By next year the IDC (International Data Corporation) projects $203 billion in global revenue will be generated from big data. Building towards producing 180 Zettabytes annually by 2025.
As we head into the roaring 20’s we take a look at some of the trends that will be affecting the data capture market.
Learning where to use Machine Learning
Gartner recently predicted over 40% of data science tasks will be automated by 2020. This will hugely impact how efficiently the data already in CRM systems is handled.
Meaning companies will be able to better leverage their data sets to contextualise insights drawn from legacy systems. What this means for businesses is they will have more time and resources to be able to allocate human efforts into their data capture processes.
With more powerful tools supplied through AI (Artificial Intelligence) and ML (Machine Learning) integration for tasks like; data sorting/classification, extraction and validation the possibility for increased efficiency and accuracy opens up.
Data capture teams can focus on improving the ‘first impressions’ clients have with businesses. Laying way for the foundation of a beneficial relationship to bloom between company and customer.
However, we can see that from studies such as Freshworks customer research that only around 12% of CRM users are actually using specific AI-based tools. Along with 75% of participants actively looking to get more out of AI but the tools just aren’t there yet.
The AI hype-reality gap
A “hype-reality gap” exists in the AI market. There’s the temptation within businesses to adopt the new and shiny without fully understanding the barriers to implementation and the company fit.
More and more companies are associating themselves with ‘AI’ based tools. But a lot of the time businesses are branding any automated algorithm as an AI and therefore increase its perceived value.
An AI should get smarter the more data its fed, exponentially increasing its worth and ROI as the price you paid stays the same. However, it’s important to remember that AI at the moment is an umbrella term. Encompassing everything from desktop automation, Robotic process automation, machine learning, and artificial intelligence.
Every business wants to become data-driven, and so they should, but all too often business intelligence (BI) is confused with AI.
Until someone comes along and makes an affordable AI solution, that lands on its promise of more than just automation that can perform more than menial tasks. Businesses will continue to utilise reliable human processes that make use of data experts.
Real-time decision making & streaming data
With the rise of data streaming platforms like ‘Amazon Kineses’ access to real-time data and data analytics will provide a quick diffusion of information and monetisation of data.
What services like Amazon Kineses offer are the opportunity to harness a streaming process for data. Rather than businesses waiting for data to get batch collected and analysed, brands can have a continually updated stream of data that offers real-time insights.
Customer experience tops all
With hyper-switched on consumers, in 2020 we will continue to see the experiential trend grow, with brands offering unique, sought after experiences both in-person and through company touchpoints.
As processes become more automated brands will need to incorporate more of a human touch or implement an experience that’s hugely interactive and leaves an impression.
Financial services have been taking customer experience very seriously this year, with HSBC’s new ‘sensory identity’ completely overhauling their visual and auditory impact on consumers. Part of this experience includes crafting a sense of discovery with their new sound identity, by having it played in new places and coming to associate it with the HSBC brand.
Read more about HSBC’s sensory identity in our previous blog “How can financial services benefit from sensory and experiential marketing?”
Speak your customer's language
With over 3.5 billion smartphones in circulation by 2020, that’s a smartphone in the hand of 45% of the population. On top of this proliferation, the number of people who grew up in a world with the internet and mobile devices is higher than ever creating tech-savvy consumers.
Incorporating smarter technology that consumers are familiar with and comfortable using will help streamline customer interactions. Brands can, therefore, offer a smoother process, which is more likely to encourage consumers to give up their data.
Data humanism: Personalised visualisation
In an effort to understand the often-complex reams of information data produces, infographics have been tried, tested and failed. Existing only as a cosmetic retouch of data, infographics have generally failed at trying to simplify these insights.
In 2020 we will see the evolution of data visualisation focus on personalisation. Visualising data is the key to translating numbers into concepts that people can relate to. Therefore, data visualisation needs to be unique, contextual and intimate.
Georgia Lupi is an ‘information designer’ a position that exists somewhere between graphic design and data science. She wrote about how “cool infographics promised us the key to master this untameable complexity” but they failed at doing this.
A great example of what Lupi does can be seen in her collaborative book of postcards, “Dear Data”. A window into the conception of the friendship between Lupi and London based designer, Stefanie Posavec.
Getting to know each other through their common interests; collecting, organising and drawing. Each week the pair set themselves a new research question, for instance, how often did you give or receive compliments? How many times a day did you check your phone? How many dresses are in your closet?
The results from two designers showcasing data in new and personal ways is beautiful to look at and incorporated elements from bullet journaling (showcasing the personal trend of data visualisation). With data ultimately being made by humans it only makes sense to shape the results in a way that appeals to the human senses.
Embracing the complex with visual language and understanding it’s not a one-size-fits all process is the key to accurately conveying what your data is trying to tell you.
Heading into 2020
As we end the year and start to wind down for the holiday season. It’s undeniable there’s a sense of excitement in the air as we enter the new decade.
Greeted with new tech, news and problems to solve, 2020 will usher in exciting possibilities.
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