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Are Data Best Practices Influencing Business Decisions?

Listen to this article – 2:19 minutes

Digital transformation has been a buzzword for many years now. Companies of all sizes are leveraging newer technologies and digitalization to boost productivity. For businesses and their consumers, disruption is one of the most important opportunities. Leaders that embrace disruption and see turbulence as an opportunity can innovate and improve the consumer experience. They will be able to generate opportunities out of disruptions. Disruption in this context is a challenge, but leaders can succeed by understanding certain fundamentals and leveraging data best practices. In this article at O’Reilly by Ashish Thusoo, Joydeep Sen Sarma speaks about data-driven disruption in the entertainment industry.

Effects of Data Best Practices on Industry

Until recently, media and advertising strategies were hit and miss. That is now rapidly changing due to the shift from traditional to data best practices and analytics. The focus of every strategy is based on providing a personalized customer experience and enhancing customer service.

Findings of PwC and Deloitte

PwC claims the E&M industry growth will be driven by the diversification of services and channels offered by E&M companies and the growing consumer demand for new consumer content.

According to Deloitte, consumers’ data consumption habits have changed considerably during the last decade. Millennials today spend more time streaming videos online. Furthermore, streaming services have grown in popularity, with over 60% of customers subscribing in the last few years. According to the latest Deloitte data, consumers spend half a trillion dollars on streaming online content.

Several other media platforms are on the rise, including eBooks, digital music, online television, and video games for PCs and tablets.

In addition, the article discusses data’s influence on media and the three areas of opportunity for media companies: embracing cultural shifts, staying competitive, and keeping up with industry trends.

To read the original article, click on https://www.oreilly.com/library/view/creating-a-data-driven/9781491998007/ch01.html

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