Becoming data-driven is a key priority for many brands. With the rising need and importance for data, next-generation technologies and data processing tools are more readily available to organizations of all sizes and across industries.
While we all do a gut check every now and then, it is usually in conjunction with other information we are using to make a decision. A study by the McKinsey Global Institute reports that organizations which utilize data driven decision making are 19 times as likely to see profitable results, 23 times more likely to acquire new customers, and 6 times as likely to retain their customers.
MarketsandMarkets forecast that the multichannel analytics market will grow from $3.61 billion in 2014 to $9.89 billion by 2019. So, what exactly is it?