The Role of Data Science and Analytics in Businesses today

We live in a world where huge amounts of data is constantly being generated. Organisations need to embrace the data tsunami or risk being made irrelevant.

With the advent of IR4.0, organisations need to leverage their data to drive business value and organisational effectiveness. Due to advances in technology, the use of data science is making this possible.

Traditionally, individuals have relied on personal experience to make decisions. Although this may have worked in the past, it is becoming more difficult to do due to the explosion of data available.

By leveraging data science through various methodologies, organisations are able to identify the relevant data points which can address their business problems.

How professionals in marketing and communication industry benefit from learning and understanding the data-driven route?

In marketing and communication, it is always about understanding the customers, providing the right proposition at the right time in the right environment via the right channel. Leveraging on data science, one can segment customers using algorithms which can complement rule-based segmentation approach.

Knowing the behaviours and the environment that a customer prefers to interact in will ensure desired responses from customers and achieve the desired results. Understanding the customer enables crafting out the right marketing and communication strategies, specifically to the target customers.

This goes a long way in formulating campaigns strategies and optimising marketing expenditures. This is in no small part attributed to data science.

How can one start on this journey?

Data science is an interdisciplinary field combining knowledge from industry domain knowledge, soft skills and technical skills. Although having a technical degree helps in a person’s journey as a data professional, it is not required. It is never possible to learn everything to prepare you for your job. The key ingredient is a person’s willingness to learn and adapt.

Some of the important soft skills would be communication, collaboration, creativity, curiosity and problem-solving capabilities.

It requires an ever curious mindset wanting to know more. A data professional never works alone and will have to collaborate with colleagues from other departments.

The success in addressing a business challenges is not the sole responsibility of the data professional but rather the ability for the organisation as a whole in working together.

MARKETING Magazine in partnership with MOBIUS will be conducting a workshop on “Data Science in Advertising & Marketing 101”. Happening on the 22nd of September 2022 at Eastin Hotel Petaling Jaya.

Seats are limited for this workshop. Contact Ruby for more details. This workshop is HRDF claimable.

Book Your Seat Now

After 20 years of evolving technology, shifting market trends, and adapting to changing consumer behaviour, the media landscape has nearly reached saturation.

We’ve optimised to the fullest, providing advertisers with abundant choices across technology, platforms, data-driven marketing, CTV, OTT, DOOH, influencer marketing, retail, etc.

Media specialists have diversified, but with more options comes the challenge of maintaining income growth. The industry is expanding, but revenue isn’t keeping pace.

Now, we’re at a TURNING POINT: time to explore and harness new sustainable revenue streams. While GroupM forecasts a 7.8% global ad revenue growth in 2024, challenges like antitrust regulation, AI and copyright issues, and platform bans persist.  

Collaboration is key: partnerships that thrive on synergy, shared values, and aligned goals are becoming increasingly essential.

Hence, the Malaysian Media Conference, in its 20th year, has assembled the partners and players under one roof on October 25 for a day of learning, sharing, and exploring.

 

REGISTER NOW