketing campaigns (both physical and digital) on their target audiences, rather than the processing of data itself. Big data analysis is not completely accurate, but it is highly accurate enough to achieve a balance between efficiency and customer needs.

It does this with its ability to anticipate future customer needs to be based on their history. Know that it is highly effective to know exactly what your customers need and then catering directly to that. This is exactly what targeted marketing is about.

2. Proactive customer service

Using simple market research methods can allow your business to identify what customer concerns and problems are. This will allow you to address needs before they are even brought up, thus revolutionising customer service. Place a high value on customer feedback and reviews. Voice prompts, and online chats are brilliant features that make customers feel cared about and looked after.

Technology can have a human side to it!

“At the very least, ensure the people taking customer service calls are thoroughly knowledgeable about common problems and know how to deal with them. Otherwise, you’ll lose customers simply through their judgement,” - Says Christine H. Vinson, database developer from 1Day2write and NextCourseWork.

3. Reducing costs

Big data’s power stretches into being able to identify trends and quickly analyse social data to the point that it can result in reduced business costs. Foreseeing when trends will change and emerge allows the smart and innovative business to accurately plan how much content to produce, what types of content to produce, and how to promote it, too.

Inevitably, inventory costs decrease and the optimal time for sales comes to light. Less time and energy is wasted on marketing that is unproductive and/or non-profitable. Focusing your sales tactics on reducing costs as an overall goal will be a great asset to your business strategy.

4. Combining data sets to up their individual value

The line between public and private data is becoming fainter and fainter as social media self-develops. Customer profiles can be synthesised that are applicable to wide demographics. Combining big data sets together is known by business experts to be a route to increasing value to increase and maximise yield and profit.

5. Artificial Intelligence

Deep learning is the method used to detect patterns in huge data sets. This relates to incorporating complex algorithms with data, taking the burden away from company members to process e-commerce and searching.

It is wise that all modern online businesses follow in the steps of other companies such as Tesla – who used Artificial Intelligence to promote its autopilot feature – to make their business strategies more innovative and modern.

6. Cloud data storage

“Cloud storage enables a very low-cost and reliable way to reduce the amount of data stored in your offices. This reduces storage costs and enables flexibility in accessing and deleting data at will. Businesses no longer need to hire specialists to process company data.” - Says Stephen G. Brown, a business intelligence analyst from WriteMyx and Brit Student. 

7. Voice-based search

In recent years, speech recognition technology has improved vastly. Innovation in the field of research has been relying on it more and more for the benefits of accuracy and speed. Artificial Intelligence-based voice services such as Cortana and Alexa are becoming more popular, too, meaning that they are becoming effective tools to incorporate into your business.

About the author

Joel Syder is a writer and data analyst at Origin Writings and PhD Kingdom. Joel helps upcoming business people on online platforms. He also writes articles for enjoyment at Academic Brits.

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Recommended reading

If you enjoyed this post and have time to spare why not check out these related posts and dive deeper down the rabbit hole that is big data.

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