Article | April 16, 2021
What are your physical assets telling you? Are they performing to design capacity? Are they providing the expected return on investment? Are they aging and in need of capital investment or replacement?
We live in an increasingly data-rich environment, and successful companies must take full advantage of transforming data to information. Among manufacturers there’s growing awareness of how data and analytics can drive operations and maintenance, predicting breakdowns and reducing downtime. However, it’s possible to go further. A mostly untapped opportunity for manufacturers exists in the use of operational data from the factory floor to inform better capital allocation decisions.
Article | June 21, 2021
The marketing industry keeps changing every year. Businesses and enterprises have the task of keeping up with the changes in marketing trends as they evolve. As consumer demands and behavior changed, brands had to move from traditional marketing channels like print and electronic to digital channels like social media, Google Ads, YouTube, and more. Businesses have begun to consider marketing analytics a crucial component of marketing as they are the primary reason for success.
In uncertain times, marketing analytics tools calculate and evaluate the market status and enhances better planning for enterprises.
As Covid-19 hit the world, organizations that used traditional marketing analytics tools and relied on historical data realized that many of these models became irrelevant. The pandemic rendered a lot of data useless.
With machine learning (ML) and artificial intelligence (AI) in marketers’ arsenal, marketing analytics is turning virtual with a shift in the marketing landscape in 2021. They are also pivoting from relying on just AI technologies but rather combining big data with it.
AI and machine learning help advertisers and marketers to improve their target audience and re-strategize their campaigns through advanced marketing attributes, which in turn increases customer retention and customer loyalty.
While technology is making targeting and measuring possible, marketers have had to reassure their commitment to consumer privacy and data regulations and governance in their initiatives. They are also relying on third-party data.
These data and analytics trends will help organizations deal with radical changes and uncertainties, with opportunities they bring with them over the next few years.
To know why businesses are gravitating towards these trends in marketing analytics, let us look at why it is so important.
Importance of Marketing Analytics
As businesses extended into new marketing categories, new technologies were implemented to support them. This new technology was usually deployed in isolation, which resulted in assorted and disconnected data sets.
Usually, marketers based their decisions on data from individual channels like website metrics, not considering other marketers channels. Website and social media metrics alone are not enough. In contrast, marketing analytics tools look at all marketing done across channels over a period of time that is vital for sound decision-making and effective program execution.
Marketing analytics helps understand how well a campaign is working to achieve business goals or key performance indicators.
Marketing analytics allows you to answer questions like:
• How are your marketing initiatives/ campaigns working? What can be done to improve them?
• How do your marketing campaigns compare with others? What are they spending their time and money on? What marketing analytics software are they using that helps them?
• What should be your next step? How should you allocate the marketing budget according to your current spending?
Now that the advantages of marketing analytics are clear, let us get into the details of the trends in marketing analytics of 2021:
Rise of real-time marketing data analytics
Reciprocation to any action is the biggest trend right now in digital marketing, especially post Covid. Brands and businesses strive to respond to customer queries and provide them with solutions. Running queries in a low-latency customer data platform have allowed marketers to filter the view by the audience and identify underachieving sectors. Once this data is collected, businesses and brands can then readjust their customer targeting and messaging to optimize their performance.
To achieve this on a larger scale, organizations need to invest in marketing analytics software and platforms to balance data loads with processing for business intelligence and analytics. The platform needs to allow different types of jobs to run parallel by adding resources to groups as required. This gives data scientists more flexibility and access to response data at any given time.
Real-time analytics will also aid marketers in identifying underlying threats and problems in their strategies. Marketers will have to conduct a SWOT analysis and continuously optimize their campaigns to suit them better.
Data security, regulatory compliance, and protecting consumer privacy
Protecting market data from a rise in cybercrimes and breaches are crucial problems to be addressed in 2021. This year has seen a surge in data breaches that have damaged businesses and their infrastructures to different levels. As a result, marketers have increased their investments in encryption, access control, network monitoring, and other security measures.
To help comply with the General Data Protection Regulation (GDPR) of the European Union, the California Consumer Privacy Act (CCPA), and other regulatory bodies, organizations have made the shift to platforms where all consumer data is in one place. Advanced encryptions and stateless computing have made it possible to securely store and share governed data that can be kept in a single location. Interacting with a single copy of the same data will help compliance officers tasked with identifying and deleting every piece of information related to a particular customer much easier and the possibility of overseeing something gets canceled.
Protecting consumer privacy is imperative for marketers. They offer consumers the control to opt out, eradicate their data once they have left the platform, and remove information like location, access control to personally identifiable information like email addresses and billing details separated from other marketing data.
Predictive analytics’ analyzes collected data and predicts future outcomes through ML and AI. It maps out a lookalike audience and identifies which strata are most likely to become a high-value customer and which customer strata has the highest likelihood of churn. It also gauges people’s interests based on their browsing history. With better ML models, predictions have become better overtime, leading to increased customer retention and a drop in churn.
According to the research by Zion Market Research, by 2022, the global market for predictive analytics is set to hit $11 billion.
Investment in first-party data
Cookies-enabled website tracking led marketers to know who was visiting their website and re-calibrate their ads to these people throughout the web.
However, in 2020, Google announced cookies would be phased out of Chrome within two years while they had already removed them from Safari and Firefox.
Now that adding low-friction tracking to web pages will be tough, marketers will have to gather more limited data. This will then be then integrated with first-party data sets to get a rounded view of the customer. Although a big win for consumer privacy activists, it is difficult for advertisers and agencies to find it more difficult to retarget ads and build audiences in their data management platforms.
In a digital world without cookies, marketers now understand how customer data is collected, introspect on their marketing models, and evaluate their marketing strategy.
Emergence of contextual customer experience
These trends in marketing analytics have become more contextually conscious since the denunciation of cookies. Since marketers are losing their data sets and behavioral data, they have an added motivation to invest in insights.
This means that marketers have to target messaging based on known and inferred customer characteristics like their age, location, income, brand affinity, and where these customers are in their buying journey. For example, marketers should tailor messaging in ads to make up consumers based on the frequency of their visits to the store.
Effective contextual targeting hinges upon marketers using a single platform for their data and creates a holistic customer profile.
Reliance on third-party data
Even though there has been a drop in third-party data collection, marketers will continue to invest in third-party data which have a complete understanding of their customers that augments the first-party data they have.
Historically, third-party data has been difficult to source and maintain for marketers. There are new platforms that counter improvement of data like long time to value, cost of maintaining third-party data pipelines, and data governance problems.
U.S. marketers have spent upwards of $11.9 billion on third-party audience data in 2019, up 6.1% from 2018, and this reported growth curve is going to be even steeper in 2021, according to a study by Interactive Advertising Bureau and Winterberry Group.
Marketing analytics enables more successful marketing as it shows off direct results of the marketing efforts and investments.
These new marketing data analytics trends have made their definite mark and are set to make this year interesting with data and AI-based applications mixed with the changing landscape of marketing channels. Digital marketing will be in demand more than ever as people are purchasing more online.
Frequently Asked Questions
Why is marketing analytics so important?
Marketing analytics has two main purposes; to gauge how well your marketing efforts perform and measure the effectiveness of marketing activity.
What is the use of marketing analytics?
Marketing analytics help us understand how everything plays off of each other and decide how to invest, whether to re-prioritize or keep going with the current methods.
Which industries use marketing analytics?
Commercial organizations use it to analyze data from different sources, use analytics to determine the success of a marketing campaign, and target customers specifically.
What are the types of marketing analytics tools?
Some marketing analytics’ tools are Google Analytics, HubSpot Marketing Hub, Semrush, Looker, Optimizely, etc.
"name": "Why is marketing analytics so important?",
"text": "Marketing analytics has two main purposes; to gauge how well your marketing efforts perform and measure the effectiveness of marketing activity."
"name": "What is the use of marketing analytics?",
"text": "Marketing analytics help us understand how everything plays off of each other and decide how to invest, whether to re-prioritize or keep going with the current methods."
"name": "Which industries use marketing analytics?",
"text": "Commercial organizations use it to analyze data from different sources, use analytics to determine the success of a marketing campaign, and target customers specifically."
"name": "What are the types of marketing analytics tools?",
"text": "Some marketing analytics’ tools are Google Analytics, HubSpot Marketing Hub, Semrush, Looker, Optimizely, etc."
Article | April 20, 2020
Achieving organizational success and making data-driven decisions in 2020 requires embracing tech tools like Data Analytics and collecting, storing and analysing data isn’t.The real data-driven, measurable growth, and development come with the establishment of data-driven company culture.In this type of culture company actively uses data resources as a primary asset to make smart decisions and ensure future growth.
Despite the rapid growth of analytic solutions, a recent Gartner survey revealed that almost 75% of organizations thought their analytics maturity had not reached a level that optimized business outcomes. Just like with any endeavor, your organization must have a planned strategy to achieve its analytical goals. Let’s explore ways for overcoming common blockers, and elements used in successful analytics adoption strategies.
Table of Contents:
- AMM: Analytic Maturity Model
- What are the blockers to achieving a strategy-driven analytics?
- What are the adoption strategies to achieve an analytics success?
AMM: Analytic Maturity Model
The Analytic Maturity Model (AMM) evaluates the analytic maturity of an organization.The model identifies the five stages an organization travels through to reach optimization. Organizations must implement the right tools, engage their team in proper training, and provide the management support necessary to generate predictable outcomes with their analytics. Based on the maturity of these processes, the AMM divides
organizations into five maturity levels:
- Organizations that can build reports.
- Organizations that can build and deploy models.
- Organizations that have repeatable processes for building and deploying analytics.
- Organizations that have consistent enterprise-wide processes for analytics.
- Enterprises whose analytics is strategy driven.
READ MORE:EFFECTIVE STRATEGIES TO DEMOCRATIZE DATA SCIENCE IN YOUR ORGANIZATION
What are the blockers to achieving a strategy-driven analytics?
- Missing an Analytics Strategy
- Analytics is not for everyone
- Data quality presents unique challenges
- Siloed Data
- Changing the culture
What are the adoption strategies to achieve analytic success?
• Have you got a plan to achieve analytic success?
The strategy begins with business intelligence and moves toward advanced analytics. The approach differs based on the AMM level. The plan may address the strategy for a single year, or it may span 3 or more years. It ideally has milestones for what the team will do. When forming an analytics strategy, it can be expensive and time consuming at the outset. While organizations are encouraged to seek projects that can generate quick wins, the truth is that it may be months before any actionable results are available. During this period, the management team is frantically diverting resources from other high-profile projects. If funds are tight, this situation alone may cause friction. It may not be apparent to everyone how the changes are expected to help. Here are the elements of a successful analytics strategy:
• Keep the focus tied to tangible business outcomes
The strategy must support business goals first. With as few words as possible, your plan should outline what you intend to achieve, how to complete it, and a target date for completion of the plan. Companies may fail at this step because they mistake implementing a tool for having a strategy. To keep it relevant, tie it to customer-focused goals. The strategy must dig below the surface with the questions that it asks. Instead of asking surface questions such as “How can we save money?”, instead ask, “How can we improve the quality of the outcomes for our customers?” or “What would improve the productivity of each worker?” These questions are more specific and will get the results the business wants. You may need to use actual business cases from your organization to think through the questions.
• Select modern, multi-purpose tools
The organization should be looking for an enterprise tool that supports integrating data from various databases, spreadsheets, or even external web based sources. Typically, organizations may have their data stored across multiple databases such as Salesforce, Oracle, and even Microsoft Access. The organization can move ahead quicker when access to the relevant data is in a single repository. With the data combined, the analysts have a specific location to find reports and dashboards. The interface needs to be robust enough to show the data from multiple points of view. It should also allow future enhancements, such as when the organization makes the jump into data science.
Incorta’s Data Analytics platform simplifies and processes data to provide meaningful information at speed that helps make informed decisions.
Incorta is special in that it allows business users to ask the same complex and meaningful questions of their data that typically require many IT people and data scientist to get the answers they need to improve their line of business. At the digital pace of business today, that can mean millions of dollars for business leaders in finance, supply chain or even marketing. Speed is a key differentiator for Incorta in that rarely has anyone been able to query billions of rows of data in seconds for a line of business owner.
- Tara Ryan, CMO, Incorta
Technology implementations take time. That should not stop you from starting in small areas of the company to look for quick wins. Typically, the customer-facing processes have areas where it is easier to collect data and show opportunities for improvement.
• Ensure staff readiness
If your current organization is not data literate, then you will need resources who understand how to analyze and use data for process improvement. It is possible that you can make data available and the workers still not realize what they can do with it. The senior leadership may also need training about how to use data and what data analytics makes possible.
• Start Small to Control Costs and Show Potential
If the leadership team questions the expense, consider doing a proof of concept that focuses on the tools and data being integrated quickly and efficiently to show measurable success. The business may favor specific projects or initiatives to move the company forward over long-term enterprise transformations (Bean & Davenport, 2019). Keeping the project goals precise and directed helps control costs and improve the business. As said earlier, the strategy needs to answer deeper business questions. Consider other ways to introduce analytics into the business. Use initiatives that target smaller areas of the company to build competencies. Provide an analytics sandbox with access to tools and training to encourage other non-analytics workers (or citizen data scientists) to play with the data. One company formed a SWAT team, including individuals from across the organization. The smaller team with various domain experience was better able to drive results. There are also other approaches to use – the key is to show immediate and desirable results that align with organizational goals.
• Treating the poor data quality
What can you do about poor data quality at your company? Several solutions that can help to improve productivity and reduce the financial impact of poor data quality in your organization include:
• Create a team to set the proper objectives
Create a team who owns the data quality process. This is important to prove to yourself and to anyone with whom you are conversing about data that you are serious about data quality. The size of the team is not as important as the membership from the parts of the organization that have the right impact and knowledge in the process. When the team is set, make sure that they create a set of goals and objectives for data quality. To gauge performance, you need a set of metrics to measure the performance. After you create the proper team to govern your data quality, ensure that the team focuses on the data you need first. Everyone knows the rules of "good data in, good data out" and "bad data in, bad data out." To put this to work, make sure that your team knows the relevant business questions that are in progress across various data projects to make sure that they focus on the data that supports those business questions.
• Focus on the data you need now as the highest priority
Once you do that, you can look at the potential data quality issues associated with each of the relevant downstream business questions and put the proper processes and data quality routines in place to ensure that poor data quality has a low probability of Successful Analytics Adoption Strategies, continuing to affect that data. As you decide which data to focus on, remember that the key for innovators across industries is that the size of the data isn’t the most critical factor — having the right data is (Wessel, 2016).
• Automate the process of data quality when data volumes grow too large
When data volumes become unwieldy and difficult to manage the quality, automate the process. Many data quality tools in the market do a good job of removing the manual effort from the process. Open source options include Talend and DataCleaner. Commercial products include offerings from DataFlux, Informatica, Alteryx and Software AG. As you search for the right tool for you and your team, beware that although the tools help with the organization and automation, the right processes and knowledge of your company's data are paramount to success.
• Make the process of data quality repeatable
It needs regular care and feeding. Remember that the process is not a one-time activity. It needs regular care and feeding. While good data quality can save you a lot of time, energy, and money downstream, it does take time, investment, and practice to do well. As you improve the quality of your data and the processes around that quality, you will want to look for other opportunities to avoid data quality mishaps.
• Beware of data that lives in separate databases
When data is stored in different databases, there can be issues with different terms being used for the same subject. The good news is that if you have followed the former solutions, you should have more time to invest in looking for the best cases. As always, look for the opportunities with the biggest bang for the buck first. You don't want to be answering questions from the steering committee about why you are looking for differences between "HR" and "Hr" if you haven't solved bigger issues like knowing the difference between "Human Resources" and "Resources," for example.
• De-Siloing Data
The solution to removing data silos typically isn’t some neatly packaged, off-the-shelf product. Attempts to quickly create a data lake by simply pouring all the siloed data together can result in an unusable mess, turning more into a data swamp. This is a process that must be done carefully to avoid confusion, liability, and error.
Try to identify high-value opportunities and find the various data stores required to execute those projects. Working with various business groups to find business problems that are well-suited to data science solutions and then gathering the necessary data from the various data stores can lead to high-visibility successes.
As value is proved from joining disparate data sources together to create new insights, it will be easier to get buy-in from upper levels to invest time and money into consolidating key data stores. In the first efforts, getting data from different areas may be akin to pulling teeth, but as with most things in life, the more you do it, the easier it gets.
Once the wheels get moving on a few of these integration projects, make wide-scale integration the new focus. Many organizations at this stage appoint a Chief Analytics Officer (CAO) who helps increase collaboration between the IT and business units ensuring their priorities are aligned. As you work to integrate the data, make sure that you don’t inadvertently create a new “analytics silo.” The final aim here is an integrated platform for your enterprise data.
• Education is essential
When nearly 45% of workers generally prefer status quo over innovation, how do you encourage an organization to move forward? If the workers are not engaged or see the program as merely just the latest management trend, it may be tricky to convince them. Larger organizations may have a culture that is slow to change due to their size or outside forces.
There’s also a culture shift required - moving from experience and knee-jerk reactions to immersion and exploration of rich insights and situational awareness.
- Walter Storm, the Chief Data Scientist, Lockheed Martin
Companies spend a year talking about an approved analytics tool before moving forward. The employees had time to consider the change and to understand the new skill sets needed. Once the entire team embraced the change, the organization moved forward swiftly to convert existing data and reports into the new tool. In the end, the corporation is more successful, and the employees are still in alignment with the corporate strategy.
If using data to support decisions is a foreign concept to the organization, it’s a smart idea to ensure the managers and workers have similar training. This training may involve everything from basic data literacy to selecting the right data for management presentations. However, it cannot stop at the training; the leaders must then ask for the data to move forward with requests that will support conclusions that will be used to make critical decisions across the business.
These methods make it easier to sell the idea and keep the organization’s analytic strategy moving forward. Once senior leadership uses data to make decisions, everyone else will follow their lead. It is that simple.
The analytics maturity model serves as a useful framework for understanding where your organization currently stands regarding strategy, progress, and skill sets.
Advancing along the various levels of the model will become increasingly imperative as early adopters of advanced analytics gain a competitive edge in their respective industries. Delay or failure to design and incorporate a clearly defined analytics strategy into an organization’s existing plan will likely result in a significant missed opportunity.
READ MORE:BIG DATA ANALYTICS STRATEGIES ARE MATURING QUICKLY IN HEALTHCARE
Article | March 23, 2020
Big data is a modern phenomenon transforming businesses of today. Organisations hold vast swathes of data, from historic and current orders to detailed insights about supply chain operations. This information, combined with external data such as market intelligence and even weather patterns, can provide businesses with a foundation on which to base their planning and decision-making. Business intelligence and analytical solutions pull valuable insights from huge datasets. From workforce optimisation to cost management, access to big data and the tools that manage and evaluate it allows firms to streamline key parts of their business. Adopters of modern solutions are seeing vast improvements in all areas of the company.