12 Jul REPORT ON FUTURE TRENDS IN DATA ECOSYSTEM
Marketforce in conjunction with TCS published ‘20:20 Customer Insight: Navigating the New Data Ecosystem’ to analyse what will be the future trends in the data landscape. Marketforce surveyed 350 senior managers across Europe from over 20 different consumer-facing industries between late summer and early autumn 2015. The survey revealed the fact that many customer-facing organisations are still struggling to derive value from the large data that is created every day. The data cannot be ignored as it will enable companies to transform their product and services and will help them to sustain and grow in the fiercely competitive market.
The report focuses on the topic of Internet of Things (IoT), Regulation & Personal Data and overcoming barriers to change. As per the report, 67% of the executives expect their organisation to increase investment in data-driven insight in the next five years.
The Internet of Things (IoT) has already yielded benefits to the early adopters by helping them to deliver top-line growth. For the customer-facing industries, the IoT helps in providing insights into customer behaviour and preferences, enabling improved product design, personalised marketing and dynamic pricing. Organisations are affected by unstructured data and by deploying predictive analytics customer experience delivered by the organisation can be improved. Around 22% organisations are yet to use predictive analytics. Report also finds out that organisations are yet to interrogate social media data to deliver truly useful customer insight but believe that IoT will prove more relevant and actionable than social media. 80% of the experts agreed to the fact that data about consumer’s actual behaviour sourced from IoT will prove an effective way of understanding their needs than asking from feedback. Going forward, companies are more likely to use sensors to understand the customers and personalise the customer experience.
Lot of personal consumer data is available online with public bodies as well as commercial enterprises. But lately the consumers are more concerned about online privacy. In one survey by Economist Intelligence Unit, 71 % of UK consumers surveyed said they lack confidence in the way companies collect, use, handle and share their data. There are regulations against the misuse of their personal data. With the introduction of European General Data Protection Regulation (GDPR), the data protection authorities can impose fine on non-compliant companies.
The report also analyses the key blockers to change in data and analytics. Organisational and system legacy issues will be the key for customer centric transformation to keep pace with competitors. Poor data quality, shortage of skills and organisational inflexibility are key challenges that are reducing the Big Data analytics return on investment.
