Web & Social Analytics
Four ways enterprise analytics will evolve in 2022
From back-office operations to various activities at the forefront of every business decision, enterprise data analytics is more vital than ever. Statistics reveal that banking, manufacturing, and professional services make up 33% of the $215 billion spending on big data. Process manufacturing, government agencies, and telecommunications are next in line with a $47 billion expenditure. The spend graph is inching upward and encompassing all industries. The cost-to-benefit ratio of data analytics is skewed towards the benefits, and innovative businesses understand it. As businesses grapple and revive post the pandemic, here are some new trends in data analytics for 2022.*
Four enterprise analytics trends in 2022
The role of analytics leaders will grow
With massive growth in data-driven insights, data analytic experts will be at the forefront. Subsequently, democratisation of data across the organisation and the role of analytics will expand. Analytics is not just about technology. It requires enterprise leaders to understand the business context before applying technologies such as artificial intelligence (AI) or machine learning (ML) for their analytics efforts.
Enterprise-wide data literacy will be important
With customers demanding free-form search interfaces and 24 x 7 access to contextual and personalised information and transactions via smartphones, the breathing space for organisations is shrinking. In such a scenario, business leaders need to analyse data quickly and seamlessly without relying on scientists and business intelligence (BI) analysts. Low-code or no-code digital platforms are accelerating the acceptance of self-service analytics. Intuitive tools can help every employee, even the non-technical ones, access data and make informed decisions.
A data lake is an environment that helps archive, store, analyse, and mine enormous amounts of data. To unlock the potential of robust and modern data analytics tools to enforce enterprise-wide data literacy, access to data lakes is significant. Decision intelligence (DI) will observe, investigate, model, and contextualise data to create decision models that represent how actions lead to outcomes.
Continued growth of managed services
As data analytics plays a key role in strategic decision-making, managed services will witness tremendous growth. Third-party services with deep domain expertise and the right platforms will continue to help organisations jump-start their journey towards enterprise data analytics. For example, a social and web reporting tool within a third-party analytics solution provides a holistic view of key performance indicators (KPIs) regarding social media handles and websites. It empowers the leadership to make real-time decisions and to carry out effective market interventions.
Adoption of a modern data stack
A shift to the cloud, the rise of ML and AI, and high computing and storage power will result in the adoption of a modern data stack. The analytics layer of the data stack will become increasingly important in 2022. This will increase the demand for tools to analyse data within a company’s data warehouses or data lakes for better and faster insights.
With adaptive AI systems, data-centric AI, and metadata-driven data fabric, data sharing will be a key performance indicator. The COVID-19 pandemic has increased demand for real-time analytics. Adaptive ML uses scalable, responsible, and intelligent AI for insightful analytics even with smaller datasets. Scalable AI will help enhance learning algorithms, simplify business systems and data, and reduce time to value. Business leaders are embracing data analytics to optimise business processes, make real-time decisions, enhance customer experience, and lower costs, thanks to new trends in data analytics post the pandemic.
How can Infosys BPM help?
The web and social media analytics solutions help solve business-critical questions by analysing customers’ online journey. By leveraging deep domain expertise, analytics, ML, AI, and intelligent hyper-automation, you get insights into the key factors influencing a customer’s journey. The services include:
- Social and web reporting that combines data from disparate analytics platforms and provides a holistic view of the KPIs
- Industry-based hyper automated social media analytics solution
- Hyper-automated analytics solution that uses public data from social platforms to monitor the health of social care through actionable insights
- Social bot seeker to analyse a company’s Twitter authors and differentiate between genuine humans and bots
- Next-product-to-buy recommendation solution
- Share-of-wallet solution to estimate a customer’s wallet size
- Churn prediction solution to predict the possibility of customer churn and potential causes
View the web and social media analytics services from Infosys BPM.
*For organisations on the digital transformation journey, agility is key in responding to a rapidly changing technology and business landscape. Now more than ever, it is crucial to deliver and exceed organisational expectations with a robust digital mindset backed by innovation. Enabling businesses to sense, learn, respond, and evolve like living organisms, will be imperative for business excellence. A comprehensive yet modular suite of services is doing precisely that. Equipping organisations with intuitive decision-making automatically at scale, actionable insights based on real-time solutions, anytime/anywhere experience, and in-depth data visibility across functions leading to hyper-productivity, Live Enterprise is building connected organisations that are innovating collaboratively for the future.