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3 Data Analytics: Making Organizations Smarter

  • Amy Jo Coffey
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De Gruyter Handbook of Media Technology and Innovation
This chapter is in the book De Gruyter Handbook of Media Technology and Innovation

Abstract

Data analytics - metrics, key performance indicators, and their usage - can be used to measure and track organizational goals. Such metrics, when properly aligned with desired goals and outcomes and when accurately measuring meaningful activities, can make organizations smarter. How? Data contain stories. When carefully analyzed and interpreted within the context of an organization, data can uncover actionable insights. Such insights can help a media organization be more strategic, more competitive, and more successful in attaining its goals as well as identifying new, previously unknown opportunities. This chapter will introduce the underlying foundations and principles for effectively leveraging data analytics within an organization, examine organizational best practices, and discuss the challenges and ethics surrounding data analytics and management, including consumer privacy. While the cautionary notes surrounding any datadriven organization are real, so, too, are the opportunities that data insights can provide. The chapterwill describe some of the capabilities and use cases offered by data analytics that organizations may wish to pursue, including strategic planning, consumer behavior and trends, customer service, revenue optimization, and more. Some opportunities and considerations are offered, including a discussion of how artificial intelligence may play a role in an organization’s data analytics practice and applications.

Abstract

Data analytics - metrics, key performance indicators, and their usage - can be used to measure and track organizational goals. Such metrics, when properly aligned with desired goals and outcomes and when accurately measuring meaningful activities, can make organizations smarter. How? Data contain stories. When carefully analyzed and interpreted within the context of an organization, data can uncover actionable insights. Such insights can help a media organization be more strategic, more competitive, and more successful in attaining its goals as well as identifying new, previously unknown opportunities. This chapter will introduce the underlying foundations and principles for effectively leveraging data analytics within an organization, examine organizational best practices, and discuss the challenges and ethics surrounding data analytics and management, including consumer privacy. While the cautionary notes surrounding any datadriven organization are real, so, too, are the opportunities that data insights can provide. The chapterwill describe some of the capabilities and use cases offered by data analytics that organizations may wish to pursue, including strategic planning, consumer behavior and trends, customer service, revenue optimization, and more. Some opportunities and considerations are offered, including a discussion of how artificial intelligence may play a role in an organization’s data analytics practice and applications.

Chapters in this book

  1. Frontmatter I
  2. Contents V
  3. List of Contributors IX
  4. Introduction XVII
  5. Acknowledgements XXI
  6. I Digital Transformation in the Workplace
  7. 1 Innovation: Five Key Strategies to Business Transformation 1
  8. 2 Position, Genre, and Social Innovation: The Creative Next Step 19
  9. 3 Data Analytics: Making Organizations Smarter 29
  10. 4 Artificial Intelligence and the Transformation of the Working Sphere 47
  11. 5 Metaverse: Business Design and Applications 69
  12. 6 Remote Working from Home: The Adaptive Organization 81
  13. 7 The Platformization of Media Information and Entertainment 95
  14. II Technology Trends and Forecasts
  15. 8 Smart Cities: The Creative Next Step 121
  16. 9 Web3: Exploring Technologies, Challenges, and Innovative Applications in the Media and Creative Industries 135
  17. 10 The Internet of Things 153
  18. 11 Human-Computer Interaction 169
  19. 12 OTT Video Streaming: Redefining the Future of Television 183
  20. 13 Innovation in Public Service Media Organizations 201
  21. 14 Metaverse: Technology Design Principles and Future Forecasts 217
  22. III Digital Lifestyle: Social and Business Perspectives
  23. 15 The Power of Social Media: Shaping the Public Conversation 239
  24. 16 Cyberbullying and the Power of Social Media 253
  25. 17 Cybercrime and Organizational Adoption of Cyber Incident Response Planning 271
  26. 18 Transmedia Storytelling and Innovation 289
  27. 19 A Critical Analysis of the Current Position of the Brazilian Supreme Court on the Right to Be Forgotten 307
  28. 20 Playbour in Web3: Cryptogames and Playing to Earn 321
  29. List of Figures 335
  30. List of Tables 337
  31. About the Editor 339
  32. Index 341
https://doi.org/10.1515/9783111145174-003

Chapters in this book

  1. Frontmatter I
  2. Contents V
  3. List of Contributors IX
  4. Introduction XVII
  5. Acknowledgements XXI
  6. I Digital Transformation in the Workplace
  7. 1 Innovation: Five Key Strategies to Business Transformation 1
  8. 2 Position, Genre, and Social Innovation: The Creative Next Step 19
  9. 3 Data Analytics: Making Organizations Smarter 29
  10. 4 Artificial Intelligence and the Transformation of the Working Sphere 47
  11. 5 Metaverse: Business Design and Applications 69
  12. 6 Remote Working from Home: The Adaptive Organization 81
  13. 7 The Platformization of Media Information and Entertainment 95
  14. II Technology Trends and Forecasts
  15. 8 Smart Cities: The Creative Next Step 121
  16. 9 Web3: Exploring Technologies, Challenges, and Innovative Applications in the Media and Creative Industries 135
  17. 10 The Internet of Things 153
  18. 11 Human-Computer Interaction 169
  19. 12 OTT Video Streaming: Redefining the Future of Television 183
  20. 13 Innovation in Public Service Media Organizations 201
  21. 14 Metaverse: Technology Design Principles and Future Forecasts 217
  22. III Digital Lifestyle: Social and Business Perspectives
  23. 15 The Power of Social Media: Shaping the Public Conversation 239
  24. 16 Cyberbullying and the Power of Social Media 253
  25. 17 Cybercrime and Organizational Adoption of Cyber Incident Response Planning 271
  26. 18 Transmedia Storytelling and Innovation 289
  27. 19 A Critical Analysis of the Current Position of the Brazilian Supreme Court on the Right to Be Forgotten 307
  28. 20 Playbour in Web3: Cryptogames and Playing to Earn 321
  29. List of Figures 335
  30. List of Tables 337
  31. About the Editor 339
  32. Index 341
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