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Monday, 1 January 2018

Data And Technology Trends

Data And Technology Trends

Among the biggest challenges CMOs — and all marketers — face is the transformation of data into actionable insights.To get a sneak peek into top data and technology trends as we head into 2018.

Below are six trends that the Data & Marketing Association is tracking.

1. Agility

Agility builds durable, efficient supply chains that power businesses and drive trade, creating access to new opportunitie.
Agility’s story parallels the rise of emerging markets in the global economy. The company got its start as a local warehousing provider in Kuwait and grew to become the largest logistics company in the Middle East.It acquired more than 40 logistics brands around the world, investing billions to build a global network with a strong footprint in emerging markets. Today, Agility is one of the world’s largest integrated logistics providers with more than 22,000 employees and operations in 100 countries.

Agility Global Integrated Logistics

Agility Global Integrated Logistics (GIL) provides supply chain solutions to meet traditional and complex customer needs. GIL offers air, ocean and road freight forwarding, warehousing, distribution, and specialized services in project logistics, chemical logistics, and fairs and events. We are distinguished by our global network and leading position in emerging markets; a willingness to customize solutions for our customers; an entrepreneurial culture that has led us to invest and grow in areas where others see risk; and a deep commitment to personal service for our customers and communities.

2.                     Focusing More On Data Quality

Data quality refers to the condition of a set of values of qualitative or quantative variables. There are many definitions of data quality but data is generally considered high quality if is intended uses in operations, decision making and planning".

We all talk about the sheer amount of data available to marketers today, but that is both a challenge and an opportunity. The key issue is determining which data NOT to use, which data to ignore. This could be for a number of reasons, such as the dataset being irrelevant to a current business need, or concerns about the data being inaccurate or even corrupted due to poor practices. Clear business goals and target audiences can keep your team from falling down the rabbit hole of near-infinite datasets. To weed out inaccuracies, a company needs to have a clear test case established when examining or onboarding data. This should apply not only to new data, but legacy datasets should be reexamined regularly for both accuracy and value.

3.                     Tackling Cybersecurity Before A Crisis Hits

Internet accessibility has only enabled the critical role of information technology in our daily lives. It has always been an inevitable part of organizational functioning, however access to the internet puts a lot of power in the hands of organizations and individuals alike.

Some recent examples include the leaking of several episodes from the wildly popular Game of Thrones series. While fans eagerly awaited to see what happens next, little did they realize that this excitement would be dampened by spoilers spread across the internet and social media.

The latest season of the hit fantasy TV show has been marred by several cyber security breaches. Apart from the hackers’ attack, the channel itself leaked the penultimate sixth episode accidentally.

This has been an example of C-suite executives everywhere that even one-time 
cybersecurity threats can greatly hamper a business, regardless of its size. In spite of its scale, the company has been reeling, attempting to fix holes in their cybersecurity procedures while keeping up with Game of Thrones fan hysteria.

In fact, its size makes it more vulnerable to the negative impacts that such instances can have on its reputation and revenue. Organizations must ensure that they accord top priority to data security as any low-level threat can percolate to the wider network and cause the organization to face financial penalties, lose revenues, incur customer wrath and have its brand image and future business suffer.

4.                    Integrating New Data Into Existing

The large array of connected devices, often referred to as the “Internet of Things” (IoT), is delivering an array of new data from the sensors they contain. This data offers the promise of new services, improved efficiency and, possibly, more competitive business models. While there may be many affects from this set of communicating technologies, one thing is certain: Connected devices will result in a dramatic shift in how we all interact with computers. First and foremost, computers, computing devices and applications will surround us in an environment where the physical and virtual worlds are constantly connected. Instead of today’s billion-node Internet network, the Internet of the near future will be used by trillions of devices, people, organizations and places. And a trillion-node network poses design challenges along with opportunities. Finding a way to process this information – and spot useful events – will be a distinctive factor in an IoT world.

5.                     Incorporating New Analytical Tools Into Existing Business Practices

There are new tools and techniques emerging every day that marketers can use to better understand businesses, consumers, and competitors. There is augmented reality, machine learning, AI—just to name a few. Those marketers who are on the forefront of understanding and integrating these tools can help their firms achieve a competitive advantage. 1-800-Flowers delivered an incredible customer experience by integrating the company’s website with artificial intelligence technology and natural language processing. The technology built up a detailed understanding of what customers were looking for and searched the entire product catalog to deliver customized recommendations. The result was a much more efficient and convenient customer experience.

6. The EU GDPR Is Looming, Are Marketers Ready?
The enforcement of the new European data privacy laws, which prevent brands from using a person’s data unless they have explicit permission, is less than a year away, and it seems advertisers are none the wiser to the risks and rewards the General Data Protection Regulation brings.
Not even the threat of an eye-bulging fine that could inflate to as much as 4 percent of a company’s global revenues for flouting the law has jostled many brands into getting up to speed on the changes. Still, nearly half of businesses will be unprepared next May, according to the Data & Marketing Association’s study of 250 respondents.

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