Businesses are more focused on data than ever before, which is leading to more competitive marketing strategies, while encouraging consumer-influenced business models. To ensure big data provides the greatest benefit to a company, businesses need to remain on top of all emerging data trends. In 2016, there will be a number of key changes to the way data is collected, utilized, and applied. In order to remain effective with your marketing, you need to stay ahead of these trends.
What Is Big Data Going to Look Like in 2016?
The coming year will present a lot of trends for big data that all businesses, regardless of size, need to remain aware of. Here are some of the top trends to consider.
Analytics will be critical. While many businesses utilize analytics, there are still many who don't. In the coming years, companies that fail to leverage analytics will likely go out of business, as they will no longer be able to keep up with consumer trends.
The risk of big data will increase. While big data provides countless benefits to businesses, it also presents certain risks. If the data is interpreted incorrectly, or if bad data, misleading data, or incomplete data is utilized, the business could potentially make bad decisions that result in significant profit loss. Gartner predicts that as the quantity of available data increases, the propensity towards error will also increase. With marketing automation software, these risks can be greatly mitigated. It makes it easier to manage and analyze big data, thus reducing the potential for errors in analysis. Routine data cleansing can also safeguard businesses by ensuring all data is of high quality and relevance to the company.
More companies will commercialize their data. Many companies are already monetizing their data in order to increase profits, and in 2016, this trend will become even more widespread. 2015 brought with it a 200 percent increase in data monetization, and that number will considerably grow in the coming year.
The quantity of quality data will increase. As if data analysis weren't overwhelming enough, big companies should consider hiring a few more marketers to their team. The quantity of valuable data is expected to double by the year 2020, reaching 44 trillion gigabytes, and in 2016 companies will have more useful data to analyze than ever before. As exhausting as it sounds, with automation tools you can dramatically simplify data analysis, while having a highly scalable platform that accommodates data accumulation. This will enable you to endlessly acquire data without requiring costly on-premise data backups, while reducing the labor involved in analyzing new datasets.
The coming year is going to bring a number of changes in big data. With more businesses relying on data and analytics, those that fail to leverage data will likely go under. Additionally, the quantity of data will increase dramatically, creating more work for marketers, while increasing the potential for error. With marketing automation software, businesses can manage their growing data sets more easily, while reducing error and decreasing the time spent on data analysis.
ReachForce helps marketers increase revenue contribution by solving some of their toughest data management problems. We understand the challenges of results-driven marketers and provide solutions to make initiatives like marketing automation, personalization and predictive marketing better. Whether you have an acute pain to solve today or prefer to grow your capabilities over time, ReachForce can unify, clean and enrich prospect and customer lifecycle data in your business, and do it at your own pace.