Until 2020, the amount of digital data produced reached around 40 zettabytes, which means that there will be around 5,200 GB of data for every person on Earth (source IDC).
The majority of data then will be produced by machines while exchanging informaion over data networks. which would include e.g. data from sensors or smart devices. For now only a small part of the data being produced has been explored for its value through data analytics. IDC Research estimates that by 2020, 33% of all data will contain information that might be valuable if analyzed. In a quote from a IDC report in April 2014 it is been said that from 2013 to 2020 the digital universe is going to grow by a factor of ten. From 4.4 trillion gigabytes it is today to 44 trillion. It more than doubles every two years.
Companies in the top third of their industry, in the use of data driven decision making, are on average 5% more productive and 6% more profitable than their competitors. McKinsey showed that a typical marketing budget could be cut by 15 to 20% and still not lose marketing ROI. So these are some big effects and big impacts that marketing analytics can have on firm performance.
In 2020, data will continue to take the center stage for all marketing activities. Find out who your target customers are, how to reach them and how to optimize operating models to meet their needs.
Well executed marketing programs drive up both revenue and profits. Build the most effective customer segmentation capabilities and apply customer insights across your business.
Read on “6 trends shaping the future of data analytics“
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