Business Analytics Future

To finish up this week we will discuss business analytics future. I will talk about how it will disrupt industries and cause a lot of changes to the job market. But I don’t think it will change things to the worse. Just like during industrialisation everything changes but in the long run the population prosper.

Using data will change how we create products and for some companies data will be the very core of their products. We are living in a world where customer-centric companies prosper and data is something that can help us learn more about our actual customer. Just a few years ago we built customer personas based on e.g. demographic data, which creates stereotypical personas. But now we are moving towards customer personas that instead looks at behavior at its core. Business analytics future is looking bright and it will innovate business models and management approaches.

The problem with data is that can give use a false safety in our conclusions. We can miss important data because of how much we trust the data we already have. I mentioned a book in the blog post last week, about Superforcasters. It talks about how experts usually are not more than slightly better at making forecasts than novices who are guessing. It talks about the danger of the tip of your nose-forecasts and experts are not much better at it than rookies. But because of how much they believe that they know they come to conclusions quickly and are having problems letting go of them. So, remember how important it is to analys the data you gather with an open mind. Look at the data objectively.

Business Analytics Future – The Consequences

But the change towards a data obsessed society will also have its consequences. A lot of jobs will not be what they once were. The more an industry relies on information as its core product, the greater and more complete the change in it will be (source; research paper). Some jobs will disappear and some will change dramatically.

For customer service agents things will change but their job will never disappear. The need for human interaction will always be there. But there might not be as many agents as you can see at some companies today. A large portion of challenges that comes in to a customer service can be handled by a computer, AI or a chatbot. These will all be built on the thorough work done with different types business analytics. You use speech analytics and text analytics to gather what questions customer asks, and business analytics will analyse how customers interact with their customer service. The process in the customer service will have a foundation in business analytics. If we handle data right we can more objectively get to know our customers.

At some point in the future I will write about some of the different types of business analytics. Especially speech analytics is an area we at Connectel find really interesting. If you are interested in speech analytics then you definitely should contact us and we can tell you about our technology.

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