Data analytics is the process by which data is deconstructed and examined for useful patterns and trends. This is being made easier with digital technology, especially as computers become capable of learning from data. Through iterative development with computing, platforms continue to keep revolutionizing the process of analytics and data management. Many types of businesses are looking for way to exploit the newer technologies that are emerging.
An important trend in 2021 will be with businesses undertaking more data processing and with seeking to draw meaningful analytics from this activity. According to Matin Movassate, CEO and Founder at Heap (an analytics platform). The important message, according to Movassate, is with shifting from proactive to reactive and this will set the future of analytics.
Movassate tells Digital Journal that the complexities are considerable when it comes to goods: “Getting product analytics right is hard. Every interaction result in mounds of data, and digging through that to find that ‘needle in the haystack’ insight requires a lot of effort, discipline, and time to make it work.”
The implications with these barriers to entry “mean data analysis is often limited to companies who have the resources, bandwidth, and the knowledge to do it right. But it’s also a discipline that’s growing in importance — even before the pandemic, consumer interactions with brands were generally happening on digital platforms, and now they are there almost exclusively.”
Movassate considers one of the important barriers: “There are countless amounts of information out there that can explain the ROI of each interaction, and without a doubt, some of that is potentially game changing. But, frankly, we’re human, and if we have to work hard to get value out of something, we’re going to be less likely to do it consistently.”
He concludes by saying: “That’s why in 2021, analytics will move from being a reactive game — gathering data that analysts then have to sift through to find those insights — to a proactive one, connecting teams directly to those “a-ha!” moments that inspire immediate and informed action.”