Factors and Trends Impacting Data Analytics in 2021

PM360 asked experts in data analytics how the digital transformation of healthcare is changing data needs and the best ways to overcome data gaps. Below is an excerpt from the issue.

How are the data needs and analytical capabilities of life sciences companies evolving following the digital acceleration of healthcare during the pandemic? What other factors or trends are impacting data and analytics?

One trend that will significantly affect data and analytics is the eventual disappearance of third-party cookies. For years, agencies have been using them not only to track website visitors, but also to serve hyper-targeted ads to specific audiences. Third-party cookies allow marketers to execute personalized, one-to-one marketing successfully. But that will disappear when Google and other browsers phase them out by 2022. Some predict Google may push the deadline further out, but as privacy concerns continue to intensify, it’s unlikely to happen.

Rather than waiting until this occurs, which our industry tends to do, digital agencies must begin planning and testing new, privacy-forward solutions now. Some examples would be to use first-party data that customers have already consented to provide. Another is to unify all data into one hub—a holistic data environment—enabling data that has already been collected to speak with one another, unleashing compelling insights.

Throughout this phase-out period, brand marketers must now—if they haven’t done so yet—start to build customer trust. Transparency will reinforce trust, which opens the door for expanded access of personal data. Incidentally, personal data is still relevant. It can still be used to better understand the target audience.