Succeeding in today’s rapidly changing digital world – where the boundaries between physical and digital have disappeared – requires a new set of rules. From adopting new technology that combines online and offline data, to acquiring a new skillset to make sense of the rising tide of data.
Machine learning, data science, and predictive analytics are the new and increasingly crucial complements to traditional marketing analysis and insight best practice. Businesses that are more technically-savvy and use the latest analytical and data science techniques will have a significant competitive advantage as they engage intelligently with their customers.
In order to maximise these opportunities, it is likely that organisations will need to recruit new talent, including people with specialised data management, analytics and machine learning knowledge. But finding talented people with the right data skills is not easy.
Our new research shows that a data science skills shortage is the main barrier restricting businesses driving more value from data. Yet, if you’re not using data science skills to inform your marketing strategy, your marketing strategy could be behind the curve. Without data skills, brands are lagging behind in the use of data-driven marketing, with only 18% adopting advanced attribution techniques and over half (65%) implementing only basic or segment-based personalisation.
Competing with data science
Brands that make data science and analytics investments wisely will see measurably better results. They will be able to apply data science techniques to every area of the business from improving individual customer relationships to understanding which macro level marketing and media investments generate the optimum returns.
