Huge amounts of data are all around us, and data intelligence systems are causing controversy across many industries. Since the emergence of the Internet, the amount of available information has increased dramatically. Simultaneously, the possibilities for companies have grown, re-defining activities like research, decision-making and innovation. With new opportunities come new risks and responsibilities however, which is why firms have to adapt their business processes accordingly. A dedicated Oracle Corporation White Paper presents an in-depth look at this, and how data discovery has already been transformed.
FOMA trend monitor 2015
Every year, the FOMA trend monitor releases the results of a survey among experts in online media agencies. This year’s publication shows how increasingly important digital content is becoming for the marketing-mix across various industries. The surveyed experts forecast an 8.6% surge in demand for digital advertising in 2015, compared to the previous year. In particular, mobile advertising is becoming more and more relevant, with a predicted growth of 18% compared to last year. In this context, the questionees believe that Programmatic Advertising and especially Big Data are gaining importance.
Two thirds of these industry experts believe that consumers will be much less accepting of irrelevant advertising in the future. This is where data comes into play. Bulk data is the base for tailoring marketing activities to the consumers. This allows marketers to get to know what consumers want, talk about, share with others or rate highly on online platforms. It is not just information about consumers that is helping media agencies; internal data can now be collected and evaluated more easily than ever before and be utilized to improve operations and activities.
How to define data and information?
According to McAfee & Brynjolfsson (*) there are three defining keywords for Big Data:
Volume, Velocity and Variety
- Volume refers to the endless stream of accessible data with a striking 2.5 quintillion bytes created on a daily basis.
- Velocity indicates the fast movement and procession of data.
- Variety points to the different types of information, structured or unstructured. For instance, data about consumers, internal operations or supply chains can be collected by capturing social media interaction, purchasing history, product movement or GPS-signals or transaction records, to name only a few sources.
The importance of digital data competency
Digital data competence is an increasingly important success factor for companies -especially online businesses- with a high potential for competitive advantage and profiling, according to the FOMA trend monitor. With the growing amount of data however, their complexity regarding security and measurability is growing as well. Consumers are concerned about the privacy and security of their data. It is becoming exceedingly difficult for companies to handle the amount of data available to them, which means capturing, processing, storing and analyzing. They are sometimes overwhelmed with managing and harnessing the avalanches of available data. That’s why maintaining high quality and transparency of the data as well as focusing on relevant data is critical for companies in order to add value to their business with bulk data.
This Canadian Business article explores the trouble with finding industry data experts. People who can interpret, analyze, translate and convert data into insights are a highly valuable tool for modern businesses. Experts predict that data intelligence systems are becoming critical for all industries, making the development of analytical strategy indispensable in the long term. What awaits us in the future may be intelligent software that is able to dig deeper into the data, aggregate results and identify the meaning of numbers.
Another data source: the Internet of Things
One important area for growth in the future of digital advertising and business intelligence is the Internet of Things, known as IoT. It has already entered private households by sensors built into commodity products, collecting data about users and their behavior. More than 50% of the experts from the FOMA trend monitor believe that web-enabled sensors will make ad spaces react systematically to their environment in the future. The digital world is moving closer to humans, collecting data everywhere. More than half of the surveyed people assume that data from the IoT will generate intermedia information.
Digital advertising is not only limited to the World Wide Web, but to all web-enabled devices. It is becoming more prevalent as it has the potential to occur on devices that are an increasingly important part of people’s everyday lives. Despite this however, it does not enable a one-hundred percent accurate forecast of consumer behavior. The IoT, as well as all the other data that we can gather, gives a helpful and more accurate insight into consumers’ minds than ever before. Media agencies just need to establish how to harness that data efficiently.
Interested in working in a data-driven business? Have a look at the opportunities offered at OMMAX here.