7 Data Engineering Trends Supercharging Service Businesses in 2024

Every click, swipe, and interaction generates valuable insights waiting to be harnessed. For service-based companies like CirrusLabs, data engineering is no longer a luxury - it's the lifeblood of innovation and success. But how is this ever-evolving field transforming the service industry? 

Have you ever considered the unique value of a data audit tailored specifically to your business? Not all data is created equal, and understanding which data sets hold the most potential for driving your business value is crucial. This could vary from business to business. As a consulting and advisory company, CirrusLabs offers a comprehensive data audit service that is meticulously designed to provide you with these personalized insights.  

But what do we do with the audit details? We will provide actionable implementations and recommendations that are trending with the times. Some of those recommendations would revolve around: 

1. Embracing the Cloud

The era of on-premise solutions has ended as companies have transitioned to the cloud. This shift brings significant benefits, such as reduced costs, increased data security, and improved data management. With the rise in data compliances and security requirements, this switch is not just beneficial, it's a strategic move. The service provider takes care of the overall blanket approvals, giving you the confidence to focus on your business and save time. 

CirrusLabs can leverage the cloud's scalability to store vast customer data, including purchase history, preferences, and past interactions. With real-time analytics, they can create dynamic customer profiles that power hyper-personalized service experiences. Imagine a customer service rep using AI to predict a customer's needs before they even call, offering proactive solutions and exceeding expectations. 

2. Adopting Real-time Analytics

Real-time analytics provide insights as data is generated. This allows for immediate course correction and optimization. Data also helps identify gaps, avoid repetitive mistakes, and avoid bad decisions. Develop a data lake strategy for storing and managing diverse data sets.  A data lake provides the flexibility to store structured and unstructured data, allowing for future exploration and analysis. Companies can use real-time data to analyze and process information that helps them make informed decisions.  

3. Prioritization of Automation  

Data engineering tools can automate repetitive tasks, freeing up valuable human resources for higher-level activities. We’ve managed to perform Automated Customer Onboarding for our clients using data engineering tools that can automate repetitive tasks like customer onboarding paperwork and data entry. This frees up their team to focus on building relationships with new clients. Additionally, automation ensures consistency and reduces errors, leading to a smoother onboarding experience. 

Automation can help reduce the workload on the labour force of any organization. This helps them save time and increases their overall productivity as these resources can now focus on more creative and useful tasks. AI Automation has redefined life at contact and call centers where they were paralyzed by manual identification, history gathering, and resolution of tickets raised by customers. 

4. Democratization of Data

Empowering everyone with data access fosters a data-driven culture and fuels better decision-making. Empowering sales teams with self-service analytics allows them to explore customer data and historical sales trends. This data can be used to generate more accurate sales forecasts, identify upsell opportunities and prioritize leads more effectively. Imagine a salesperson using customer data to predict buying behavior and tailor their pitch to specific needs. 

Data points can also be used to create hyper-focused targeting for marketing activities. We can pick and choose the relevant data based on the data collected by the organizations. Using this data, we can create customized emails to individuals based on their preferences or purchase patterns. 

5. Strategic Approval Automation 

Companies with multiple approvals struggle to pass the baton within the stipulated deadlines. Manual transfer of approvals from one level to another causes undefined time delays in the process while identifying the level of delay becomes nearly impossible with manual efforts.  

In such cases, we can develop an SLA-based automated Approval system. This not only removes the manual efforts involved in passing on approvals from one level to another but also triggers email reminders for every missed SLA, thereby allowing stakeholders to identify the exact location of the file pending for approval. This makes escalations much easier. 

6. Edge Computing 

As companies switch to technologies like Image Recognition and AI to process these images, the technology around image recognition has advanced with edge computing.  Edge Computing has enabled companies to utilize a single image to identify planogram compliance, the stock on the shelves, competitor data, and prices offered as a part of the discounts.  

Using AI with this technology has helped predict stockouts, product recommendations, and the best customer offers. This feedback is based on real-time observations of AI, which helps businesses make the right decisions regarding improving sales. 

7. Data Governance, Risk and Compliance

With the rise in AI Technology, companies must stay aligned with global and regional data protection policies. To do so, they must spend much time trying to understand the policies and requirements associated with each of these policies to stay compliant.  

AI-based GRC tools are available to help manage governance, risk, and compliance. However, it can be tedious to identify the right tool that adheres to each organization's different requirements. G50 Lockthreat from CirrusLabs is one tool that can help with data compliance and management across borders and countries. 

Embracing Trends for a better  

By embracing these trends, CirrusLabs can deliver superior client service and real-time data insights, anticipate client needs, and proactively address challenges. The Cirrus team delivers service offerings and tailored services to maximize client impact and ROI based on data-driven insights. CirrusLabs aims to become a data-driven organization. We prefer to make strategic choices based on facts, not hunches, fostering a culture of data-driven decision-making. 

The future of service-based businesses like CirrusLabs lies in harnessing the power of data. By leveraging these exciting use cases and staying ahead of the curve in data engineering trends, CirrusLabs can ensure they continue to deliver exceptional service and drive value for their clients in an ever-evolving market. 

At CirrusLabs, we specialize in Strategy and Consulting. As consulting partners, we have helped several companies achieve great results through optimization. 

  • Develop a data strategy aligned with your business goals. 
  • Design and implement a scalable data infrastructure. 
  • Automate manual tasks to improve efficiency. 
  • Leverage real-time analytics for data-driven decision-making. 

Contact CirrusLabs Consulting and Advisory for any developmental or strategic consultations your company might require.