Welcome to Clear Strategy’s first Data Round-Up blog! This series aims to summarize the latest trends and developments in all things data. Whether that means data analytics, artificial intelligence, data storytelling, etc., we’re here to cover it all. Given today’s pace of Data innovation, we recognize that staying current is incredibly difficult. By following along with our weekly series, we plan to keep you in the loop by curating what’s important and presenting it in a succinct, straight-forward manner. With that said, let’s dive in!
1. Data Storytelling is the Future
Not only is data storytelling the future, but Clear Strategy recognizes that it is very much the present. Nearly all 2019 projects have seen us tackling the question “How can we use this data to tell a story?” Data storytelling is critical for moving people to action. As told by Psychology Today, the power of stories to connect with and teach people is second to none. By mastering the skill of data storytelling, your ability to motivate your viewer to act in a way aligned with what the data suggests increases significantly. The key is to combine your data’s narrative with a proper visual. As one of the most critical pieces of business intelligence, data storytelling is essential in 2019. If you’re looking to master data storytelling, here is a good place to start.
2. Artificial Intelligence Growth 2019-2024
This past June, Research and Market’s released their 5 Year Artificial Intelligence Market Report. To summarize the comprehensive report, substantial growth is expected for AI. The market is expected to reach $71 billion with a CAGR of 26% by 2024. Specifically, the opportunities are plentiful for the healthcare, security, retail, automotive, manufacturing, and financial technology (fintech) sectors.
Some of the emerging trends include the growing adoption of artificial intelligence in IoT (Internet of Things) applications and increasing demand for AI-enabled processors. As a reminder, IoT is the interconnection of the internet with everyday objects, enabling objects to send data, receive data, communicate via the internet, and be controlled remotely. Given growing consumer preference for IoT enabled devices (ex. Alexa, Smart TV’s, etc.) and increasing use of autonomous applications, machine learning technology is projected to stay the largest segment, and increase its margin, by experiencing the most growth over the next 5 years.
Within the artificial intelligence market, media and advertising will remain the largest application due to increasing adoption of customer-centric marketing strategies and increasing use of the social platform for advertisements. Additionally, due to advancements in clinical research and growing demand for electronics-based medical equipment and sensors in the healthcare applications, we expect the healthcare segment to witness the highest growth over the forecast period . To buy the full report, click here.
3. CMO’s Are Evolving
With the power of analytics gradually moving mainstream in 2019, the intersection between data science and business strategy is quickly becoming the top desired skill for CMO’s. This comes down to knowing how to utilize data in a way that positions you to better meet and exceed your determined business goals – whether they are profit based or operational based. Accordingly, we are seeing an increase among companies in the hiring of Chief Analytics Officers and Chief Data Scientists. This shows a shifting focus towards data-driven high level marketing decisions. Read more here.
If you enjoyed this first edition of our Data Round-Up series, stay tuned in for next week as we cover more prominent trends and topics involving all things data. To learn more about our expertise, click here. Until next week!