Business analytics has become crucial in the current data-driven world for companies that want to stay ahead of the competition. Technology is constantly evolving, new trends keep emerging, and exciting business opportunities keep presenting themselves for us to harp on them and take advantage of. As a Future Business Analyst, here are five key trends that you need to know that are actively shaping the business analytics future.

Advanced Data Visualization and Storytelling

One key trend shaping the future of business analytics is advanced data visualisation and storytelling. Traditional reports and spreadsheets are so out because how much attention can you actually pay to boring things? Interactive and visually appealing dashboards are taking over to hold your attention span for longer and help you quickly understand complex data. With the help of various data visualisation tools, organisations can explore insights and trends in real-time, making data-driven decisions more accessible and actionable. In addition, storytelling through data has become a crucial skill for analysts and data scientists. By presenting data in the form of compelling narratives, businesses can effectively communicate insights to all the stakeholders involved and help them understand the significance of the data in the context of their objectives and challenges.

AI and Machine Learning Integration

Artificial Intelligence (AI) and Machine Learning (ML) ‘s impact on business analytics is nothing short of remarkable. They are changing the landscape of the future with the help of AI-driven analytics tools. These tools automate data analysis, detect patterns, and accurately predict outcomes. Machine learning algorithms learn from historical data, helping firms make informed decisions and optimise various processes ranging from supply chain management to analysing customer behaviour. Moreover, AI-powered chatbots and virtual assistants are increasingly becoming integral to business analytics. They provide instant access to data insights and answer queries in real time. With the advancement of AI and ML, they are programmed to seamlessly and sophisticatedly integrate into analytics processes, leading to better decision-making and streamlined operations. The future of business analytics is bright, thanks to the remarkable impact of AI and ML.

Augmented Analytics

Augmented analytics is another transformative trend shaping the future of data analysis. It automates data preparation, research, and insights generation, thus enhancing the capabilities of human analysts. This leads to faster and more accurate decision-making as analysts can focus on high-value tasks and problem-solving. Augmented analytics tools can also identify hidden patterns and correlations in data that human analysts may overlook. This trend is set to empower organisations of all sizes, allowing employees at all levels to access and interpret crucial data without specialised technical expertise.

Real-time Data Analytics

Relevant and real-time data at your fingertips!

Gone are the days of traditional batch processing of data. Data is generated at an unprecedented rate in the digital era, and real-time data analytics is necessary to stay ahead in the business world. Timeliness is critical, and data processing delays can harm seizing opportunities or responding to emerging challenges. Real-time data analytics allows businesses to access and analyse data as it is generated, providing instant insights into customer behaviour, market trends, and operational efficiency. Responding swiftly to changing circumstances can significantly impact an organisation’s success. Real-time analytics is undoubtedly an essential trend in the future of business analytics.

Data Privacy and Ethics

Wouldn’t you want your personal data to be protected?

Data privacy and ethics have become critical concerns for consumers and regulators as businesses collect and analyse vast amounts of data. High-profile data breaches and privacy scandals have raised awareness about the importance of responsibly protecting and using sensitive data. In the future, businesses prioritising data privacy and ethical data practices will earn greater trust and loyalty from their customers. Adhering to data protection regulations and implementing robust security measures will safeguard sensitive information and ensure business analytics initiatives’ long-term sustainability and credibility.

In summary, the future of business analytics is full of promise and transformation thanks to technological advancements and market changes. Organisations can now present data in a more engaging manner through advanced data visualisation and storytelling. Integrating AI and ML will provide unique insights and enable automation. Analysts can focus on strategic decision-making through augmented analytics, while real-time data analytics will facilitate agility in a fast-paced business environment. Data privacy and ethical practices are essential for building trust and credibility with customers and stakeholders. By embracing these trends, businesses can lead the data-driven revolution and pave the way for a successful, sustainable future.

Businesses are no longer confined within national boundaries in today’s interconnected world. Professionals must pursue a Global MBA to truly excel in the global business arena. It enhances expertise in international markets and cultures while propelling careers to new heights. Here are five compelling reasons why a Global MBA is essential for anyone aspiring to thrive in the global business landscape:

Gain a Global Perspective:

By enrolling in a Global MBA program, students can engage with a diverse group of peers from various countries and backgrounds. Working with classmates from different cultures can help develop cultural intelligence and a global perspective. This is critical for success in international business, as it enables individuals to navigate complex global markets, improve cross-cultural communication skills, and adjust business strategies to meet diverse consumer preferences. A deeper understanding of different cultures also equips individuals to effectively lead multicultural teams and establish solid international partnerships.

Exposure to International Business Practices:

The curriculum of a Global MBA program is designed to provide an in-depth understanding of international business practices. It equips you with knowledge about global trade, foreign investment, international finance, and emerging market trends. Professors with experience in the global market provide valuable business insights and real-life case studies that help develop practical understanding. Through real-world projects and internships, you’ll gain hands-on experience, enabling you to apply theoretical concepts to real-life scenarios. This exposure will help you confidently take on the world of business.

Networking Opportunities:

Embarking on a Global MBA journey can open up a world of possibilities. You can broaden your professional horizons through meaningful connections with peers, professors, and industry experts from different corners of the globe. The network you build during your studies can be invaluable for forging partnerships, discovering new ventures, and propelling your career to new heights. Building a diverse and robust network is critical in international business, where relationships and connections play a pivotal role in success.

Global Business Strategy Development:

In today’s fiercely competitive global economy, businesses must have effective strategies. Pursuing a Global MBA is a powerful way to gain the knowledge and analytical skills to create comprehensive global business strategies. This program equips you to identify new market opportunities, evaluate risks, and tailor business plans to fit international markets. These strategic insights are essential for achieving sustainable growth and navigating the complexities of international trade regulations and policies. As employers seek professionals who can think strategically globally, Global MBA graduates are highly valued in the job market.

Personal Growth and Leadership Development:

Enrolling in a Global MBA program offers more than just improving one’s technical skills. It’s a transformational journey that enhances personal growth and leadership abilities. The program presents challenges encouraging resilience, adaptability, and open-mindedness, such as navigating diverse cultures, collaborating with international teams, and adapting to various business environments. The rigorous academic curriculum sharpens critical thinking and decision-making skills. Graduates emerge from the program as confident and visionary leaders who can navigate the ever-changing landscape of global commerce.

In conclusion, the world is evolving into a closely interconnected marketplace, and to thrive in this global economy, professionals need to cultivate a comprehensive understanding of international business dynamics. Pursuing a Global MBA can provide a unique opportunity to acquire the necessary skills and insights to excel on a global scale. A Global MBA program can help you become a well-rounded global business professional by developing cultural intelligence, honing strategic thinking, and enhancing leadership abilities. If you aspire to make an impact in the international business world, a Global MBA could be the key to unlocking a world of limitless opportunities and achievements.

An in-depth understanding of the consumer’s buying behaviour enables marketers to get an idea of what makes the consumer buy or reject their product if it satisfies their need. It enables marketers to understand not only the habits of consumers but also the factors that influence their decision to buy a specific product. 

Consumer behaviour empowers a marketer with rich insights about his target audience. The insights can be useful while they develop and launch a product into the market. Consumer buying behaviour also enables them to create the right messaging and positioning while promoting the products. It enables to create attractive marketing campaigns that resonate with the target audience and augment sale of the product. 

The study of consumer buying behaviour helps marketers to understand why customers buy their products, when they do it, and what is their frequency of purchase. It also enables them to understand their most preferred brands in the category, the price at which they are comfortable buying the product, and whether they like to purchase it online or at a physical store only after taking a close look at the product and the other options available. 

Why is consumer behaviour important?

Consumer behaviour enables a company to understand the positioning and timing of introduction of a new product. The successful launch, sales, and capture of market share are all related to how well a company has utilized its understanding of its consumer’s buying behaviour. 

As mentioned by Jack Trout in the book ‘Differentiate or Die’, the consumers already have a pre-decided preference in their mind on the products/ brands they want to purchase. To actually break their pre-conceived notions, a product or a brand must be presented with a ‘difference’. That’s where consumer buying behaviour insights can help significantly. Unless a marketer and his company can anticipate how a customer would respond to a particular proposition or differentiation strategy, the product may not get the desired response. 

Factors that influence consumer buying behaviour?

Consumers are influenced by a wide range of factors. They may have more disposable income which may lead to a change in their lifestyle and preference for more expensive brands. Technology, peer reviews, word-of-mouth, and many other factors could also make consumers change their buying behaviour. 

3 Reasons why Marketers should rely on insights from Consumer Buying behaviour?

Consumer behaviour helps a marketer to plan his strategy in order to ensure effective reach and recall among the target audience. It can also help to position the product with apt messaging or brand proposition. 

What else can understanding of consumer behaviour do for marketers?

• Consumer differentiation: A marketer can create new cohorts among the target audience if he understands consumer buying behaviour better. Each cohort or sub-group may have their unique traits and may respond better to certain aspects of the product such as price, usability, durability etc. Accordingly, a marketer can try to tweak positioning subtly and target these cohorts more precisely to drive better sales. 
• Anticipating Trends: By carefully observing and evaluating consumer buyer behaviour, marketers can understand emerging trends.  Once these trends are identified and evaluated for consistency, marketers can pivot their marketing strategies and campaigns by optimizing the use of budgets and human capital to align with these trends. With digital technologies at their disposal, marketers can ‘go-to-market’ faster with their new ideas, A/B test their strategies, and swiftly arrive at the best ones that resonate very well with their target audience and existing customers. 
• Create new and innovative products: Marketers who keep a keen eye on consumers buying behaviour can not only spot trends but also understand how to encash on some peculiar behaviours. Such marketers may identify some new opportunity or lacunae in the market that competitors may have missed or decided to overlook. It can lead them to a ‘blue ocean’ which is untapped. They can create new and innovative products to cater to this gap in the market and gain a definite edge over competing products and companies. In the process, they can gain market share and may also establish a new category in the process. 

In conclusion, understanding of consumer buying behaviour is one of the most potent weapons in the marketer’s arsenal. A marketer who understands, analyses, and applies this to his product/ brand strategy, segmentation, targeting, and positioning, can enhance sales of his products, build excellent brand recall, and also create newer variants of the products that enhance the appeal for a wider range of target audience cohorts. With digital technologies and data analytics advancements, tech-savvy marketers can further use the power of data to create remarkable products and brands.

In the last ten years, social media has taken the world by storm. There’s hardly anyone who does not use some form of social media. Whether its LinkedIn for our professional networking, or Facebook and Instagram for our personal and social interactions, WhatsApp for instant communications, or Youtube for our videos, we use social media extensively. 

Companies must also leverage the power of social media to promote their brand in the minds of their target audience. If utilized well, a good social media presence can help them to accelerate their business. As per a report by social media marketing platform Sproutsocial, 78% of consumers are willing to buy from a company that offers them a positive experience on social media. 

Hence, companies must always be on top of their ‘social media’ game. Whether it’s a disgruntled customer, or an irritated employee, everyone has access to social media and companies must be vigilant on social media at all times to address concerns. If social media is left unattended, the company may not only lose customers but also have to address damage to their brand reputation and corporate image. 

Here’s the good news. An effective social media marketing strategy that is well executed can enable a company to reap rich dividends. We list 5 tips that can be of immense help to companies: – 

1. Understand Companies strategic Goals and Objectives: A company must have a clear strategy in terms of its products or services, and growth plans. The strategic objectives must be translated to clear marketing and communication ideas so that the target audience or key stakeholders can participate in the brand story and help you to get the desired results. Effective social media marketing is not an isolated effort. It must resonate with the company’s strategy and marketing to ensure best results. 
2. Devise a Social Media Strategy based on Target Audience and Desired Goals: It is important to understand the target audience, their demographics, their most popular social media platform etc. Once a clear understanding is obtained, the objective and desired attainment from each of the company’s social media platforms must be enlisted. Once this is finalized, the company must work on the content across each social media platform. Content is the fuel that runs the social media engine. Good content which is informative, engaging, or entertaining can help companies to get good result from their social media efforts. Hence, a company and its marketing teams must ensure that great content that resonates with their target audience across social media platforms must be curated and converted into a monthly calendar. This will ensure consistency of communication as well as recall with the target audience. 
3. Create Campaigns with defined periodicity: While it is good to post daily or frequently across platforms, the audience must also have something to look forward to when they follow your company on social media. Campaigns are a great way of keeping the audience engaged. For example: – Publishing fun content on a particular day of the week. wellness tips on certain days, key technology aspects of the business on some other day etc. can be a good way to build consistency and recall among the target audience. It also enhances the chances of engagement (likes, comments, and shares) by the audience which, in turn, leads to more people liking the brand on social media. 

Companies may also engage with their followers or fans on social media through polls, webinars, quizzes, crossword puzzles related to the business and so on. This will keep the audience engaged and will help the company to occasionally also share a company update or offers from their company’s brands. 

1. Analyse engagement data and refine the social media calendar: When a company starts interacting with its followers on various social media channels, all ideas and campaigns may not work. How does the social media marketer know this? Due to the power of data and reports that social media platforms can generate for him. Through self-service interface for data analytics, most social media platforms enable business users to gain access to the company’s social media data. It can help understand the user’s interaction and engagement across each post. Equipped with such insights, the social media marketing team can refine their social media calendar by incorporating new ideas and stopping the use of ideas which may not have been yielding great engagement. 
2. Use trending Story Ideas: – No matter which industry your company operates in, there is always something interesting happening. A social media marketing team must be constantly updated about the latest trends and happenings in its industry and convert it into engaging story ideas wherein the target audience is captivated with the story and the messaging. It is important to use the popular forms of communications such as short videos and reels to ensure that the target audience get the message within a few seconds. It would be interesting for brands to explore tie-ups with influencers, launch their own podcasts, etc. They may also want to upload some knowledge-based value that they want to share with their target audience. This could include creating an infographic or a research report which can be distributed through social media and the user may download it for free by willingly sharing his contact details with the company. 

I hope you found these tips useful. A great social media marketer must incorporate all these tips and also stay extremely updated with the latest news in the said industry to ensure consistent improvement in social media marketing and the key metrics. 

While we have written a very brief account of what could work on social media, we would surely love to hear what your views are. Since it is a topic of great interest, I am sure you would not shy away from sharing your views. Social media is definitely here to stay in some form or other. Companies that would ace their social media strategy and execution will become market leaders or at least have a significant edge over their key competitors. 

Is your company’s social media plan a great one? Please do run it through the above checklist of tips to see if it incorporates all key points and can be enhanced further.