The Data Analytics Conundrum

By | July 7, 2015

Data analytics conundrum

Recently, I was speaking at Social Media Day, Ahmedabad and one of the speaker was Girish Huria, Head – Communications at eBay India. One of the point he mentioned was around data analytics and how it’s helping brands like him to read consumers mind.

Really!?

Now after my talk, a lady in the audience asked me a question around privacy in the days of internet and social media.

See the co-relation?

Here we have brands who want to know what you are doing on the internet, where you are going, what you are buying and on the other hand we have the consumers who are trying hard to protect their privacy.

Scary?

Morning I stumbled upon another article mocking the connected us. It gives us a sneak peek into how many of the brands are using OUR data to make a sell. They remarket and can literally stalk you across multiple platforms.

Girish in his talks mentioned the same too. The brands have been working on data analytics strengthening their data scientists team. They can precisely know the consumer intent – which consumer is buying and which one just hangs out.

And then there are others too, who grapple with the onslaught of data and are unable to really make sense out of it. They continue with poor sales and at times poor customer service too.

A simple search on Google for Data Driven Ecommerce will lead you to multiple thoughts and use-cases.

All of this leads us to believe –

Human judgement is passe

Let us admit, most of us hate decision-making.

And so we have started to think less each day and depend on various machine forms for decision-making. Increasingly, we are relying on information generated by analysis of data and then making decisions. The GPS guides us, the sites recommends us, even politics is based on it. The good old judgement is gone.

You Are a Sitting Duck

Brands precisely (or near precisely) know what you are upto the moment you land on their site. Also, if you leave the site without completing the purchase, they are going to chase you and woo you back. The cookies are there to help them chase you.

Data Deluge is for real

Brands have been collecting data constantly. They are investing in local storage capacities and are also driving the cloud based storage industry.

A study by IDC has indicated that the scale of digital data will grow by a factor of 300 from 130 exabytes to 40,000 exabytes by year 2020.

Data Analytics will survive

Brands have learnt the importance of storing and organizing data from multiple sources. Your data is being constantly collected to determine ‘actionable’ insights. Data analytics and data driven decision will become main stream.

No wonder, people in the industry have started saying – data is the next pot of gold.

Is there a way to save ourselves?

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About Malhar Barai

An author, speaker, blogger and digital media strategist, at my day job I work on devising and executing various digital media campaigns. I usually blog about content strategy, social media platforms, product reviews and tricks to ace Social Media. Let's collaborate over @MalharBarai (Twitter) and other platforms.

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