2021 is a unique and challenging time for businesses as they look to kickstart their recovery with the pandemic still having a huge impact on all areas of life. It is a difficult period to manage, but businesses are finding that data can play a major role in this and help organizations in a number of different ways. It is hard to imagine how companies would have managed without data, tech, and analytics during the pandemic, and it can certainly be helpful for companies looking to kickstart their recovery. So, what are the main data trends in business in 2021?
Customer Experience Analytics
The pandemic has rocked the world over the last 18 months or so and changed many aspects of life. This means that what used to work for a business may no longer be effective, so changes are having to be made to keep customers happy. Businesses are relying on customer experience analytics to identify customer pain points, identify new trends and streamline the customer experience. This can help organizations to make timely changes to the customer experience so that they are able to retain customers during this challenging period and remain competitive.
Competitor Analysis
Following on from this, during periods of change, it is also important to understand the actions that your competitors are taking. Business owners always need to keep an eye on the competition so that they can make timely changes, find new opportunities, and differentiate themselves from their competitors. In addition to collecting data on your closest competitors, it is also worthwhile analyzing the industry leaders to give you an idea of the latest trends and best improvements to make.
Automation
Using data to automate tasks is smart, especially in a time when many businesses are struggling with staff issues. Automating as much of the business as possible can streamline the operation, reduce costs, speed up processes and free up time for you and your team to focus on other aspects of the business. Many businesses are now using chatbots to provide instant and 24/7 customer service, which is smart in a time where consumers often have questions but will not want to wait around for a response.
Real-Time Analytics
Using past data can certainly be helpful and is worthwhile, but it does have its limitations,
particularly when going through a unique period where the situation is fast-changing. This is why real-time analytics has become a major trend in 2021, which allows organizations to gather real- time data to make intelligent, informed decisions that will help them immediately. Additionally, predictive models are being used as a way to look ahead and make plans for different outcomes – this can help companies to strategize and plan for every eventuality. The pandemic has shown that the unexpected can happen and businesses will want to do all that they can to prepare for different situations moving forward.
Using The Census
Businesses are also utilizing the census as a way to learn more about the people and
characteristics within cities, states, and entire regions. The census provides more accurate data than a sample study, which can reveal more useful data and help businesses to make more informed strategic decisions. The census can also help businesses to learn more about their target market right now and give them a better idea of how to target this group.
Data Protection
While data can bring many benefits to an organization and it is hard to imagine how businesses would have managed without data during COVID-19, it is also important to be aware of the dangers. The pandemic and the switch to remote working has led to a sharp increase in cybercrime, which can put sensitive data at risk. This is why data protection and cybersecurity have become major trends in 2021 and organizations of all sizes need to take this seriously. Companies can improve data protection by training staff on how to carry out their role safely, investing in high-quality cybersecurity products and having a cybersecurity policy in place. Additionally, it is important to use backups and to have an emergency plan in place in case a data breach was to happen.
Employee Performance Data
Businesses are also finding that employee performance data has been incredibly useful, especially when it comes to determining the impact that remote work has had on the business. Many businesses have actually found that remote work has improved productivity, which has led them to make the decision to continue with this moving forward. Others have found that there has not been much change and may decide to adopt a hybrid approach moving forward. Additionally, companies can leverage performance data to see areas that staff are struggling and could help them to find the best ways to lift performance and increase engagement.
Data Storytelling & Visualization
With data playing an increasingly important role in strategy and decision making, it is vital that data scientists and other professionals are able to efficiently communicate their findings to decision-makers within the organization. Data storytelling can be used to put information into a context that could be easier to understand while visualization tools are a way to make data insights more engaging and easier to digest. When data storytelling and visualization is effective, it can help to explain complex methodologies and findings to empower everyone within the organization and keep everyone on the same page.
These are a few of the main data trends that have emerged in 2021. It is clear that data is playing an increasingly important role in the business world, especially during a challenging time where a lot is changing, and businesses need to make smart, intelligent, and timely business decisions to stay afloat. These trends will only continue moving forward, so it is important that organizations are utilizing data in the best ways to help to take the company forward, appeal to their target market, compete at a high level and streamline the operation. This can make all the difference in today’s day and age and help any business to kick on from the pandemic.