How Has Big Data Changed the Digital Industry?
Just a few short years ago, having access to such astronomical amounts of information was merely a dream.
Sure, we all had our own resources - and took responsibility for tracking key metrics within our organisation - but never on a scale as big as this.
The capability of data today is beyond what many of us can imagine, taking informed decision-making to the next level.
Where does big data come from?
For the digital industry, where technology is used on a day-to-day basis, there are hundreds of different sources that produce data, including:
Customer Relationship Management systems
Financial Capital Management systems
Human Capital Management systems
From the software platforms that gather countless consumer insights to the AI that manages your assets and keeps you within your budget, there’s a world of opportunity laid out before us.
This internally generated data, combined with that sourced from third-party providers like Outra, give the digital industry unlimited potential.
The advantages of big data on the digital industry
As big data awards digital businesses with an accurate understanding of the efficiency of their operations, we’re starting to see less wastage across the industry.
Budgets are optimised, productivity is maximised, and accurate decisions are made. This has led to a surge in profitability and allows organisations to remain agile as the market changes around them.
Plus, thanks to big data, leaders and employees alike can identify weaknesses in the work they do and make improvements accordingly.
This has been particularly beneficial in online marketing, sales, and advertising.
In a world where targeting capabilities are becoming more strict (to reduce discrimination), businesses rely on NON-PII big data to accurately position adverts.
As well as bidding on the right keywords, the data available has helped inform teams when to place adverts and where.
Such a seemingly minor change to your standard lead generation approach has increased business ROI significantly, delivering growth potential long into the future.
The rise of big data in recent years
It’s no wonder, then, that digital leaders are rapidly adopting data into their day-to-day activities.
After all, why wouldn’t they?
As of 2022, experts have predicted that the analytics market will hit a value of $448 billion in the coming years (Source: Datanami), granting businesses selling such services an annual compound growth rate of 12.1%.
This means there are more opportunities than ever before for digital businesses. By investing in data, they can increase the depth of their knowledge about their consumers, industry, and competitors.
However, this potential does come with one warning: it’s changing everything.
The top 3 impacts of big data on the digital industry
Regardless of your opinion on the ethics and practicalities of big data, you can’t deny it. There’s been some big shifts in the industry because of it.
1. Higher spending
As more companies have been able to review their current working systems and realise that there are inefficiencies present, they’ve looked for ways to introduce automation software across their entire organisation. This has led to a surge in sales.
2. Increased demand
Big data has revealed the benefits of becoming a digital business. As such, efforts to undergo digital transformation are improving across the world, and more companies are in search of big data’s products and services (further increasing demand across the industry and decreasing available talent).
3. Improved service
Depending on what you have to offer to the market, you’ve likely been benefiting from detailed customer insights over the last few years. Perhaps you identified a value gap that needed to be rectified, or realised that people were bouncing off your website too quickly? Either way, big data allows you to fine-tune your approach.
The downfall of big data on the digital industry
We’ve all heard of GDPR.
This year, countries like the US and the UK are facing the introduction of extensive regulation - meaning you’ll have to be careful with your use of big data.
To ensure that vulnerable information is protected, governments will hold your organisation personally responsible for its cybersecurity.
Therefore, there’s some work to be done.
The digital industry’s need for specialist talent
To make the most of big data, then, without overstepping the line…
You need to consider onboarding specific employees whose job will be to unlock the potential of big data while keeping you legally compliant.
Chief Technology Officer
These are the top roles that will give you the biggest possible advantage in our new, data-driven environments - allowing you to seize the opportunities that come your way.
Are you ready to uplevel your business?
Recruiting through OHO
We pride ourselves on being the meeting place where exceptional talent can connect with fascinating opportunities.
We’re excited to be driving UK and US innovation. Where there’s a plan, we have the people.
We’re an established and respected consultancy that offers a range of specialist services to a broad spectrum of clients and candidates within the IT, Electronic Engineering, Finance and Consultancy sectors.
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