What is the distinct difference data and analytics?
Today, the insights received from data and analytics by marketers and brands is essential to performance. On the surface, data and analytics allow a company to see how its products, themes and locations are being received by consumers. But beyond that, data and analytics have the power to guide a company's direction, campaigns and innovations.
Yet, is there a difference between data and analytics? How do brand's perceive data versus analytics? DMN spoke with some of the leading organizations in the field to determine the best way to analyze the distinction and position of these two hot-button marketing words.
“We view data as all of the marketing signals brands receive as a result of activities they are executing. Brands receive thousands – if not millions – of marketing signals each day when somebody likes a social message, clicks on a banner, opens an email, visits a website, etc.
“Making sure there is consistent, broad and deep collection of these raw marketing signals across all different channels is now a critical component to any successful data science effort. However, much like crude oil, the data generated by these signals gains incredible value when it is refined.
“Effective marketing analytics – the process and computations that turn data into actionable insights – depend on the refinement, integration and organization of data. As marketing organizations embrace data science models, data and analytics need to go hand-in-hand.”
“Data is the information, including facts and statistics, an organization can access from various sources - web sites, social networks, blogs, news sources, connected devices, the list goes on. On the other hand, analytics is the process of making sense of this unstructured raw data and translating it into actionable insights. There's little value in simply having data if you can't turn it into something meaningful for your business.
“The data should be there to serve a purpose and deliver answers for businesses - the way to do this is with analytics. Analyzing data can reveal a wealth of insights for businesses and enable them to make more informed, intelligent decisions. The combination of data and analytics allows organizations to create more successful campaigns, much more relevant content for target audiences, and enables them to identify new audiences that would otherwise have gone unnoticed.
“At DataSift, we leverage billions of data points created daily across numerous data sources to bridge the gap between data and analytics.