Hackernoon logoUsing Data Analytics for Unhindered Business Growth by@rituraj15

Using Data Analytics for Unhindered Business Growth

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Rituraj Sengar Hacker Noon profile picture

@rituraj15Rituraj Sengar

The Startup Guy with a Digital Marketing head.

If you haven’t given much thought to analytics in 2020, fret not. While you should have deployed it long back, the post-pandemic era allows you to put data analytics to good use, as most businesses are planning to start anew, precisely by wiping the slate clean. Clubbed with the amassing scope of Big Data, analytics has a pivotal role to play when business growth is concerned.

It also wouldn’t be wrong to state that businesses are rendered deaf and blind without having actionable data sets or analytics to rely on. Besides, in absence of analytics, there are no valuable insights to work with and it becomes difficult for businesses to take rewarding and even proactive decisions. 

Role of Data Analytics in Brief

Every business, regardless of the size and spread, requires data analytics support to thrive. Upon tapping into the analytical perspective, it becomes easier for a firm to identify customer requirements, factors affecting the bottom-line, content personalization theme, statistical reasoning, product and service pitches, and other relevant aspects. This flexibility doesn’t get restricted depending on the sector that interests you.

Starting from eCommerce to entertainment, data analytics is one of the more anticipatory tools, which companies use for maintaining inventory, talent hiring, designing creative animes, drafting ready pricing solutions, and whatnot. Besides, in 2021, you can expect many high-ticket businesses to rely on tools like Real Estate API that would focus on analytical and data visualization data. Nonetheless, embedded analytics has the ability to process the extracted insights in the best possible manner whilst lending perspectives to employees and even clients.

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Despite the sustainable importance, Data Analytics has picked up pace in the post-pandemic era, leading business development in diverse sectors like healthcare, entertainment, and more. In case you aren’t aware of the importance of analytics in managing vaccination trials, you need to revisit the perfection with which health workers are currently getting the job done. 

Not just that, but as cited by Gartner, Data Analytics allows businesses to manage ML and AI deployment almost 80 percent better. However, in the subsequent sections, we shall take a closer look at some of the top data analytics trends that are most beneficial to paving the way for business growth:

Smart Solutions

The concept of piloting AI will take a shift for good by the end of 2024, courtesy of the deployment of analytics infrastructure. AI implementation will pick up speed owning to the inclusion of smart solutions, which is expected to push forth 5X-growth and even better adoption of distributed learning, reinforcement learning, NLP, and more. 

In case these concepts sound overwhelming, Data Analytics will help organizations deploy AL and MI better, whilst empowering them towards accelerating ML computations and workloads. Besides, if you are interested in the practical application of this trend, it would allow businesses to design AI-driven solutions with entrepreneurial impact in mind.

This means online healthcare, complicated designs relevant to anime characters, 3D architectural developments, and other industry-based processes are expected to get streamlined. However, as a graphic designer, I am more upbeat about the increased potency of certain high-end tools like Toon Boom Harmony, Animaker, and more, which would allow you to relate to the analytics-focused anime colors, preferences, and more. Plus, data analytics, incorporated as a part and parcel of these applications is expected to work as an elixir for animators and creative professionals. 

Smart and Innovative Dashboards

Now that we have already discussed the expected potency of certain applications, catering to animators and designers, the next trend is expected to focus on the app interfaces and dashboards, more than anything else. Unlike the existing strategies that focus on dashboard or UI exploration, point-and-click support, and more, Data Analytics will allow you to look at dashboards from a proactive perspective.

This means analytics will make room for contextual content exploration, with user visual differing based on the content they expect or prefer. However, this would also require the inclusion of NLP, anomaly detection, and augmented analytics.

Decision-Modeling at its Prime

Decision modeling is one concept that deserves a discussion of its own. However, as we are talking trends, delineating the same as a tool for monitoring, aligning, composing, modeling, and tuning business-centric decisions become all the more important. Data Analytics, by 2023, is expected to empower decision-modeling in an unexpected manner.

X-Analytics

The evolution of data analytics is expected to push X-analytics with all its might. For those who are still confused regarding the term, X-Analytics takes every aspect of audio, video, and even text-based analytics into account and pairs them with the relevant application for solving highly targeted problems. These include managing disease prevention, wildlife protection, complex anime designs, monitoring climate change, and more.

Augmented Management of Data

This data analytics trend comes with a massive entrepreneurial impact. This means, by 2023, you would be able to automate the management of data via optimization and augmented management. This aspect would improve the quality of audits, schemas, and other organizational processes. 

Apart from the mentioned trends, Data Analytics will make its presence felt in the Blockchain realm, whilst facilitating network transparency via proactive modeling. Regardless of the perks and efficacy of these trends, it needs to be understood that business decision-making is expected to get a massive boost with the expected, large-scale adoption of data analytics. 

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