As analytics evolves, more and more businesses are finding new and innovative ways to use data to their advantage. By understanding the latest trends in analytics, companies can gain a competitive edge by uncovering insights that would otherwise be hidden.
This article will discuss seven emerging trends in analytics and discuss how they are being used by some of the world’s leading brands.
1. Natural Language Processing
Natural language processing is one of the most exciting emerging trends in analytics NLP uses computer algorithms to understand human language. This can improve customer service, market research, and more.
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Google also uses NLP for its search engine results pages (SERPs). When you type a question into Google, it attempts to answer it using natural language processing. This allows Google to provide users with relevant answers without entering specific keywords.
2. Data Visualization
Data visualization is the process of transforming data into visual representations that are easy to understand. This can be used to improve everything from marketing to product development.
Facebook uses data visualization to track the performance of its ads. Facebook takes all of the data collected about an ad and transforms it into a visual representation. This allows Facebook to see how well each ad performs and make changes accordingly.
3. Artificial Intelligence
AI is one of the fast growing emerging trends in analytics. AI can understand complex data sets and uncover insights that would be difficult for humans to find.
Some companies are already using AI to improve their marketing efforts. For example, Coca-Cola used AI to create a predictive model that can identify patterns in customer behavior and recommend products accordingly. This allows Coke to provide customers with tailored product recommendations, increasing sales and improving customer loyalty.
4. Streaming Data
Streaming data is data that is constantly being updated in real-time. This allows businesses to make quick and informed decisions based on the most up-to-date information.
Netflix also uses streaming data to improve its recommendations system. Netflix updates its recommendations algorithm every few minutes using streaming data from users worldwide. This ensures that Netflix always recommends the best possible content for each user.
5. Social Media Analysis
Social media is a powerful tool for businesses and is becoming increasingly important in analytics. By understanding how people interact with your brand on social media, you can identify opportunities and improve your marketing efforts.
For example, Coca-Cola uses social media analysis to track the effectiveness of its marketing campaigns. Coke monitors things like engagement rates and sentiment scores to determine whether or not a campaign was successful. This allows them to make better decisions about future campaigns.
6. Big Data
Big data is one of the most important emerging trends in analytics. Big
Businesses are increasingly using big data to improve their operations. For example, Google uses big data to track website traffic and optimize its search results pages. Amazon also uses big data to understand consumer behavior better and recommend products accordingly.
7. Predictive Analytics
Predictive analytics uses data to make predictions about future events. This can be used to improve everything from marketing to product development.
For example, Walmart uses predictive analytics to determine what items are likely to sell out and then reorders those items accordingly. This allows Walmart to stay ahead of customer demand and avoid stock shortages.
About NetBase Quid
NetBase Quid is a social media analytics platform that helps businesses understand the conversations happening around their brand. With NetBase Quid, companies can track engagement rates, sentiment scores, and top keywords. This allows them to make better decisions about their marketing efforts and improve their overall branding strategy.
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