These days, some digital marketers might say the same thing about data. Like the seven seas, today’s volume of data is almost unfathomably vast. The question for digital marketers is how to harvest this data deluge as an asset, a resource and an enabler of business advantage.
Three step data progression :
1) Retrospective—where historical data yields truths about the past that allow us to understand patterns and performance—and to make inferences about the future.
2) Predictive—where models simulate scenarios based on historical data to make predictions about the future—with statistical confidence.
3) Real-time—where predictive analytics are extended into the execution space, allowing real-time calculations to trigger events—offers, for example—optimized to a moment in time.