As industry sectors have continued to grow at an exponential rate, powered by the consistent innovation in disruptive technologies, the amount of data generated at every step has also concurrently increased. Drawing insights by analyzing this data for better decision making at the operations level, improved research and development and predictive analytics has thus become of prime importance for companies.
According to market experts, the global big data and business analytics market is set to be valued at USD 274.3 billion by 2022, making it all the more necessary that companies today have the right data-driven business strategy to remain competitive in the industry. Effective data management and the use of data science for business growth have thus become essential, an endeavor in which Sigmoid has been able to be of help to organizations.
Dealing with a post-COVID world
One of the most significant challenges that companies have had to overcome in today’s world has been the disruption caused to data analytics strategies by the COVID-19 pandemic. Customer behavior, for example, saw a massive change due to restrictions on-ground sales, leading to global online sales rising by 19% and causing a concurrent disruption of marketing strategies used by firms.
Additionally, this shift to online sales also affected supply chains within organizations as the data currently coming in led to the need for immediate changes in the parameters for demand prediction and inventory analysis. With past data now becoming unreliable, the need for advanced real-time data analytics solutions has become more apparent to enable better, more insightful market strategies.
Given the reliance on machine learning to optimize analysis, a greater emphasis must now be given to adapt these systems to a new normal. It is only by implementing a tailored data strategy that allows for smooth implementation of such ML models that uninterrupted processing can be assured.
Companies like Sigmoid have been quick to adapt to this changed situation and have used their significant cloud data analysis capabilities to provide customers with the necessary infrastructure to succeed and grow in the post-COVID ecosystem.
Personalized marketing solutions for business success
One of the main aspects of the infrastructure provided by these data analytics firms has been the customizable nature of the solutions implemented. It is estimated that up to 79 zettabytes of data will be generated in 2021, with the number increasing almost 2.5x by 2025. In terms of customer data, this would include usage patterns of products and services, channel preferences and other such information that closely affect marketing campaigns. Deriving insights from this data, hence, would help firms with targeted advertising, leading into personalized marketing campaigns for future success.
By performing a deep analysis of this consumer data, information such as the customers’ current operational requirements as well as the ideal path to be followed for future growth become much clearer. This predictive ability is based on AI and ML-powered cloud data analytics that allow for specific gaps to be identified and addressed, helping to optimize their marketing strategies.
Not only this, the solutions implemented are also capable of real-time data analysis, allowing for almost immediate course correction as and when required. This ability, in particular, is of utmost importance in 2021, as firms look to adapt and grow in a dynamic environment.
Embracing the cloud
The other infrastructural aspect that data analytics firms must focus on is helping customers improve their cloud capabilities. According to Gartner, 40% of all enterprise workloads will function on cloud infrastructure by 2023, a fact that ties in with its use in real-time data analytics.
Companies like Sigmoid are looking to encourage organizations to move from on-premise to cloud infrastructure especially in terms of data warehousing, which will help deal with large volumes of data effectively and accelerate processing times.
By providing an end-to-end solution, firms will be able to efficiently leverage data science for business growth and ensure that a steady stream of intelligent insights are generated.
Conclusion
The relentless pace of technology has led to great innovations in multiple sectors and drawing out usable insights from the resultant data surge is one of the most important challenges to be tackled by data analytics forms today.
Sigmoid and other industry players have met this challenge head-on using a mix of real-time monitoring tools, solutions that optimize machine learning models and the creation of cloud data warehouses that are capable of rapidly analyzing mountains of data. Enterprise growth is contingent on finding and implementing data-driven business strategies that scale with changing scenarios.
Thus, 2021 represents as much of an opportunity as a challenge for companies to truly harness the power of data science for business and pursue innovative strategies to achieve success. The post-COVID era is open for growth and it is only those companies that prove themselves to be true digital natives that will emerge as industry leaders.
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