|Type of paper:||Article review|
|Categories:||Marketing Business Data analysis Cyber security|
The future of data analytics is unwritten but bright and full of opportunity. I find it amusing how businesses are always on the lookout to increase sales. The research, marketing, advertising, and support functions employed now will transform, or get eliminated in the future. Businesses are going to adopt various analytics, with emphasis on the automated functions. It will be more of automatic testing, automatic creative rotation as well as automatic targeting. Moreover, real-time buying of marketing and advertising time and space will be automated. The automation of most business functions is a sure future for many.
Future trends are inclined to automation because of the digital data deluge. Every data has turned to digital media, and this will make it possible for businesses to acquire tremendous amounts of data for analysis. Digital media will enable businesses to acquire data that will offer more marketing opportunities through interactions and much more. However, since most of this data is presented to external companies such as search engines, advertising networks, and social networks, companies need to form integration systems for the data. The external platforms collecting consumer data keep shifting and varying in popularity, and this makes it difficult for companies to keep up with these platforms. The chances are that there will emerge a third party to link the companies with external platforms. As such, data management platforms will be fully established to break the existing barrier between companies and external data platforms. These platforms will, therefore, sell this data to companies, with prices based on laws of supply and demand. There might even be the rise of data exchanges between companies. The value of this data is determined by predictive power, recency, and exclusivity.
In as much as data will be digitalized and automated, the inevitable aspect of data privacy comes into the picture. Companies, as well as government officials, will need to enact regulations to protect the data collected from consumers. Consumers will be given a choice to withdraw from platforms that invade their privacy. As for some cases, consumers will provide data willingly to the companies because of their satisfaction with a certain product. For data to be collected and analyzed, we need to have the magicians - statisticians. These people have an excellent combination of skills, including the ability to use advanced mathematical techniques but are limited in number. The borderless economy has, however, enabled collaborations between companies and the magicians/statisticians. Analytical skills can be easily acquired from various online platforms, therefore, enabling business growth. With the advancing analytic tools, the specialization will become necessary. There will be specialists and generalists under the category of analytics professionals. With the ever-changing technological world, computing models and analytics will grow complex and stronger because of the escalated innovations and adoptions. All these factors mentioned above will challenge businesses to greater lengths. Some companies will be forced to adapt, while others will die. It is, therefore, important that companies prepare for the future by becoming or remaining data literate, focus on their goals, and find skills through the development of a center for excellence. The center of excellence (COE) will comprise of various specialists who provide skills and add value to the world of marketing analytics. For companies that cannot adopt internal COE, then they can incorporate external partnerships for help. As mentioned, the future of data analytics in the world of marketing is unwritten, but it bears bright opportunities accompanied by inevitable changes.
Maex, Dimitri, and Paul B. Brown. Sexy little numbers: how to grow your business using the data you already have. Currency, 2012.
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