The importance of data analytics in the era of AI and next gen tech

Authored by Ganapathy Viswanathan.

About two decades back, getting enough data was a challenge and marketers used to find various ways and means to source and preserve data. As technology advanced, so was the availability of the data and today, marketers have a challenge as to how to leverage this data to engage more gainfully with their customers – both in the B2B and B2C businesses. At every touch point of a customer’s journey today, data is captured to study the buying and behavioural pattern of a customer.

We are all living in the age of data and number crunching. Today, data has become a key tool for marketers to engage with their customers more intensely with ROI. Marketers today are using various AI tools and ML to leverage data so that they can engage with their audience on the move. Data has changed the landscape for marketers, with automation happening on the one side and the use of Algorithms on the other side, and every brand is trying their best to maximise data to reach their end customers.

Capturing of data has become so advanced today, wherein the use of technology 4.0 is playing a vital role where it helps you to access real time data to cull out insights and valuable information. These insights and information allow companies to take faster decision, which helps in generating better ROI and boosting your sales and market share. Grabbing data in real time has been the gamechanger for marketers. But this should be leveraged well by using this data fruitfully and strengthen your customer engagement.

Businesses today are collecting reams of data at an incredibly high speed. Data is captured on the go using various new technologies. This influx of big data seems overwhelming, especially if you aren’t sure how to analyse it. However, when this data is analysed thoughtfully, organisations can go deep into their customer needs and satisfy them, which will then help brands to grow their business. But what is more important is to play intelligently with the data. And for using data, you need the right technology backed with the right skillsets who can analyse and manage the data with the right purpose.

Digital transformation has opened a new world for every other field. Brands are now able to sharpen their marketing with new technology backed by data. Data has become a precious asset for many organisations. It also helps in building a robust loyalty programme to woo and retain customers. Even the PR industry will be tech driven with data and analytics playing a significant role to get better insights while crafting your messaging and pitches. VR and AR will continue to be in limelight and will transform decision making for the consumers. We also witness more skilled talent as use of data become more intense and to understand the use of data in the most productive manner.

While data is the new lingo used by every marketer, but it is equally important to know how to use your raw data intelligently. Even storing your data and ensuring its safety is a huge challenge for every brand. While there is cybersecurity available to safeguard your data, but there are cyber criminals who with a hawk’s eye are just waiting to pounce and hack data. And this where marketers have to constantly keep guarding their data so that it is not misused by any third party.

Data will continue to rule the future. With technology growing at a rapid pace, one will have to keep pace with the technology to keep reinventing themselves to leverage their data on a continuous basis. The search for new and right talent to manage your data will be an ongoing process followed by upskilling and training them to the latest advancement in technology.