The Digital Gold Mine
How Millennials’ Data Habits Shape the Digital Economy
Most modern offices now comprise up to three generations working side by side, of which millennials –young adults born in the 1980s and 1990s – are easily the most tech-savvy.
These technologicalnatives, many of whom are prolific digital consumers and producers, will make up around 35% of the global workforce by 2020, while their baby boomer parents clock in at 30%.
Millennial culture revolves around smart devices and documenting lifein real time – be it a GIF or e-commerce purchase history – which has heavily impacted the digitallandscape. According to Veritas, millennial data consumption has grown 39% year-on-year since 2010,almost double baby boomers’.
This new set of millennial data is massive and chaotic, which leads to a tsunami of duplicated files,wasted cloud space and server strain.How should businesses deal with the overload?
A Look at the Millennial Consumer
Millennial consumers, with their well-documented preferences for online transactions,are a data gold mine for telecommunication providers, digital media houses and advertising agencies. The trick is figuring out how to sift through thejunkfor key consumer insights.
Machine learning technology likeGraymatics’ G3C (Graymatics Context Connect Cloud) platform offers contextual analysis to process this data in real time. G3Crecognises, extracts and organises key elements while eliminating excess data,noise andrepackages theresults as a simple text profile.
This enablescompanies to delve deeper into the mind of a consumer – the content they engage with and how they do so – and recommend the best way to customise and deliver digital contenttothe right audiences. Instead of pushing irrelevant material on cynical millennials, companies connect withcustomers who are actively interested in their properties.
By utilising profile analytics to study behaviour patterns from this tech-savvy generation, companies can better anticipate consumer needs and offercutting-edgecontent to stay ahead of the curve.
The Next Step for Millennial Data
Millennials are connected to businesses– be it their own or someone else’s – 24/7. Personal data is stored on multiple smart devices and vice versa, so data consumption shoots through the roof.
Hoarding excess files on the cloud represents a business and security risk as this can slow down cloud servers and lengthen processes, potentially impacting productivity.
It is important for business to deploy data management and analytics that give them more oversight of the types of files being stored on their services, and figure out a way to trim the fat while keeping tabs on the ever-changing interests of data-heavy millennial customers.
Long-term insights on serving millennials – who are known as highly proactive consumers – are crucial for companies to meet customers’ needs in the digital economy.
Organisations must therefore establish the right IT infrastructure to support this vast volume of millennial data as young adults transition to the working world andgain more purchasing power.