The era of data has started and there is no going back. Long gone are the days when business competed solely based on rich content or product catalogs, talent and great designs. Winning businesses today are the ones who understand their end users and provide unprecedented personalization.
Today, about 13 billion devices are connected to the internet. By 2020, it is expected to grow between 50-70 billion, averaging 10 devices per user.
Even with big teams, it is near impossible to efficiently understand such huge amounts of different types of data across different devices and leverage that to make informed decisions.
Without a smart plan of action to use the data to produce business insights, the data itself becomes a white elephant – expensive and useless.
The most notable ones are inconsistent data formats, sparsity of data and latency of data models. While we can solve for inconsistent data formats and sparsity of data by smart data collection tactics, solving for latency is an art which requires expertise in scale, data science and common sense! It’s a fine balance between finding the most accurate result in the infinite amount of time and finding the result that gives maximizes return taking tolerable time.
In the highly competitive world where every business is fighting for consumer attention, many times the results become unusable if they are not available at near real time.
Marketers use data management platforms today to centralize their audiences across different parts of their organizations such as CRM teams, point of sale teams, and behavioral analytics teams, as well as from third party data providers and second party exchange partners.
Once they centralize their audiences, they create user groups for various marketing activities and personalize their experience across all marketing and advertising channels. Investing in making every part of this journey smart by leveraging data science will be crucial to optimize spend and maximize conversions.
Leveraging data science in marketing is not a solved problem. The industry is still evolving to bring the data scientists and marketers together to help drive effective business decisions. However, data science can no longer be for the elite.
Democratization of data science has already begun and we, marketers, are ready for the challenge.
Lakshmi Shivalingaiah is Product Manager for Adobe Audience Manager.
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