Technology waves like mobile, social, and wearable computing have transformed customer expectations. In this modern age, the world is rapidly moving towards the datafication of everything – including Analytics.
Analytics isn’t a new idea. The concept started in 1954, when UPS launched the first corporate analytics group. Later nicknamed Analytics 1.0, it was about managing and analyzing small amounts of structured data. Analytics 2.0 emerged in 2010, consisting mostly large or unstructured databases full of externally-sourced data.m
So what is Analytics 3.0?
Analytics 3.0 was coined by Thomas Davenport, a visiting professor at Harvard Business School and a senior adviser to Deloitte Analytics.
A combination of Big Data, Analytics 1.0, and 2.0; Analytics 3.0 is the amalgamation of large and small volumes of data, from internal and external sources, in either structured or unstructured formats.
It is the datafication and rethinking of BigData to store, analyze, and monetize the information around businesses in a new age.
“It is clear from my research that organizations – at least the big companies – are not keeping traditional analytics and big data separate, but are combining them to form a new synthesis,” Davenport observed. “There is little doubt that analytics can transform organizations, and the firms that lead the 3.0 charge… will seize the most value.”
What does this mean for brands?
Analytics 3.0 greatly increases the speed and range of information to provide new services, operate more efficiently, and market more effectively. It will deliver an era of cost reductions and time decreases for new product development and smarter business decision making; if it can be utilized.
To fully take advantage of analytics, brands must streamline the process between collecting insights and decision making. Connecting Analytics 3.0 and Systems of Record and Systems of Engagement is the key to realizing faster integration of data and a better bottom line.
System of Record: A system that passively provides information and requires integration so all data is consistent.
Systems of Engagement: A system which incorporates technologies which encourage peer interactions (such as social) to directly connect and provide information.
Bridging the gap between the world of Analytics and these systems requires a solution that leverages web, social, and mobile services. The system must encourage peer interactions and direct connections to provide data. Customers must be encouraged to provide data either through gamification or the Socialization of Things.
Emerging mobile technologies are changing the future of analytics. Both brands and consumers can utilize high resolution cameras, GPS, social media, and other smartphone capabilities to now glean and share information.
Brands need to begin transitioning now to the new model of Analytics. Transforming your business is the way of the future towards better customer engagement.
In the new age of the customer, datafication is key to improving your ability to win, serve, and retain customers.
At mize, we're leading the charge towards harnessing the new power of Analytics. We are connecting consumers, products, brands and devices together - creating cohesion with smarter customer engagement services and social capabilities.
To find out more about how you can transform your current Systems of Record and Systems of Engagement, download our whitepaper.
Contact us today to see our amazing tools we have to store, manipulate, and use Analytics 3.0.