tag:econsultancy.com,2008:/topics/data-analytics Latest Data & Analytics content from Econsultancy 2018-04-18T17:12:20+01:00 tag:econsultancy.com,2008:TrainingDate/3536 2018-04-18T17:12:20+01:00 2018-04-18T17:12:20+01:00 GDPR Essentials for Marketers - Online <p>This online course will help you learn everything you need to know about the General Data Protection Regulation (GDPR) before it comes into force in May 2018, and crucially: what to do about it.</p> <h4>In association with:</h4> <p><img src="http://image.mail.centaurmedia.com/lib/fe9612747465007c7d/m/2/logo_RGB_web.png" alt="" width="250" height="150">       </p> <p> <img src="https://cdn.frontify.com/api/screen/thumbnail/EAzkFg3Qo4YvWC4ph_8yDMC_6Ml5rGzx333b8HZkq4KJx64s6xyk9RzcSAvrX2PW9ftJln_n7gjA8HJCDP8ZQg/800" alt="" width="300" height="100"> </p> tag:econsultancy.com,2008:TrainingDate/3532 2018-04-13T12:14:22+01:00 2018-04-13T12:14:22+01:00 GDPR Essentials for Marketers - Online <p>This online course will help you learn everything you need to know about the General Data Protection Regulation (GDPR) before it comes into force in May 2018, and crucially: what to do about it.</p> <h4>In association with:</h4> <p><img src="http://image.mail.centaurmedia.com/lib/fe9612747465007c7d/m/2/logo_RGB_web.png" alt="" width="250" height="150">       </p> <p> <img src="https://cdn.frontify.com/api/screen/thumbnail/EAzkFg3Qo4YvWC4ph_8yDMC_6Ml5rGzx333b8HZkq4KJx64s6xyk9RzcSAvrX2PW9ftJln_n7gjA8HJCDP8ZQg/800" alt="" width="300" height="100"> </p> tag:econsultancy.com,2008:BlogPost/69924 2018-04-09T14:30:00+01:00 2018-04-09T14:30:00+01:00 Is the ad fraud problem really getting better? New research suggests not Patricio Robles <p>But is the appearance of progress little more than a mirage?</p> <p>A recent study conducted by Adobe paints a bleak picture. As <a href="https://www.wsj.com/articles/fraudulent-web-traffic-continues-to-plague-advertisers-other-businesses-1522234801">detailed by</a> the Wall Street Journal, the study, which looked at traffic across thousands of its client sites, found that a whopping 28% of the traffic displayed strong “non-human signals” suggesting that it was the product of bots or click farms.</p> <p>Since this non-human traffic is typically associated with various forms of ad fraud, it's not unreasonable to assume that a substantial portion of this apparently non-human traffic was in some way associated with ads.</p> <p>As Bob Hoffman of the Ad Contrarian suggests, “Using Adobe's 28% number and projecting this out over $237 billion in estimated online ad spending this year...I calculate that online ad fraud may reach $66 billion in 2018.”</p> <p>While the size of that number is so massive as to be unbelievable, Hoffman does make the point that numerous ad fraud experts believe the ANA's numbers dramatically underestimate the amount of money being lost to ad fraud. As ad fraud expert Dr. Augustine Fou, the former Chief Digital Officer of Omnicom's Healthcare Consultancy Group, has stated, “No matter what you are hearing or reading about digital ad fraud, I can assure you it's actually worse than you think.”</p> <h3>Mo' apps, mo' problems</h3> <p>Confirmation that the ad fraud problem is getting worse, not better, comes in the form of <a href="https://www.mediapost.com/publications/article/316976/mobile-app-ad-fraud-up-30.html">a recent report published by AppsFlyer</a>, a mobile marketing analytics platform. It found that marketers were exposed to $700m to $800m in mobile app ad fraud losses in the first quarter of the year, a 30% year-over-year increase. Advertisers of shopping apps took a particularly harsh beating, with AppsFlyer estimating that they lost $275m to mobile app ad fraud.</p> <p>AppsFlyer says that fraudulent app installs now account for 11.5% of all ad-driven installs and 22% of apps now have over 10% fraudulent installs. 30% of these installs are produced by bots, which they say have replaced device farms as the most popular vector for ad fraud.</p> <h3>Whack-a-mole</h3> <p>AppsFlyer's findings highlight one of the biggest challenges in combating ad fraud: the fraudsters don't give up when the industry cracks down on a particular fraud method. Instead, they evolve their attacks, forcing the industry to play whack-a-mole.</p> <p>Will that game ever end? Initiatives like <a href="https://www.econsultancy.com/blog/69231-ads-txt-a-new-standard-for-fighting-inventory-spoofing-unauthorized-sellers-what-you-need-to-know">Ads.txt</a> suggest that gains against ad fraud are possible. But Ads.txt is far from perfect and it's not yet clear how much of a financial impact it will have on actual losses.</p> <p>There are also actions advertisers can take to minimize their exposure to ad fraud. Some advertiser have significantly cut back on the number of properties they advertise on. JPMorgan Chase, for example, last year <a href="https://econsultancy.com/blog/69309-how-much-waste-is-in-the-digital-ad-market">reduced the number of sites it advertises on</a> from more than 400,000 to 5,000 without any apparent negative effect. To accomplish this, it first eliminated sites that produced no activity beyond impressions, which reduced the number of sites to 12,000. It then manually reviewed the remaining sites.</p> <h3>Is acceptance the answer?</h3> <p>But ultimately, the size of the market and the strong incentives that exist for bad actors will make it hard for the industry to completely eliminate fraud. With that in mind, it's worth considering that the most realistic method for dealing with ad fraud is to simply factor it into ad rates.</p> <p>Advertisers already do this to some extent, of course. For example, they routinely pay more for ads from premium publishers than non-premium publishers. But as the recent <a href="https://econsultancy.com/blog/69796-traffic-buying-allegations-against-newsweek-media-group-highlight-complexity-of-the-digital-ad-problem">Newsweek Media Group scandal</a> demonstrated, even well-known publishers seen as being legitimate are capable of engaging in questionable practices if not fraud.</p> <p>This suggests that different techniques will be required. Technology like that Adobe used to detect non-human traffic could prove valuable here as it would allow advertisers to better assess the quality of traffic from a given source and adjust ad spend accordingly based on quality.</p> <p>While not perfect, an approach that accepts ad fraud instead of fighting it head-on might prove to be more practical and effective in light of the fact that despite the industry's efforts, the problem appears to be getting worse.</p> <p><em><strong>For more on this topic, why not try Econsultancy's <a href="https://econsultancy.com/training/courses/programmatic/">Introduction to Programmatic</a> training course.</strong></em></p> tag:econsultancy.com,2008:Report/4757 2018-04-05T09:00:00+01:00 2018-04-05T09:00:00+01:00 A Guide to Customer Experience Management (CXM) <p><strong>A Guide to Customer Experience Management</strong> covers the practical steps organisations can take to make themselves more customer-centric. It also highlights how to implement data-led strategies that will help businesses understand their customers, and ultimately, enable them to create better experiences. Additionally, it covers how to overcome the challenges associated with a data-led business strategy. </p> <p>A section on what customer experience management is shows marketers the opportunities that having a data-led strategy affords in a world where customer expectations climb ever higher. </p> <p>The report also features information on how to get to know your customer through different approaches and where the responsibility for customer experience management lies. </p> <p>This guide features insights from a team of industry experts including:</p> <ul> <li> <p><strong>Alex Barker</strong>, Head of User Experience, Edo</p> </li> <li> <p><strong>Paul Boag</strong>, User Experience Consultant and expert in digital transformation</p> </li> <li> <p><strong>Claire Cardosi</strong>, Head of Customer Experience Management at Virgin Trains East Coast</p> </li> <li> <p><strong>Jon Davie</strong>, Chief Client Officer, Zone, a Cognizant Digital Business</p> </li> <li> <p><strong>Jacob de Lichtenberg</strong>, Consumer Product Manager, Trustpilot</p> </li> <li> <p><strong>Avis Easteal</strong>, Regional Head – Consumer, Luxasia</p> </li> <li> <p><strong>Matt Lacey</strong>, Performance Director, Code Computerlove</p> </li> <li> <p><strong>Marc McNeill</strong>, Customer Experience and Operations Director, Auto Trader</p> </li> <li> <p> <strong>Rebecca Mears</strong>, Community Lead, Cookpad</p> </li> <li> <p><strong>Dr Nicola Millard</strong>, Customer Insights and Futures, BT</p> </li> <li> <p><strong>Vittoria O’Connor</strong>, APAC Customer Loyalty and Digital Director, The Body Shop</p> </li> <li> <p><strong>Philip Pantelides</strong>, Head of Product, Community and Communication, Cookpad</p> </li> <li> <p><strong>Azlan Raj</strong>, VP, Customer Experience – EMEA, Merkle</p> </li> <li> <p><strong>Jon Warden</strong>, Head of Product and User Experience, Haymarket</p> </li> <li> <p><strong>Lisa Wood</strong>, Chief Marketing Officer, Atom Bank</p> </li> <li> <p>A<strong> marketing manager </strong>in financial services</p> </li> </ul> tag:econsultancy.com,2008:BlogPost/69898 2018-03-23T15:00:00+00:00 2018-03-23T15:00:00+00:00 What are the key digital trends in IT in 2018? Nikki Gilliland <p>Has anything changed in a year?</p> <p>Econsultancy’s latest report, produced in partnership with Adobe, has once again explored the digitally-driven opportunities and challenges facing organisations from the perspective of IT professionals.</p> <p>Subscribers can <a href="https://econsultancy.com/reports/digital-intelligence-briefing-2018-digital-trends-in-it/" target="_blank">download it in full</a>, but in the meantime, here are a few key takeaways from the research, which is based on a survey of almost 400 senior IT leaders.</p> <h3>Continuing concern over security</h3> <p>Much like in 2017, security remains the most pressing concern for IT professionals. </p> <p>However, due to a number of security breaches being disclosed by high-profile companies since then - including Equifax, Uber and Yahoo - the situation appears even more front-of-mind.</p> <p>This year, 42% of respondents cite the threat of security breaches and cyber-risk threats as something that concerns them than any other challenge.</p> <p>This, coupled with the fact that businesses are required to be more open and collaborative then ever before, puts IT professionals in a precarious position. </p> <p><img src="https://assets.econsultancy.com/images/0009/3137/Cybersecurity.JPG" alt="" width="700" height="504"></p> <h3>Collaboration between departments improves</h3> <p>One of the key requirements of IT leaders is to keep up-to-date with industry developments, as well as maintain a good understanding of both technology and business issues. </p> <p>The 2017 Trends report highlighted how organisations needed to place greater focus on an internal information exchange, as just 25% of respondents citing that they sourced knowledge of tech and industry changes from members of the leadership team. </p> <p>This year, that figure has risen to 31%.</p> <p>Meanwhile, there’s also been a slight increase in the proportion of IT respondents citing the digital marketing team as a way of staying connected. While there’s still a way to go before organisations excel at sharing with others, the small increase is an encouraging sign.</p> <p><img src="https://assets.econsultancy.com/images/0009/3138/staying_connected.JPG" alt="" width="700" height="513"></p> <h3>Challenges with legacy systems</h3> <p>When it comes to other big internal obstacles, the solutions are not quite so straightforward. </p> <p>The most significant issue is difficulties with integrating legacy systems with new tools or technologies. This was cited as a top-three challenge by 45% of respondents, up from 41% last year.</p> <p>Interestingly, integrating legacy systems appears to be more of a challenge for larger companies (or those with annual revenues of more than £150 million). </p> <p>For smaller organisations, challenges are spread more evenly. 35% cite internal siloes, 40% cite lack of shared understanding about what digital transformation means, and 36% cite adequate budget.</p> <p>As a result, the all-round solution perhaps lies in greater leadership, with the C-Suite taking better responsibility for ensuring digital transformation initiatives are met.</p> <p><img src="https://assets.econsultancy.com/images/0009/3136/legacy.JPG" alt="" width="700" height="488"></p> <h3>Excitement about AI and IoT </h3> <p>Finally, it appears that there is also a difference between what IT professionals in different-sized organisations view as the most exciting prospect ahead.</p> <p>For higher revenue companies, AI comes out on top, with 27% of respondents citing this compared to just 14% in smaller revenue companies. The Internet of Things is ranked higher among the latter group, with 22% of respondents citing this compared to 20% in bigger organisations.</p> <p>Research suggests that AI could prove to be the more valuable out of the two, with top-performing companies being more than twice as likely to use AI for marketing (28% versus 12%).</p> <p><img src="https://assets.econsultancy.com/images/0009/3135/AI_and_IOT.JPG" alt="" width="700" height="508"></p> <p><em><strong>Don't forget to download the <a href="https://econsultancy.com/reports/digital-intelligence-briefing-2018-digital-trends-in-it/" target="_blank">Digital Trends in IT 2018 report</a> for more.</strong></em></p> tag:econsultancy.com,2008:BlogPost/69899 2018-03-23T11:00:00+00:00 2018-03-23T11:00:00+00:00 What ‘data’ competencies does a modern marketing function need? Ashley Friedlein <p>Whilst there is a lot of talk about ‘data’, big or otherwise, <a href="https://www.econsultancy.com/reports/a-marketer-s-guide-to-the-general-data-protection-regulation-gdpr">GDPR-compliant</a> or otherwise, it can be hard to understand what exactly is meant by ‘data’. And, for the marketing function, it is unclear what remit, roles and responsibilities around ‘data’ can be expected of it.</p> <p>Therefore, I have made an initial attempt to further break down marketing-related competencies to do with ‘data’ that I think we need to be addressing.</p> <p>As you can see in the table below, I have defined seven domains, each with a brief list of related activities, and then a further two columns with thoughts on the business functions likely to be involved in each domain and the job titles associated with each.</p> <p>I’m publishing this now to get feedback. What do you think? Anything missing? All input welcome, just contribute your thoughts below.</p> <p><em>(Click to enlarge)</em></p> <p><a href="https://assets.econsultancy.com/images/0009/3150/datam3-2.png"><img src="https://assets.econsultancy.com/images/0009/3150/datam3-2.png" alt="data competencies m3" width="800"></a></p> tag:econsultancy.com,2008:BlogPost/69893 2018-03-22T11:30:00+00:00 2018-03-22T11:30:00+00:00 Is healthcare ready for AI, potentially the biggest innovation since the vaccine? Louis Meletiou <h4>So why is Healthcare, an industry worth trillions, not following suit?</h4> <p>Healthcare is an industry with the potential to reap the benefits of AI more than any other, and while it’s true that AI is streamlining a wide variety of processes which help medical professionals perform tasks more efficiently – saving money and saving lives, the rate of adoption is painstakingly low. </p> <h3>Google and IBM are making strides</h3> <p>As it stands, there are two 'big fish' in the AI healthcare sphere: <a href="https://deepmind.com/applied/deepmind-health/">DeepMind</a> and <a href="https://www.ibm.com/watson/health/">IBM Watson Health</a>.</p> <p>Google-owned DeepMind has been working closely with the UK's National Health Service in the development of a smartphone app, Streams, which is capable of sending instant alerts related to a patient's condition to clinicians. This time saving innovation allows doctors and nurses to administer immediate assessments and get quick access to all the information they need, from blood tests to scan results. In particular, Streams has proven capable of detecting serious kidney conditions (though it should be noted that the <a href="https://www.theguardian.com/technology/2017/jul/03/google-deepmind-16m-patient-royal-free-deal-data-protection-act">project was deemed by the ICO to be in breach</a> of the Data Protection Act). This could be a welcome tool for a health service which sees £1 billion of its annual budget go towards acute kidney disease. </p> <p><img src="https://assets.econsultancy.com/images/0009/3118/deepmind.jpg" alt="deepmind health" width="500"></p> <p>IBM Watson Health, which shares its name with the IBM Computer 'Watson', a machine which originally made the news after appearing on the TV quiz show Jeopardy, is now able to read 40 million health documents in just 15 seconds. Watson has won its considerable slice of the market share by developing cognitive AI systems which have made great strides in targeting medical data (tipped to double at a rate of <a href="https://www.ibm.com/ibm/ca/en/gm-hamilton-ai-helps-transform-health-care-system.html">every 73 days by the year 2020</a>). The algorithms of these cognitive systems, along with their expertise and their input in the design stage, allows data to be ingested in a variety of forms, and based on the deep learning processes, identify potential symptoms and treatments.</p> <p>All this sounds as though we are entering an age of unparalleled precision and doctorless procedures, but is the healthcare industry ready to take the leap that technology is offering?</p> <p>We’re not so sure that it is.</p> <h3>But healthcare moves at a snail’s pace for a reason</h3> <p>Industries as large and complex as healthcare tend to be slow moving by nature. Whereas products in an industry such as consumer electronics can become obsolete within months, organisations like the NHS are <a href="http://www.computerweekly.com/news/450303838/Paperless-2020-likely-to-fail-says-Wachter-review-of-NHS-IT">pushing back basic digitisation plans like paperless offices</a> by years, years before their projected completion date.</p> <p>It’s not just government owned organisations such as the NHS that have been slow to adopt technology, anyone involved with the healthcare industry from the outside will tell you, usually with a rueful smile, that healthcare companies lag behind other industries when it comes to technological adoption.  </p> <p>It’s easy to bash the healthcare industry for this, but there is a list of valid reasons behind their slow pace and wariness, and at the top of that list is safety. If your fintech app fails – people could lose money. If the same happens to a healthcare provider – people could die.</p> <p>New tech needs to be absolutely foolproof, and testing needs to be rigorous. There are examples of this everywhere you look, for instance a service that was recently rolled out across London, the Babylon Health assisted “<a href="https://www.gpathand.nhs.uk">GP at Hand</a>”, looked to slash waiting times across the capital by allowing patients to video chat with their GP via their smartphone. It sounds like a no brainer – but it was met with criticism from local medical authorities, and NHS England has now lodged a £250,000 tender to independently evaluate its services. This process will start in June 2018, and is not scheduled to be completed until May 2019.</p> <p><img src="https://assets.econsultancy.com/images/0009/3119/gp_at_hand.png" alt="gp at hand" width="615" height="250"></p> <p>This kind of hold up is par for the course when it comes to medtech – with governing authorities citing the need for “formal evaluation” to stop any “unintended consequences”, and they’re quite right to field these concerns – if there were any new-tech related disasters the results would be catastrophic (just look at the <a href="http://www.bbc.co.uk/news/business-43459156">media</a> <a href="https://techcrunch.com/2018/03/19/uber-self-driving-test-car-involved-in-accident-resulting-in-pedestrian-death/">furore</a> around the first self driving related death).</p> <p>The other aspect to consider when trying to implement change is the incredible workload faced by health sector employees. Any deviation from their day to day work processes could be extremely risky, and therefore the payoff for tech coming in to change any part of their workflow needs to be huge.</p> <p>It wouldn’t take Elon Musk to quickly come up with a list of opportunities that could dramatically improve a patient’s experience using technology, but when even going paperless is scheduled to take another half a decade for one of the biggest healthcare providers in the world, you can bet you’ll be met with some heavy resistance.</p> <h3>Accelerating healthcare's digital transition</h3> <p>There is some good news, however, there are people trying to accelerate healthcare’s digital transition in subtle ways. For example, digital execs in the UK's NHS have been pushing <a href="https://digital.nhs.uk/e-Referral-Service">electronic referrals</a> (e-RS), a scheme that could see the organisation save over £50 million a year. To accomplish this, the NHS will offer no financial reward for outpatient referrals made by paper after the end of this month.</p> <p>The NHS have also recently set up a <a href="https://www.england.nhs.uk/digitaltechnology/info-revolution/nhs-digital-academy/">digital academy</a>, aiming to breed a new generation of leaders with a digital focus on the back of reports that there was insufficient training in the leadership roles to successfully oversee any kind of digital transition.</p> <p>Lastly, AI has slowly started to find its way into clinician toolsets in certain areas. Radiology is an area in particular that has been afforded a head start, because image analysis has been such a <a href="http://www.diagnosticimaging.com/pacs-and-informatics/what-artificial-intelligence-can-do-radiology">rapidly developing arm in AI research</a>. This enables radiographers to take advantage of the pre-existing systems created for self-driving cars or image classification to assist patient diagnosis from scans, and automating time intensive tasks to allow less rushed investigations.</p> <p>It is the enforced adoption of schemes such as e-RS, and recognition from leadership that changes need to be made from the inside, that will help to bring about the adoption of medtech in the future, and once the healthcare industry is well on its way to a digital transformation, then and only then we can think about the widespread adoption of AI. </p> <p><em><strong>Further reading:</strong></em></p> <ul> <li><a href="https://econsultancy.com/reports/digital-intelligence-briefing-2017-digital-trends-in-healthcare-and-pharma/">Digital Intelligence Briefing: 2017 Digital Trends in Healthcare and Pharma</a></li> <li><a href="https://econsultancy.com/reports/embracing-digital-transformation-in-the-pharma-and-healthcare-sectors/">Embracing Digital Transformation in the Pharma and Healthcare Sectors</a></li> </ul> tag:econsultancy.com,2008:Report/4744 2018-03-22T10:00:00+00:00 2018-03-22T10:00:00+00:00 Digital Intelligence Briefing: 2018 Digital Trends in IT <p>The <strong>2018 Digital Trends in IT </strong>report, based on the eighth annual trends survey conducted by Econsultancy and <a title="Adobe" href="http://www.adobe.com/marketing-cloud.html">Adobe</a>, explores the digitally-driven opportunities and challenges facing organisations from the perspective of IT professionals, looking at both internal business factors and external technological and consumer trends.</p> <p>The research is based on a sample of almost 400 senior IT leaders (manager level or above) who were among around 13,000 digital professionals taking part in the annual Digital Trends survey carried out at the end of 2017 and start of 2018.</p> <h3>The following sections are featured in the report:</h3> <ul> <li>The need for scalable, enterprise digital experience platforms</li> <li>The internal focus: digital transformation and workflows</li> <li>Managing the existential threat… and embracing the opportunities</li> <li>Actionable tips to help future-proof your IT function</li> </ul> <h3>Findings include:</h3> <ul> <li> <strong>IT executives preoccupied by need to keep up with customer expectations.</strong> The high proportion (39%) of IT respondents that cite <em>keeping up with changing customer expectations and behaviour</em> as one of their top external challenges demonstrates the increased customer centricity of a new breed of CIO.</li> <li> <strong>Security is still the biggest headache for IT professionals.</strong> As was the case last year, security is the main preoccupation for IT executives in terms of external threats, with respondents most likely to cite the <em>threat of security breaches and cyber-risk threats</em> as a challenge (42% compared to 41% in 2017).</li> <li> <strong>Legacy systems are the greatest obstacle to digital transformation.</strong> The most significant in-company barrier to driving digital transformation is the integration of legacy systems with new technology, cited as a top-three challenge by 45% of respondents, up from 41% last year.</li> <li> <strong>Enterprise CIOs identify requirement for extensible digital platforms.</strong> Extensible digital platforms are the top priority for IT executives at larger organisations, with well over half (57%) ranking this as a top-three priority for 2018. This compares to 42% for <em>security of data</em>, and the same percentage for <em>joining up data to achieve a single view of the customer</em>.</li> <li> <strong>Companies struggle to master workflow capabilities.</strong> Fewer organisations than last year are taking a range of initiatives to improve workflows against the backdrop of tighter security and compliance requirements that companies are typically working towards. Just under half (48%) of respondents say they are <em>switching to paperless, digital end-to-end workflows</em>, compared to exactly half last year.</li> <li> <strong>IT executives focus on real-time personalised experiences, AI and the Internet of Things as exciting opportunities. </strong>IT professionals are most likely to see the delivery of personalised experiences in real time as the most exciting prospect in three years’ time, ahead of other technological innovations such as the Internet of Things, artificial intelligence, virtual or augmented reality, voice interfaces and payment technologies.</li> </ul> <p><strong>Econsultancy's Digital Intelligence Briefings, sponsored by <a title="Adobe" href="http://www.adobe.com/marketing-cloud.html">Adobe</a>, look at some of the most important trends affecting the marketing landscape. </strong><strong>You can access the other reports in this series <a title="Econsultancy / Adobe Quarterly Digital Intelligence Briefings" href="http://econsultancy.com/reports/quarterly-digital-intelligence-briefing">here</a>.</strong></p> tag:econsultancy.com,2008:BlogPost/69883 2018-03-20T14:30:00+00:00 2018-03-20T14:30:00+00:00 How the blockchain can be applied in healthcare Patricio Robles <p>Healthcare is no different and as players in the healthcare space look to embrace digital innovation, there are a number of areas in which blockchain technology could potentially be employed. Here are three of the most promising.</p> <h3>Electronic health records (EHRs)</h3> <p>The healthcare industry has spent considerable time and money adopting electronic health records (EHR) but challenges persist. For example, while EHRs were intended to help address the issue of interoperability, getting all of the systems that need to talk to each other to talk to each other remains an elusive goal.</p> <p>The blockchain, which essentially provides for a distributed ledger, offers a potential solution to interoperability challenges. Already, the MIT Media Lab and Beth Israel Deaconess Medical Center have experimented with the application of blockchain to medical records. </p> <p>In an article in the <em>Harvard Business Review</em>, John D. Halamka, MDAndrew Lippman and Ariel Ekblaw, three of the researchers involved in the experiment, <a href="https://hbr.org/2017/03/the-potential-for-blockchain-to-transform-electronic-health-records">explained</a>: </p> <blockquote> <p>Imagine that every EHR sent updates about medications, problems, and allergy lists to an open-source, community-wide trusted ledger, so additions and subtractions to the medical record were well understood and auditable across organizations. Instead of just displaying data from a single database, the EHR could display data from every database referenced in the ledger. The end result would be perfectly reconciled community-wide information about you, with guaranteed integrity from the point of data generation to the point of use, without manual human intervention.</p> </blockquote> <p>One of the greatest advantages of this approach is that the patient is ultimately in control of his or her data, which could aid in allowing patients to opt to share their health data with researchers and third parties.</p> <p>Interestingly, last year, IBM <a href="https://www.computerworld.com/article/3156504/healthcare-it/ibm-watson-fda-to-explore-blockchain-for-secure-patient-data-exchange.html">forged a development agreement</a> with the U.S. Food and Drug Administration (FDA) to explore the blockchain-powered exchange of patient-level oncology-related data from a number of sources, including EHRs. </p> <h3>Pharma supply chain</h3> <p>The integrity of the pharma supply chain has never been more important. This supply chain is under growing threats such as drug shortages and counterfeits. Counterfeits alone are estimated to cost pharma companies $200bn annually. It's one of the reasons why, by 2023, pharma companies will be required to adhere to the Drug Supply Chain Security Act (DSCSA), which calls for the complete tracking of drugs from raw materials to production to dispensing.</p> <p>The blockchain could offer a solution to address these threats and comply with the DSCSA. As Maria Palombini of the IEEE Standards Association <a href="https://www.pharmaceuticalonline.com/doc/blockchain-the-pharma-supply-chain-beyond-dscsa-compliance-0001">explained</a>, “Two specific use cases for blockchain in the pharmaceutical supply chain make sense. One is securing the supply chain – the answer to the massive, widespread growth in counterfeit drugs and their associated costs. The other is optimization of the supply chain, which offers efficiencies, cost removals, and visibility into inventory as well as speed and accuracy in the event of a drug recall.”</p> <p>Trials are already under way to see if the blockchain's potential to help the pharma supply chain can be realized. For example, supply chain consulting group The Link Lab has teamed up with blockchain startup Chronicled to build a system <a href="https://medcitynews.com/2017/03/two-california-startups-preparing-pharma-companies-blockchain/">to track</a> the movement of prescription drugs. The duo is working with an unnamed “global pharmaceutical company” to create a blockchain-based solution to verify prescription drugs.</p> <p>They're not alone. DHL and Accenture <a href="http://www.supplychaindigital.com/technology/dhl-and-accenture-working-blockchain-based-pharma-supply-chain-project">have also developed a blockchain prototype</a> to tracks drugs from their point of origin to the consumer.</p> <h3>Clinical trials</h3> <p>The distributed ledger of blockchain also offers promise for clinical trials, which pharma companies spend billions of dollars a year on. Clinical trials by their very nature produce significant data. That data is shared within pharma organizations as well as third parties such as clinical research organizations and regulators like the FDA.</p> <p>Proponents of the application of blockchain technology to clinical trials <a href="https://trialsjournal.biomedcentral.com/articles/10.1186/s13063-017-2035-z">suggest</a> that it could ensure the integrity of data generated by clinical trials while still maintaining privacy. They even suggest it could store trial metadata, such as the trial protocols and statistical analysis plans, collect and track participant consent, and manage phase control using smart contracts.</p> <p>One of the most promising potential applications of the blockchain to clinical trials relates to its ability to facilitate data sharing. <a href="https://www.forbes.com/sites/reenitadas/2017/05/08/does-blockchain-have-a-place-in-healthcare/">Estimates indicate</a> that approximately half of clinical trials go unreported and nearly 90% of trials on ClinicalTrials.gov don't have results. If blockchain could help ensure that data generated by clinical trials doesn't go to waste and is instead made available for future use, it could be a boon to healthcare industry.</p> <p><em>To learn more about digital transformation in Pharma, join us at ePharma in New York on March 21-23. Our VP of Research Stefan Tornquist will be discussing the future of digital and marketing with Anthony Lambrou, Director of Corporate Strategy and Innovation at Pfizer, as well as hosting a roundtable for you to learn, share and connect with fellow pharma marketers. Find out more and secure your spot:</em></p> <ul> <li><a href="https://lifesciences.knect365.com/epharma/agenda/3#epharma-roundtable-digital-transformation-to-future-proof-your-marketing"><em>ePharma Roundtable: Digital Transformation to Future-Proof Your Marketing</em></a></li> <li><a href="https://lifesciences.knect365.com/epharma/agenda/3#main-stage-keynotes_the-future-of-digital-and-marketing"><em>The Future of Digital and Marketing</em></a></li> </ul> tag:econsultancy.com,2008:BlogPost/69873 2018-03-15T15:24:00+00:00 2018-03-15T15:24:00+00:00 A brief introduction to second-party data Ben Davis <h3>Some definitions </h3> <p><strong>First-party data:</strong> Data from your own audience (whether you want to call them users, customers, consumers, etc.). Because you collected this data, you are sure of its provenance and its quality is high. e.g. behavioural data on your ecommerce site, captured data via landing page forms etc.</p> <p><strong>Second-party data:</strong> Data from a partner (their first-party data). This is usually paid for or bartered e.g. a brand works with publisher audience data, or retailer data. A data management platform will allow you to use second-party IDs for ad targeting and to improve attribution modelling.</p> <p><strong>Third-party data:</strong> Data aggregated and anonymized by vendors such as comScore and Acxiom. Third-party data is by definition more opaque and is again often used to bolster first-party data when targeting advertising.</p> <h3>It's all about data quality</h3> <p>It should be fairly obvious what the benefits of first-, second- and third-party data are. Data quality is inversely proportional to data scale – i.e. third-party data is vast, but not necessarily good quality and may be available to many more marketers, too.</p> <p>Second-party data to some extent enjoys the best of both worlds. This data can expand a marketer's audience segment, but it may also show overlaps. New insights can be uncovered when two companies within complimentary verticals partner up (e.g. hotels and airlines).</p> <p>Krux's Chris O'Hara, <a href="https://adexchanger.com/data-driven-thinking/data-triangulation-how-second-party-data-will-eat-the-digital-world/">writing for AdExchanger</a>, puts it like this:</p> <blockquote> <p>Marketers, increasingly sick of all the fraud and junk in the programmatic ecosystem, are turning toward second-party data to access the same audiences they bought heavily in print 30 years ago...</p> <p>On the flip side, quality publishers are starting to understand that, when offered in a strict, policy-controlled environment that protects their largest asset – audience data – they can make way more money with data deals than media deals.</p> <p>Put simply, second-party data is heralding a return to the good old days when big marketers depended on relationships with big publishers as the stewards of audiences...</p> </blockquote> <h3>And it's also all about transparency</h3> <p>Part of the current attraction to second-party data is that data sharing (particularly third-party data) is currently under the spotlight of the GDPR. Any business that has data subjects in the EU likely to have to tighten up their privacy policy around personal data sharing.</p> <p>At the point of data collection, third parties will need to be named (or at least a specific category of businesses needs to be mentioned) in order to achieve indirect consent that is informed, something which could arguably be said not to be the case with lots of <em>third-party</em> data at the moment. Many data controllers may need to make changes to be GDPR compliant.</p> <p>The point is that data subjects don't have as much control over their data when it enters the third party market, and what happens to that data is less transparent. Transparency and accountability represent advantages that second-party data has over third-party data.</p> <p>The opacity of third-party data also extends to difficulty with cross-device tracking. Third-party cookies are ineffective on the Safari browser, mobile apps and connected TVs, and don't sit around on consumer browsers forever. Unless vendors can prove that their third-party data allows for an understanding of mobile customer journeys, marketers won't have a full picture of a crucial sales channel.</p> <p><em><strong>For more on second-party data, download Econsultancy's report, <a href="https://econsultancy.com/reports/second-party-data/">Second-Party Data: The sharing economy for customer insight</a></strong></em></p>