New Sources of Consumer Data
Imagine having alternative sources of consumer data that you can use to create tailor-made products and services. According to Paul Mampilly, this will be a possibility in 2019. Currently, anyone who needs consumer data has a limited number of sources to get the data.
As a result, firms both for-profit and not-for-profit, use consumer data at their disposal to create personalized products or services that may end up not being as custom-made as they would wish.
In most cases, companies or individuals (including Paul Mampilly) who need consumer data during the creation of products and services are left to obtain consumer data from firms like Facebook, whole foods, and tech firms. The growth of location-based services and applications means that companies will have more places to get the consumer data needed to create all-round products and services.
Adoption of Voice Search
Voice recognition has been becoming more sophisticated each passing year. Consequently, products and services running on this technology are becoming better and this is leading to an increase in their use as being witnessed with smart speakers.
Paul Mampilly and tech enthusiasts agree that the usage of voice recognition technology in smart speakers and smartphones is on the rise. The Amazon Echo and Google Home are currently the most purchased smart speakers.
Since more people are quickly transitioning from text-based searches to voice searches, it expected that companies would start adopting the technology to remain competitive and relevant. Paul Mampilly predicts that firms not keen on embracing the new voice search technology risk being left behind, therefore, being irrelevant.
Accessibility to Big Data Will Improve
Big data has been forming interesting talking points in the contemporary business environment. Nonetheless, accessing this data has been far from the reach of startups and small & medium-sized enterprises since they often lack the technological infrastructure.
As we ease in into 2019, it is expected that this will change. Thanks to sophisticated technology, firms will not need to set up expensive tech infrastructure or have big budgets to access big data. The accessibility of big data is expected to bolster the creation of better products and services.