5 Automation & Advanced Analytics Trends You Should Know About in 2022
2022 is bringing about a lot of changes in the world, including new automation and advanced analytics trends.
As technology rapidly advances and consumers and markets change, so should the way we approach analytics. To keep up with the most current marketing trends, businesses need to apply the right automation and advanced analytics strategies. This has become an increasingly important area for any business to focus on.
Here is a breakdown of the 5 most significant automation and advanced analytics trends you should be aware of right now.
Increased Use Of Automated Marketing and MMM
A major general marketing trend we will see in the coming year is the increased use of marketing automation. With this trend comes wider use of multichannel marketing, which means companies will be focusing more on advanced analytics.
If you’re running omnichannel marketing campaigns, you’ll need to be using advanced analytics to gather more data on your different channels for a better ROI.
There are many different factors that influence sales, and your entire marketing mix should be considered when understanding the effect of your marketing investments and optimizing your budget.
To achieve this, more businesses will be adopting marketing mix modeling (MMM) to provide deeper insights into their different channels and marketing investments.
MMM is a type of advanced analytics analysis that investigates the direct impact that different marketing efforts have on sales. This approach lets you understand the effects of your different marketing channels more deeply, in order to optimize your marketing spending and efforts.
So with the increased application of marketing automation and omnichannel marketing campaigns, using MMM to understand the effect of each marketing touchpoint is important.
Advanced Analytics as a Core Business Function
In the past, advanced analytics was reserved for data analysts. With the rapid developments in technology in the world today, using advanced analytics is becoming a core process for any business operation.
So much of our daily lives are online these days, and so there is more data than ever before for businesses to use. This also means there’s a lot more competition, as all kinds of businesses are focusing more on running advanced marketing campaigns with advanced data.
The use of advanced analytics is becoming so much more than just something reserved for high-level marketers. Advanced analytics can help any business optimize its spending and improve its ROI on investments. This means it's something that will play a larger role in shaping business decisions and actions.
There are also more user-friendly advanced analytics tools available, which makes it easier for anyone to start applying advanced analytics strategies. Expect to start seeing advanced analytics technology play a more significant role across key business functions.
Greater Use Of Predictive Analytics
Predictive analytics continues to play an important role in driving business decisions. Businesses are no longer just looking at historical data and trying to make sense of trends themselves. Instead, there’s increased use of smarter analytics that draws more accurate insights for us.
Predictive analytics uses big data to predict possible outcomes. Machine learning software processes large pools of historical data to predict what the most likely results of certain actions will be. Instead of just making guesses, businesses can use these predictive insights to drive more strategic decision-making.
This results in faster and more accurate decisions that achieve a greater ROI.
AI and machine learning software is becoming more advanced and more widely used across different business functions. With these technological developments, predictive analytics technology is also being adopted at a greater rate.
The use of predictive analytics for more efficient and effective decision-making will continue to be an advanced analytics trend to watch in the coming year.
Turning Insights Into Actions
There’s a greater focus on using advanced analytics to gain insights, but these insights also need to be actionable. Now that more businesses can use analytics to answer questions and understand challenges, they need to act on these insights efficiently.
Prescriptive analytics answers the question “what should be done?”. It’s a form of advanced analytics that helps us turn insights into meaningful actions and it’s something that more marketers and businesses will start to adopt.
Using analytics to better understand “what if” scenarios gives you a better understanding of what actions to take and how to achieve the best possible ROI.
Emphasis On Faster Results
If there’s one thing that businesses and marketers have learned over the last two years, it’s that market conditions can change very quickly. This is why there will be an increased focus on using automation and analytics to gain faster insights and take faster actions.
With the right automation workflows, predictive, and prescriptive analytics tools, you can come up with a question and gain a fast answer to what route your business should take. This allows businesses to make faster, more strategic decisions.
With a tool like Proof, you can use analytics to answer your business’s biggest questions and minimize the time lag between insight and action.
Staying up to date with the latest advanced analytics trends will help you make a greater impact. Automation and advanced analytics are playing an ever-important role in the way businesses operate. If you’re not using the right advanced analytics tools, then you’re missing out on reaching your business’s full potential.