
No one can overrule the power of the web. The fact that every business today needs some kind of an online presence, just shows how long we’ve come from the brick-and-mortar stores. Innovation in technology is booming at a rapid pace and therefore, finding newer ways of engaging and sharing information can be quite a challenge. In this article, we’ll be looking at five most significant trends currently defining the internet and online business.
1. Big Data
The ever expanding data is a direct result of digitization and companies (by themselves) are often at a disadvantage if left to uncover hidden patterns from such volumes of data.
Enter Big Data, hailed as a one-stop solution for an organization’s analytical needs. Big Data encompasses several aspects of business intelligence such as data capture, storage, search, sharing, analytics and visualization. By integrating it with an existing data warehouse, a company stands to gain valuable insights on customer behavior, lead conversion, security threats, social media marketing, product management and supply chain optimization among others.
Big Data analytics has been slowly replacing the traditional web analytics, with a majority of the companies favoring it for its highly advanced business analysis. Already the platform’s growing popularity has made it technically and economically viable for various industries. Recent academic research has indicated that companies using Big Data analytics show productivity rates 5 – 6 percent higher than those of their peers and that marketers spend an estimated $50 billion on it alone (BMO Capital Markets report).
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