There has to be a balance between privacy and collecting meaningful data, which will always be the challenge.
Why is this important?
- Broadcast advertising is increasingly shrinking as companies harness the ability to better define customers.
- Technology can accomplish this, and is doing so increasingly.
- Example, Facebook. Why is Facebook so valuable? Because of the information it collects from its users, then leverages that for advertising.
- Mobile apps have raised the bar further, enabling retail to track people through GPS, and even customize ads based on shopping history.
Why is that data important?
- It’s not just about customer service and giving the people what they want.
- It is also about creating better efficiencies.
- Washroom example: Not only risk mitigation but also, resources and supplies used versus traffic.
- Customers can now produce reports that provide an overall efficiency rating on the bathroom.
- So savings are found both in liability, but also in being more efficient in cleaning and maintaining.
- Data collection will become increasingly important in defining customers.
- Data, a least for our customers, is a powerful tool for becoming more responsive to customers and more efficient.
- The challenge is collecting pertinent data without compromising privacy.
- Visionstate has benefited greatly from this trend toward bigger data, and continues to develop products with an emphasis on this.
See the entire presentation below: