Data-driven decision is the new master-key for unlocking profitable business avenues. But what are the right steps to capitalize on big data potentials? Let’s find out!
Big data has become the bread and butter for most businesses by now. The obvious answer to gain a competitive edge is data-driven intelligence. So how do new trends influence business activities in organizations and what are its long-term impacts? Let’s explore!
What is Data-driven Trend Intelligence?
Data-driven trend intelligence is a technique where business owners gain cognizance about ever-evolving market trends like falling raw materials prices, increase in dollar rates and new geo-politics activities with the help of software & technology platforms. This type of trend intelligence has been helping business owners to map long-term implications of the COVID-19 pandemic and its effects to overcome supply chain disruptions, logistics availability and product delivery.
How Trend Intelligence Makes a Business Future-ready?
Trend intelligence helps business organizations to accurately predict, monitor and act on possible future trends that tend to influence consumer behaviors. For instance, the ongoing veganism trend in the food industry is compelling manufacturers to innovate in ready-to-eat products using plant-based foods.
How AI and Big Data Makes Trend Intelligence More Lucrative for Profits
Since artificial intelligence (AI) refers to the simulation of human intelligence in machines that are programmed to think like humans and mimic their actions, AI holds potentials for trend tracking to help market players gain a competitive advantage. Since data is the new oil and has surpassed the valuation of oil revenue in the world, big data helps to provide a wealth of insights that help to simplify business processes as per future trends.
Opportunities and Challenges of Data-driven Trend Intelligence
Though data science plays a monumental role in allotting financial budgets for long-term business activities, its challenges include inaccurate information since real-time changes in trends affect machine learning (ML) algorithms. To overcome these challenges, business organizations are now analyzing broad sets of data with many inputs to find key insights in real-time. Continuous troubleshooting in ML algorithms is another strategy to gauge accurate market trends. Data science experts are pulling up dashboards to acquire key information from broad data sets.
Thus, data-driven trend intelligence is paving the roadmap for intelligence as a service model that enables C-level executives and managers to excel in organizational leadership & generate high return on investments (ROIs).