How Data is Fuelling the Next Wave of Innovation: Insights from Ankit Patel
Ankit Patel is the Head of Data and Analytics at Stanley Street, an independent advertising firm based in Parnell, Auckland.
Data is often called the new oil, and for good reason. In today’s digital age, data is generated at an incredible rate from various sources, like social media interactions, online shopping, and smart devices. With the rise of cloud computing, businesses, including those in New Zealand, can manage and use this data more effectively. Cloud tech lets us store, process, and analyse massive amounts of data, helping businesses run smoother and serve their customers better. This blend of data and cloud computing is driving innovation and shaking up industries.
Real-Life Data Magic: How Companies Are Winning with Data
Spotify’s got it nailed when it comes to using data to create brilliant user experiences. Their “Unwrapped” feature has been a hit since 2016, giving millions of users a fun recap of their listening habits. Plus, they’ve helped artists boost their sales by letting them sell merchandise directly to their top fans.
Netflix is another data wizard. They use data analytics to personalise what you watch, making sure you’re hooked on the next big series. By studying what you like, Netflix can suggest shows and films you’re likely to binge on next.
Uber uses data to keep their ride-sharing service running like clockwork. They analyse traffic patterns, user demand, and driver availability to make sure you get a ride when you need it. Their surge pricing? That’s data in action, adjusting fares based on real-time demand.
Amazon’s recommendation engine is another gem. By looking at what you’ve bought and browsed, Amazon serves up personalised product suggestions that keep you shopping.
AI and Data: The Dream Team
People often ask me about the role of data and generative AI in business transformation. Basically, data helps us understand market trends, consumer behaviours, and how effective marketing strategies are. When you mix that data with generative AI and traditional machine learning, you get a powerhouse combo. Generative AI can whip up new product designs or marketing content, while machine learning predicts customer behaviour and fine-tunes supply chains.
At Stanley Street, we say that while data drives progress, machine learning and generative AI are what truly set companies apart. That’s why having rock-solid data is key—it needs to be reliable, accurate, and unified.
Making User Experiences Awesome with Data
We’ve all seen how customer expectations have skyrocketed over the years. This change didn’t just start with the pandemic; it’s been happening for a decade. Now, customers want more personalised, instant, and seamless experiences. They expect companies to know what they need before they even ask. This shift means businesses have to keep innovating, using data and AI to stay ahead. Adapting to this new landscape isn’t optional—it’s essential for survival and growth. To be seen as a digital leader, companies need to offer top-notch experiences, and that starts with having trustworthy data.
New Zealand Leading the Charge in Business Innovation
In New Zealand, companies like Xero and Fisher & Paykel are leading the way in data-driven innovation. Xero uses data to give real-time insights into business finances, helping small businesses make quick, informed decisions. Fisher & Paykel leverages data to enhance product development and customer satisfaction. These companies show just how powerful data can be when it’s used right.
The Future of Data in Media and Advertising
Data is at the heart of media and advertising, both in New Zealand and globally. It’s shaping the future, driving everything from targeted ads to personalised content. With the move away from third-party cookies, the industry is shifting towards privacy-focused methods like contextual and group-based targeting. Additionally, the importance of customer data platforms (CDPs) and first-party data has never been greater, as they allow businesses to gather, manage, and utilise their own data directly from their customers. This is crucial as new privacy laws come into play, pushing businesses to adapt.
People are getting smarter about their data rights, leading to stricter enforcement and hefty fines for companies that don’t comply. Businesses need to ensure their data practices not only follow the rules but also build and maintain trust. This means being transparent, ensuring data accuracy, and beefing up security.
The Unstoppable Force of Data
Data isn’t just a buzzword; it’s the powerhouse behind the next wave of tech advancements. From personalising user experiences to powering AI and driving business growth, data is transforming industries and creating new opportunities. Looking ahead, it’s clear that data will continue to be central to media and advertising, shaping the landscape and driving innovation. For businesses, the message is clear: embrace data, leverage its power, and stay ahead in an increasingly data-driven world.
