Accelerated by the pandemic, the world has moved online, with late adopters catching up and making the much-needed transition. Having an online presence means access to heaps of data and the adoption of analytic tools. This data has delivered valuable information affecting sales strategies, product offerings and communication efforts, and has created overall efficiencies across the business. The data and analytics industry has continuously evolved to meet the demands of brands while including developments in technology from AI to the metaverse, so 2022 will definitely see some movement here.
Increased adoption of business intelligence tools
The market for business intelligence tools sees assured growth worldwide, and according to Mordor Intelligence, double-digit growth is expected from $21 billion in 2020 to $41 billion in 2026. This demand is driven mainly by large organisations but eventually will become a central component of all organisations. In the MENA region, digitalisation was slower from a global perspective, but due to Covid-19 we witnessed a rise in digital transformation and servicing customers through digital channels. All of this mandated more investment in business intelligence tools to improve business processes and results, through data-driven decision making.
Predictive analysis and AI’s influence
Big data will only benefit your business if you are able to use it effectively to predict your customers’ next moves and purchasing patterns. Predictive analysis is awesome because it is efficient, rapid and has business relevance. It will be immersive and embedded and provide a seamless experience. Now all major technology vendors are building AI into their products to help brands better understand their customers. And with the vast amount of data generated throughout every digital touchpoint, AI will be able to look for patterns and identify correlations and recommend certain actions or even take certain actions.
Transparency, accountability and privacy
Big tech built their businesses around owning customer data and monetising it. Then came GDPR in Europe and paved the way for other regions to implement their own strategies. What you will see mostly in the MENA region are general laws that protect consumers, although specific laws have not yet been drafted. But some countries are changing their approach and implementing a form of GDPR or CCPA; Bahrain has implemented new laws and the DIFC has also launched its own guidelines. This will affect how organisations work with tech companies and their owned data, perhaps taking a leaner approach, and focusing on the touchpoints that add value to their brand. Additionally, a brand’s consented customer data on its owned channels, even though limited, will become even more valuable and the role of predictive analysis will play an important part here.
The impact of the metaverse on data and analytics
An immersive virtual reality where you can have a ‘presence’ and have various experiences like a live concert or a football game wearing that outfit you saved on Instagram Shop and purchased through blockchain technology – now that’s data brands would love to have. Roblox and Fortnite are probably the two gaming platforms that would be the closest to this meta-world and Google Analytics already has access to data on Roblox. No doubt there will be heavy investments by tech companies in the development of AR and VR measurement tools to support the access of data to brands that are willing to spend.
New features within data and analytics
The most useful feature will be event tracking without coding functionalities, where you can identify events to track and measure on-site and in-app without setting up codes. Other new features such as cloud analytics and evolved graphs will also be prevalent.
Self-service analytics
As organisations become data-driven and mature in their utilisation of data, everyone should be able to generate reports and have access to data. This should not and cannot be contained to one central team to ensure the efficiency of business processes. A rise in self-service tools will be seen as regional brands undergo digital transformation with every department relying on data for decision making.
Culture a hindrance to data management and analytics?
As our region still lags behind in digital transformation, it is imperative to continuously showcase the value a digital mindset has in meeting customer requirements and conducting business practices. Importance must also be given to skilling and upskilling a workforce to enable this mindset. After all, a company culture that doesn’t embrace or understand the value of digital transformation will hinder its success.
