Simply having truckloads of big data does not always equate to having the right kind of information. While a decade back, only the most forward-thinking and innovative companies were using data-backed business analytics, but now it is everywhere working on the who, what and where of customers. One of the earliest ventures still surviving is the Wharton Customer Analytics Initiative (WCAI) which recently completed its decade working. It started off with analyzing customer data in the music industry for Napster. The WCAI soon realized that the bigger slice of the bucks would come emanate from media and not entertainment, so the focus was adopted accordingly. A few years further on, digital advertising would get added on as the latest buzzword along with interactive media. The industry has evolved to have more internal teams, rather than any dependence on external agencies. Data has now become much more diverse so greater sophistication is needed to glean the right kind of information. There is now increased collaboration between marketing, research and the CFO’s teams. There has also emerged a subtle difference between the terms beginning with data- analyst, engineer and scientist. Going ahead, a greater amount of care will need to be taken by all agencies involved with data, due to the negative press arriving from recent violations of privacy norms.

Source:http://knowledge.wharton.upenn.edu/article/where-analytics-is-headed-next/

Uploaded Date:22 June 2018