Data science and machine learning are quickly transforming every industry. From fashion to finance, these technological capabilities are empowering users by giving them the opportunity to accomplish more with their time.
Before the technology of today, data scientists spent about 80% of their time doing prep work. Now, calculations that used to take weeks, and sometimes even months, can be computed instantaneously.
The ability for business owners to see, understand and utilize their analytics for the advancement of their brand has never been easier, and it’s why the future of the analytics industry is so bright. With data analytics tools, businesses can make more informed decisions about their digital strategy that will help give them an edge over their competition.
Analytics has always, and will always play a huge role in digital marketing because it helps businesses create a data-driven marketing strategy. Marketers need to know where their dollars are going and what the return to their business will be. Whether it’s likes, shares or conversions, the future of the analytics industry with artificial intelligence and data science is changing how marketers do their jobs.
Below, we’ll cover an overview of analytics and why sales intelligence should be your next move.
Diagnostic analytics comes into play when there is enough historical data to fully understand why something has happened. For example, if you ran an ad campaign with a country setting in the background, and sales did better in suburban areas over urban areas, diagnostic analytics will reveal that information to you. This is important because you can now start a retargeting campaign or segment your ads to cater to different audiences.
Descriptive analytics is the data collected during the preliminary stages of data collection and processing. It’s raw data that shows you where your users are going and what they’re doing there and elsewhere on the internet. With enough time and data, this information becomes historical data for your business to reference so you can make more informed decisions about the future of data analytics for your business.
Predictive analytics is exactly what it sounds like: predictions. This data shows you what is most likely to happen based on descriptive and diagnostic analytics. This helps your team forecast how sales will do in different regions, demographics and segmented audiences. With predictive analytics, you’re able to see how campaigns could play out before you even launch them. This is helpful because your team can change and alter things until everything is perfect.
Prescriptive analytics is what you’re going to prescribe your problem. How will you fix your weak spots based on all the data that’s been collected about your sales cycle? This is where machine learning and augmented analytics comes into play; these technologies can help map out your next moves.
Based on the data processing that’s happened in the previous steps, machine learning and AI can help your team by divulging how to address your sore spots. The future of business analytics is in prescriptive analytics because this is the final stage where your team will be able to solidify your strategy for the coming months.
Artificial Intelligence and Machine Learning
Augmented analytics is the technology-powered solution that helps turn business ideas into business capabilities. Augmented analytics is the ability to assess, analyze, review and interpret data with the help of artificial intelligence and machine learning to provide business owners with actionable steps they can use to enhance their business. The real magic of these tools is seen because these analytics tools operate within the context of business trends that are seen in your brand’s data.
These tools not only help save you time and money, but also give you more time to attend to other matters and help you grow your revenue. There are benefits to this for businesses of all shapes and sizes. Corporations and entrepreneurs alike can streamline their workflow by allowing AI to do all the heavy lifting while they work on executing the plans.
Of course, you should always review your options and make sure the steps actually make sense for your business. But apart from some review work, there isn’t much risk when the data is laid out in front of you. This changes the game for digital marketers because they can spend less time hashing out the details of their next campaign and more time working on the execution of the next ads they’re going to run.
By now, you should know the importance of data analytics and what your business can learn from each stage of data processing. The future of data science largely surrounds artificial intelligence and, soon enough, will be the standard across every industry. Here’s what we covered today:
- Data analytics helps marketers make data-driven decisions for their business strategy
- Diagnostic analytics is the collection of historical data
- Descriptive analytics is the ability for your data sets to be compared
- Predictive analytics covers the predictions different AI tools make based on previous data trends
- Prescriptive analytics encompasses the actionable steps marketers can take to improve their business
- Data analytics tools help save your business time and money and empower you to accomplish and do more