Continued uncertainty brought about by the ongoing effects of the pandemic, Brexit, war in Ukraine and of course inflation at levels not seen in generations mean there is increased demand for data science advancement – particularly for more frequent and granular measurement and forecasting. The competitive advantage gulf between companies pursuing data-driven strategies and those that are not will widen, putting more pressure on the laggards of their respective industries.
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And with that in mind, the trend towards in-housing is likely to accelerate as brands recognise the value of their data asset and seek to protect it and capitalise on it – at scale. Tearing down the walls between those siloes can be difficult to achieve without a single-minded strategy that delivers control and accessibility to data in both an agile and holistic way. But the days of outsourcing everything are probably numbered. And so the question becomes one of how best to deploy specialist expertise – that is hard to recruit – to enable the best in-housing solution.
The effects of changes in identity-based marketing will be felt most acutely when Google finally turns off third-party cookies as it’s still the biggest provider. Companies whose journey to effectiveness without third party data is not already well underway, or isn’t working, need to act fast. It’s essential this is coordinated with an overall data and analytics strategy to ensure privacy and customer management absolutely lives up to what it promises to deliver, while still achieving the 10-20% gains available through marketing effectiveness.
Finally, the thorny issues of sustainability in data science, especially in the face of the continued exponential proliferation of data, and ethical AI will continue to come to the fore as businesses try to derive best value with minimal environmental impact or bias.