Information is the oil of the 21st century, and analytics is the combustion engine.” – Peter Sondergaard, Gartner
When most people think of advertising and marketing, an image of the “Mad Men” era agency comes to mind. But with surprising speed, the rise of digital–and the accompanying explosion of customer data–has revolutionized marketing.
Using technology and data, marketers today can better understand their customers, deliver personalized one-to-one experiences, and drive significant bottom-line results. To achieve these goals, they now spend over $20 billion annually on marketing technology, a market that has grown by over 67 percent in just two years. In addition, spending on big data hardware, software and infrastructure is forecast to grow to a total market size of $114 billion by 2018.
As the strategic importance of data has increased, new approaches to customer analytics have emerged as well. As customer interactions with companies grow and diversify, the…