Vector collection white hand-drawn arrows 04We believe that insight via data will become a key competitive weapon for retailers in 2016.

The wise business leaders will look at the situation as an opportunity.

Forrester says that customer-obsessed leaders will “leapfrog their competition”, as “firms move beyond big data and solve problems with data driven thinking.”

According to Forrester, only 29 percent of enterprise architect professionals say that their firms are good at connecting analytics results to business outcomes. “This is a huge gap!” Forrester analyst Brian Hopkins wrote in a report Forrester’s 2016 Predictions: Turn Data into Insight and Action

Hopkins predicted that in 2016, “the energy around data-driven investments will continue to elevate the importance of data and create incremental improvement in business performance.”

“Machine learning will reduce the insight killer – time. Machine learning will replace manual data wrangling and data governance dirty work. The freeing up of time will accelerate data strategies.”

“The window for turning data into action is narrowing.”

And action is the very way to win, according to Jason Spero, Google Vice President, Performance Media.

“If you start to talk about it as a commercial journey, we used to in the digital world sort of be satisfied with engaging the consumer throughout her digital journey,” he said recently. “But because we just said that the consumer journey is in and out of the physical worlds, presumably across many different devices, the digital experience now has to evolve with that, both the marketing and the experience.”

In the case of Genie, marketing partners are able to combine multiple exclusive first party data feeds with third party data to programmatically determine compelling insights. Genie synthesizes the data, fine-tunes, and employs proprietary algorithms that adjust to an individual’s specific patterns, enabling extremely targeted and utilitarian offers to consumers. Through this one front-to-back integrated system, Genie provides one-to-one insights that connects analytics to outcomes. Marketers get a competitive advantage to drive customized, actionable sales – the last mile – rather than just building general awareness.

“Machine learning will reduce the insight killer – time.” “The window for turning data into action is narrowing.” According to the Wall Street Journal, “Five Tech Predictions for the Year” Michael Dell says that big data will be the next “trillion dollar” industry.

Why?

“Prediction algorithms – the fruits of big data – have become so ubiquitous that we take them for granted. They are how the most sophisticated lenders know you are a good risk, and they are the reason weather forecasting is now better than ever. As the code behind these algorithms and the knowledge required to use them diffuses, we are fast entering a world in which the only barrier to divining usable predictions about the behavior of many parts of a business – from its inner works to the behavior of customers – is gathering the right kind of data.”

“This doesn’t mean CEOs can ask for crystal balls to predict anything they wish. The tricky thing about big data is that you never know what factors will be predictive of a desired outcome. But if your business isn’t employing the glorified actuaries known as data scientists, you might want to ask yourself if you can afford to get eaten by competitors who are.”

Google’s Spero is all for solutions that help marketers understand – and react to – consumers.

“I have lots of impulses, including social things where I ask questions in social media, including all these digital touchpoints,” Spero said. “What we are trying to help marketers do is engage the consumer at those moments and to understand those moments as part of an holistic journey.”

Data as a “key competitive weapon” will give you maximum value if you use the learning for action and to gauge outcomes. Genie illuminates the motivations behind a consumer’s buying journey and makes technology easy for retailers to improve customer experience and engagement.

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