Data analytics can uncover new revenue streams

Continuing with the 4 broad themes for 2018, this week we focus on ‘Data analytics’ – its overall direction with the aid of AI and machine learning.  Nugit mentions 6 data analytic predictions for 2018.

Data will be a key asset:

Data will be one of the most valued assets and any business that owns/harness data will be looking for ways to monetise it.  The Economist has called ‘data the new oil’ and many industry experts seem to agree with this notion in their talks/articles.

Personalisation at scale:

Consumers’ demand for relevance (individual) will encourage businesses to provide more personalised messages and services.  This calls for agile data platforms.

Data agility:

Choice of analytical models and platforms will be driven by data agility.  Rise of ‘customer data platforms’ is a result of this trend so that decisions are more ‘intelligence-driven’ than just ‘data-driven’.

Data analysists with a difference:

The AI/machine learning based systems will perform data extraction and complex analysis with ease allowing analysts to focus more on the ‘why’s behind the data.

Data storytelling:

The cold hard data reports will therefore transform into a more strategic document, improving stakeholders’ decision-making capabilities

More focus on real-time data:

Businesses will rely more on pre-emptive analytics with real-time data.  This will result in right actions at the right time and even uncovering of new revenue streams

However, this ultra-personalisation trend has given rise to ‘privacy anxiety’ and European Union’s proposed General Data Protection Regulation (GDPR) is a direct result of this.  Marketers will be faced with the prospect of majority opting-in to protect their data and thereby making ‘personalisation’ difficult to achieve.  Here is an interesting article that looks at the impact of ad-blockers and GDPR on marketing and how this will lead marketing ‘back-to-basics’, an increasingly popular phrase these days.