Feb 20, 2017
We are all aware that in the modern world, technology as a whole is always changing. From LP records through to cassettes to CD’s and now on downloads, and that is only looking at the music industry! As a specialist Data Analytics recruiter, I wanted to know what data analytics experts believed was going to change in the data world with regards to technology. These changes, of course, could eventually change the way their work, careers and the industry are modified and shaped.
We asked the opinions of some of Precision Sourcing’s candidates and clients.
MIKE JOHNSTON – EXPERIENCED CUSTOMER AND DATA ANALYTICS PROFESSIONAL
A key change that will impact the areas of data I have spent many years working in will be in how organisations capture customer data. The historical model of using loyalty cards, or similar, to identify customers will likely be superseded in coming years. With the ubiquity of smartphones and the emergence of mobile wallets, to name but two options, retailers will have many ways to identify customers. Add to this continued increase in the importance of e-commerce; data will enable a far more tailored experience for customers interactions and shopping out with traditional bricks and mortar stores. This offers huge positives for the customer in personalisation of online layout, ease of shop, etc. However, retailers must also be careful not to alienate customers through their use of what these technology changes allow – the most obvious example of this being differential pricing. This practice is already seen in certain industries, such as airline, and while it offers tremendous short-term upside to the retailer it is a risky proposition as the willingness for customers to accept these practices is as yet untested.
KATE PHAIR – ASSOCIATE DIRECTOR, ANALYTICS INFORMATION MANAGEMENT
I think technology will create space instead of taking up space. Information will be more available and aid in the ease of our daily lives, replace decision making and provide whole new sets of the challenges. This is happening now –the possibilities are endless.
ROMINA SHARIFPOUR – ADVANCED ANALYTICS | DATA SCIENCE – SENIOR ANALYST
I see more and more organisations are starting to embed analytics into their operations. Although many of them are not ‘data-ready’, overcoming these challenges, in the interim we will see some organisations who have successfully utilised their data asset as a differentiator leading them to innovate and increase their growth/profit and the late adopters playing catch up.
MOHAMMAD ELTEIBI – HEAD OF DATA SCIENCE
When I look at where has technology excelled over the last few years two areas stand out. The first being processing power. The sheer power we have at our disposal is staggering with the proliferation of parallel processing and it becoming more and more accessible to organisations and individuals at all technological maturity levels is simply mind blowing. The second is algorithms. The sheer number of algorithms that can be used for analysis is simply fantastic recent examples are the resurgence of neural networks and “deep learning”. These coupled together are a crucial and powerful thing. More advanced algorithms require more processing power. However, an area where innovation is needed is for all those businesses who struggle to get their data together before they even think of applying any algorithms. The area of data management and manipulation is still an area that takes the vast majority of time and money for far too many organisations and is something ripe for innovation. The fact is not every organisation is Google, but they still need to make sense of their data without having to hire a team of PhD graduates to do so.
Are you in data? If so, what are your thoughts on how technology is progressing in data?
