Top 3 Trends in Predictive Analytics in 2019
2019 will see lightning speed trends in data and technology. We’ve all heard about the internet of things until we are ready to admit a device overload. Yet less talked about is the power of predictive analytics and how it can drive user experience (UX) across multiple channels. 2019 will feature the rise of technological complexity and the right user experience can simplify that complexity. With the right UX strategy, your business can integrate multiple platforms and data points, making your brand shine.
What is Predictive Analytics?
With the advent of Big Data comes the opportunity to extract trends from billions of data points. Data analysts are able to create quantitative models that allow them to understand human behavior over time. Predictive analytics is a data-driven systematic insight into people’s interactions that allows forecast behavioral trends to become a part of the future. The predictive analytics market is growing by 23%, but how is predictive analytics shaping the trajectory of the user experience?
3 Trends in Predictive Analytics:
1. Segmentation analysis: The trend of segmenting by server and region plays a huge role in the media we consume, to the ads we run, to the data we crunch. Businesses are now able to use segmentation to personalize their efforts to reach customers on an individual basis. Expect a year full of even more intimate connectivity, which will require a more customized user experience
In conjunction with segmentation, we will see a rise in artificial intelligence used to make the customer experience even more personal. Here Spiceworks chronicles the rise of digital assistants and chatbots.
For a taste of the rampant implementation of this technology, 47% of 500 IT pros surveyed across North America and Europe reported using Siri and 5% plans to start using an intelligent assistant in the next 12 months. There is an even steeper incline in the use of Microsoft Cortana and Amazon Alexa with 13 and 15% in turn of IT pros seeking to implement these over the next year.
In 2019, Facebook chatbots are on the rise, which includes the opportunity to advertise to users mid-message. Businesses who want to stay on the forefront of data-driven omnichannel experiences will have to choose a UX solution that incorporates the latest virtual technologies.
2. Growing demand for detection of fraud and scams: With the aforementioned ads, technology, and data that are creeping into our every orifice, a milieu of a 12+ privacy controversies transpired this year alone. Here’s a couple business ‘celebrity’ gaffs from 2018 (in number of records endangered):
• Google Plus: 500,000
• Facebook: 50,000,000
• Marriott: 500,000.000
• MyHeritage: 92,283,889
• Under Armour (My Fitness Pal): 150,000,000
So, data is the culprit, but its also the solution. Funny how that works. Brian Burke, Chief of Research at Gartner cites “By 2021, organisations that bought compliance risk and are caught lacking in privacy protection will pay 100% more in compliance costs than best-practice-adhering competitors.”
In order for Big Data to accelerate as an integral facet of the way we do business and forecast the future, businesses are going to have to build trust and compliance into the backbone of the user experience.
3. Need for analytics automation supporting omnichannel environment: The 3rd trend in predictive analytics is the need for analytics automation supporting an omnichannel environment.
Harvard Business Review published an article about how Nordstrom used the integration of SMACIT (social, mobile, analytics, cloud, and internet of things) technologies to grow revenue by 50% over the past 5 years. “This is not a matter of having the best apps, analytics, or social media tools. Instead, it’s a matter of tending to the details of building integrated digital capabilities, one at a time, making the right data accessible, and simplifying processes.” This is a good niche for rising startup stars to shine this year. Be the company that drives innovation by creating an omnichannel UX.
Predictive analytics will play a big role in 2019, forecasting and shaping how we live our lives, connect, innovate, and build security into our networked routines. Businesses will have more access to extensive amounts of personal data even as new technologies seep into our granular habits. As a result, the businesses that create a data-driven omnichannel experience will succeed. This high-risk, highly connected market demands a user experience that builds trust while integrating cross-platform storytelling. Connect with one of our UX specialists today to discover how we can navigate omnichannel complexity for you, keeping your brand on the forefront.