Big data can be overpowering. Corporations are no longer tormented by a lack of data; instead they’re suffering from a lack of the right data. Enterprises today are contending with the task of how to manage and leverage vast amounts of data.
These were some of the key points raised during a panel discussion on the subject-- ‘Is it about Mad Men or Mad Data? Know how can brands benefit from data management platform’ at the ongoing ad: tech 2016 conference which is being held in New Delhi.
The panel shed light about the ways to sift through terabytes of raw intelligence and how industries could monetize big data and included names like Namrita Mahindro- Senior General Manager, Mahindra group, Archana Aggarwal- VP Brand at Airtel, Ashish Vikram VP-Engineering at Flipkart, Vyom Uphadhyay- Head, Business Intelligence ICICI Bank, Gunjan Soni- CMO & Head International Brands Buisness-Myntra and Sumeet Singh- Senior VP Marketing, Infoedge
“Big Data and marketing is a very powerful combination,” were the words that set the tone for this panel discussion. While Big Data is incredibly powerful and provides companies with the opportunity of core statistical analysis, it needs to be very intricately read and combined with the right marketing strategies to supplement it.
Ashish Vikram, VP – Engineering at Flipkart stated, “Big Data can put a needle on RoI (Return on Investment) in three different ways. The first aspect is identifying the right target audience; the second is relevant advertisements to specific customers and third is measuring the RoI and investing effectively.”
He highlighted the need of efficiently leveraging Big Data to maximize the investment that companies make in the field of advertisement and marketing. Once this can be achieved properly, Big Data can propel companies to see heavy returns to their campaign investments.
Archana Aggarwal, VP, Brand at Airtel underlined the core issue of focusing on the right postulates of Big Data for companies. She stated that the biggest challenge lies in identifying the data that is relevant to a company’s business, and acting on that. “Even if we have that data, it is not something that you can use overnight,” said Aggarwal words before she further elucidated on identification and analysis of data obtained from pages of surveys and statistics.
Vyom Uphadhyay- Head, Business Intelligence ICICI Bank spoke about RoI taking a backseat and the correct analysis and research based on core extracts of Big Data. For banking, he stated, the important factor is to study aspects like transaction data, usage patterns and asset management done by users in order to present the right set of features at the right time. Returns on investment, he stated will follow only after these consumer specific features are correctly implemented.
Gunjan Soni- CMO & Head International Brands Business–Myntra stated that RoI is a secondary benefit obtained from Big Data analysis, and its main impact lies in allowing companies to make the right strategic decisions. In order to make these decisions she highlighted that the vast expanse of Big Data is not a concern. She stressed upon how the analysis of transaction data has allowed creating numerous specific consumer categories, while it was difficult to create more than ten such segments even until three to four years ago.
The panel agreed that while Big Data has tremendous scope for companies to identify their strengths, consumer insights and possible scope of improvements, it is essential to identify the right statistics in order to make the most of its business potential. Additionally, this data can ideally be used by companies to personalize and enhance their brand image and RoI will be a secondary proponent that follows up on the right implementation of a massive pool of information.