At the ongoing Goafest 2017, Sanjay Nazerali, Chief Strategy Officer, Carat, underlined that areas like globalization, convergence, data, and innovation are in critical need of serious rethinking.
Speaking how the call for trade protectionism by many countries defied the facts on the ground, Nazerali said, "If you look at the statistics, cross-border e-commerce is at around $25 billion currently. That's 10 per cent of the total e-commerce revenue worldwide and is expected to grow and reach 30 per cent by 2020. So consumers are doing the exact opposite of what Donald Trump wants to do."
Nazerali believes that it is the knowledge-based and the service-based industries that will be the winners in this new kind of globalization. He also highlighted the fact that there is no algorithm for human rationality, "Data is true, but it's not 'the truth'. Just because one can measure something doesn't make it important, not can that devalue something that cannot be measured. Data needs specialists like doctors and designers as they speak in a different language. We need to interpret that and translate it to something as easy as Apple did with technology."
"I believe data helps the brand get closer to the consumer. A segment of one is now a reality, but why don't consumers love such advertising? In India, ad-blockers cost publishers $250-300 million each year. The answer to this is that the way we are using the data is incorrect. So many creatives would say that they are limited to do things because of data. We need to look at it differently", added Nazerali.
Speaking about the need to contextualise data and translate it into simple terms to use data in an effective way, Nazerali stated, "A dashboard is the difference between data terrorism and data nirvana."
