The role of Analytics in Digital Transformation
Today every industry is talking about Digital Transformation and affected by technologies like the Internet of Things, Blockchain, Microservices and Cloud. Every company like Apple, Nike, and Nestle, better known for their brand products have now become Technology Company.
However, for every technology the powerhouse behind the success is Analytics.
Look at the latest trend of Internet of Things – Sensor technology can emit data every second or millisecond and with help of Cloud, storing this humongous data is like a piece of cake.
Only storing this data is not going to add any value to the business, unless it is analyzed for actionable real-time insights. This is possible with a variety of analytics algorithms, which provide business value like predictive maintenance, optimized supply chain; smart equipment’s who order on your behalf and the list goes on.
Customer experience has become the most important driving factor of Digital Transformation. Companies like Amazon, Apple or Disney have embraced the power of analytics to understand their customers and provide unmatched customer experience.
As we move into 2018, digital is seen as core competency than innovation. Consumers are no longer satisfied when they are treated as a group of people but they expect hyper-personalized touchpoints. Advanced analytics embedded in each interaction, transaction, and process is driving the next wave of productivity and growth.
Businesses are using advanced analytics like Artificial Intelligence, Deep Learning, and NLP for various insights.
The mobile first strategy has given business the ability to reach their customer anytime, anywhere, on any device. We cannot go for 1 hour without using an app on our smartphone. Tons of data is generated with this easy to use technology, whether we are using it to find a nearby restaurant, paying bills or navigating through the unknown city. Mobile analytics can help organizations understand their customer behaviour and increase monetization of apps and overall revenue.
Real-Time analytics helps to get the right products in front of the people looking for them or offering the right promotions to the people most likely to buy. For gaming companies, it helps in understanding which types of individuals are playing which game and crafting an individualized approach to reach them.
Digital Marketing is hugely benefited by Analytics due customer analytics, brand analytics, competition analytics and conversion analytics.
Today, why Analytics is playing important role in digital, is due to the amount and variety of data generated is skyrocketed. Making forward-looking proactive decisions is possible via forecasting, optimization, predictive analytics and text mining.
Data is the new oil, but it is crude, and cannot really be used unless it is refined with analytics to bring the new gold nuggets.