data generation: data – what is stored for the future ?, Marketing and advertising news, AND BrandEquity
By Deep Sagar Verma and Ketan Dhillon
In the 1990s, it wasn’t even in the wild imagination that one day technology would take over everything including business, education, industries, politics and even personal space. Since the evolution of mankind, the curiosity to understand the behavior of people has always been a daunting task.
Many scholars and scientists have attempted to explain it in their own way but never fully succeeded in defining it. Historical inscriptions and literary sources attempt to explain many well-known figures from different eras. Studies are always carried out to understand the real situation and people from different eras and geographic locations.
There have been huge changes in the global scenario over the past two decades. Communication and connectivity with the help of technology have become monstrous. Real-time communication and information has changed the world in very dynamic ways. The generation of data and subsequent analysis certainly makes a point of better understanding behavior. Knowing the exact choices and preferences, technology has made it possible for companies to personalize the message for a person based on the behavior displayed. Artificial intelligence and machine learning are delivering amazing results and opening a window to the future.
In the process of using the advantages of the latest technology, the common result is DATA. Each point generates data and it is gigantic and ubiquitous. The more the use, the more the data, sometimes structured, most often unstructured but nevertheless useful. Even the smallest of business models create data and, without a doubt, technology tries to explain the uncertainty associated with it. Business entities that work only on data have reached their peak.
Subsequently, many companies began to realize the importance and implemented it. Most companies strive to gain data and understand consumer behavior, in order to strike the right chord in the psyche of the large population size.
As the world is changing at a very rapid rate with surprisingly new innovations, challenges are associated with it as well. Data, the new gold starts a virtual war and competes fiercely to win the mad race to meet the needs of the magnanimus population. Entertainment industries to food ordering apps, online courses to navigation through cards, each company collects data, mostly wholesale. The most important characteristic of the collected data is authenticity with negligible error. Using multifunctional statistical and mathematical tools, data is analyzed at an abysmal level.
It helps to understand the exact behavior and needs of the huge population, which reduces the risk of uncertainties.
This may prove to be a boon for industries trying to cope with losses from the current Covid 19 pandemic. Real-time data would offer companies the opportunity to focus on core skills and product differentiation. A study of consumer preferences using modern tools would be able to determine the exact demand and supply and, most likely, reduce the level of wrecks caused by various industries and make the world a better place.
The authors are assistant professors at the National Institute of Fashion Technology, Panchkula. The opinions expressed are personal.
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