A new generation has emerged that is acutely aware of its consumer capital and the benefits this brings to individuals and society, according to a study by SAS, the leader in analytics and the Future Foundation, an independent research agency. The majority (69 per cent) of this “Data Generation” (compromising 16- to 34-year-olds) view their own personal information as “bargaining chips” to enhance their lives. The “Data Generation” expect a hyper-personalised service from brands, who risk failing to survive in this new environment if they don’t exploit open and cloud-ready advanced analytics to better understand these customers.
This “Data Generation” expects hyper-personal insight into every aspect of their lives, where their habits, preferences and moods are taken into account so that predictive analytics can enhance their health, prosperity and future life potential. Only 12 per cent are happy to share their personal data without a second thought. Yet, when asked to consider sharing in specific situations their psyche changed – with nearly three in five (57 per cent) willing to share their own data to make their lives easier.
More than two-thirds (67 per cent) are comfortable sharing with the healthcare sector, 57 per cent with financial institutions, 50 per cent with the public sector, 45 per cent with utilities, 32 per cent with retailers and just 28 per cent with social media companies. These preferences differed depending on their levels of trust and the value they recoup for sharing their data:
Mark Wilkinson, SAS Regional Vice President – Northern Europe, said: “The Data Generation are amenable to sharing more forms of data, provided it gives them control as they navigate turbulent macro-economic conditions and fluid career projections. The organisations that will prosper in the future, will demonstrate how they can enhance the Data Generation’s life potential and that of society. This will require organisations to embrace analytics architectures that are more accessible, flexible and can easily scale to problems of any size. All industries need access to a simple, open and cloud-ready platform that can complement other technologies and open source software.”
This is an era where organisations make multi-million pound decisions based on access to highly relevant and personal customer insights derived from enhanced computational power and analytics. The “Data Generation” is driven by new motivations that society is not yet fully accustomed to. For sectors to provide the new data savvy generation with what they are looking for, they must understand their motivations. This is a generation that:
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