By Garry Checki, Analytics Specialist
MediaSource strives to be proactive in everything we do, and with 2016 coming to a close, let's look ahead at some of the analytics trends and issues that will be at the forefront of 2017.
- Insight-driven Organizations. An insight-driven organization is an agency that relies on data, and not emotions, in order to earn the best results and move a project forward. Putting insights to work in your agency can help to better position your team and your client for success in 2017.
- Collection vs. Context. With more data comes a better ability to discover trends and gain insight. But putting bulk data into context will continually become more important as organizations look to make decisions bolstered by data and use data to assert the value of their product.
- Bridging the Talent Gap. 90% of the world’s data has been created in the last two years. Every day we create 2.5 quintillion bytes of data, and by 2020 there very well may be 45 trillion gigabytes of data in the digital universe. These numbers are staggering, but without the talent to mine and interpret this data, agencies will be at a disadvantage in the rapid world of data creation.
- The Democratization of Data. Data has created a world where we are more informed and more quantified than ever before. Businesses, sports teams, gas consumption, the weather, flu season and even the amount of steps we take on a daily basis has become easier to predict and interpret through data democratization.
- Big Data and Privacy. The other side of the democratization of data is the ever growing need for data privacy in a world where we put our every passing thought on social media. In 2017, businesses will have to be more prudent on the data they collect and monitor data collection for ethical and legal breaches.
- The Internet of Things. Imagine being at the office and you get a text from your fridge. You check your phone, and your fridge has informed you to pick up a gallon of milk because the one you have at home is about to expire. That is the “Internet of Things” (IoT) at work, and it is becoming commonplace in our daily lives. The IoT allows device-to-device communication, which generates large amounts of data. Interpretation of this data will ideally increase efficiency, better predict consumer behavior and help to create new business models in 2017 and beyond.
- Data Breaches. A flaw in the IoT and the expanding world of data democratization is susceptibility to data breaches. Just this past October, hackers were able to infiltrate millions of internet-connected devices, and shut down major company websites, including Amazon and Netflix. The vulnerabilities of the IoT from hackers will continue to make news headlines in 2017 and the demand for IoT regulation will likely become a hot topic of debate in future election seasons.
Even with all of the data available to us today, no one can predict every trend that will impact the world of analytics in 2017. Whatever the newest trend may be, the analytics team at MediaSource will remain at the forefront of the conversation to ensure success for our clients and our agency.