Data Mining: Profits vs. Privacy
Updated · Aug 24, 2010
The secret of turning data in to profits, according to this CNBC report is analytics software. As mentioned in this story, when armed with analytics technology, retailers, search engines and social networks are all eager to turn data into profits.
“It’s working. Since Avis began using IBM’s analytics software in its marketing programs, Avis has slashed marketing costs in half and boosted loyalty.
“And Avis is not alone. Today, analytics software is a $25 billion market, and it’s growing fast.
“‘Analytics is not just a luxury these days, it’s a necessity,’ says Boris Evelson, analyst at Forrester Research. ‘Large enterprises, especially large retailers, because we’re talking about consumer data today, can’t really survive today without analytics.’
“The future of analytics looks bright—assuming that, in the age of Facebook, consumers can get over that uncanny feeling that they’re being watched.”