Customer behaviors have permanently changed over the past two years. As more and more business – both B2B and B2C – is being conducted from home, it’s never been more critical to utilize data to create connections throughout the entire funnel.
In fact, data analytics is no longer merely an option for business success. In 2022 and beyond, data analytics will become a must-have for everything from product development and innovation to delivering successful customer experiences.
Here are the top five ways data analytics will transform your marketing strategies in 2022 and why you need to shift your approach today.
- Predictive analytics is on the rise
Predictive analytics forecasts possible future outcomes and explains the likelihood of those events happening. This kind of forecasting helps marketers plan more effectively, set realistic goals, and avoid unnecessary risk/spend, thereby empowering teams to make better decisions faster Predictive analytics is expected to reach $22.1 billion by the end of 2026.
- Natural Language Processing (NLP)
With advancing NLP capabilities, platforms will become more accessible to more users. Depending on the source, it’s estimated that only one quarter to one-third of employees use data to inform their decisions. NLP utilizes data queries in a more natural language with written or spoken words. As NLP gains critical mass, companies and marketers will increasingly lean on AI to help improve data quality and discovery. We expect to see improvements in NLP tools understanding the nuances of language including synonyms, words that sound similar and words that have multiple meanings based on context. With these improvements, we will see NLP grow in usage.
- Auto Machine Learning (AutoML)
Natural language processing and automated machine learning will grow rapidly in 2022. AutoML tools enable self-service data science. Using no-code/low-code tools, marketers can build, train and deploy data modes for deep analysis. The process of automating the tasks of applying machine learning to real-world problems, AutoML will cover the complete pipeline from the raw dataset to the deployable machine learning model.
- Cloud-native analytics solutions will be necessary
Cloud Native Analytics allows you to identify seasonal patterns of events and temporal event groups while running on a container platform. This transforms analytics and business intelligence as marketers can better understand how data is exposed across workflows, and platforms.
- Data Analytics Becoming an Essential Business Function in 2022
No matter how you slice it, all indications point to data analytics finally becoming an essential business function. No longer will analytics be a “nice -to-have” asset with reports and intelligence delivered and set aside. The pandemic proved that companies need real-time, accurate data in order to develop fluid strategies. Moreover, implementing live dashboards will be necessary for businesses to immediately access relevant information. In fact, look for new on Acronym’s new live dashboards in the coming weeks.
In the meantime, if you need assistance with the identification, collection, and analysis of you brand’s data, please contact us. Acronym’s Analytics team is standing by to help.