Data Science: Another Buzzword or Recipe for Success?
The enormous amount of data, the ways of collecting them, and the possibilities of analysing and using them have revolutionised the way we compete today. Most industries thrive on data. And while the question is no longer whether to invest in data analytics, but rather how to do it effectively, many marketers approach the topic of data science with caution.
The projects involving data science have enormous potential. According to 70% of marketers, surveyed by McKinsey Global Survey, they allow companies to get competitive advantage through product improvement and business process optimisation. More than 90% of global executives expect to get value from artificial intelligence.
The data-driven trend has been reinforced by digital transformation. The impact of the Covid-19 pandemic is pervasive and is driving change the business was not sufficiently motivated to make before. According to a recent study by International Data Corporation, the global economy is focused on digital transformation, with the big data market expected to reach a dizzying $210 billion by 2020. However, most companies do not leverage the full value of their databases. Typically, the companies analyse just over 10% of the information they collect. That’s why they need support with sales management, product planning and branding.
Digital transformation has also contributed to a shift in marketing approach: from companies focused on product development towards businesses where customer experience is paramount. The new role of marketing managers requires technological support from the area of collecting and analysing end customer data. Big data analytics is a key area for marketers to properly understand their customers, market, and also competitors.
What is Big Data anyway? A hackneyed slogan? A buzzword that says nothing? As enthusiasts of data science we will try to demystify this message and prove that data analytics is not only an opportunity for large corporations such as Google, Facebook or Amazon, but for most companies in the Polish market. Data-driven projects we carry out often produce twice the results at twice less costs for our clients in comparison to equivalent periods.
Digital campaigns fed with CRM data result in 40% cost reduction with up to 55% increase of interest in the products offered. Data-driven models can increase consumer activity by up to 300% on average. Thanks to data science, we are moving away from an intuitive approach or one based on general statistical data to a model in which we can predict the effectiveness of campaigns with great reliability and precision.
The analytics have changed the nature of competition today. When combined with technology and the right strategy, it optimises operations in every area of business. Digital transformation is the present that affects all industries and has made marketing even more valuable. Real-time understanding of customer data across all points of the customer journey allows marketers to develop a more informed and proactive strategy for designing better experiences.