Nagaraja Srivatsan, Chief Digitial Officer, R&DS Technology, IQVIA and Ray Rosti, Chief Digital Officer, Publicis Health Media
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More and more companies are elevating the role of chief digital officer to oversee a range of strategies and the integration of technology solutions.
Data in Use
The biggest trend I am tracking is determining how data can be used effectively to make critical and impactful decisions. In order for digital transformation to be successful it needs to deliver tangible business outcomes. Those can be delivered only if we can take data and make it intelligent through applications of AI/ML but more importantly land the intelligence in the decision workflow. In the clinical trial process, many issues happen due to the disharmony that exists in interactions between patients, sites, and sponsors. By using data effectively, we can create the intelligence in the clinical workflows to make these interactions frictionless and improve the quality, timeliness, and the throughput of clinical trials.
The biggest challenge is business adoption of digital programs. Digital transformation is not only about technology but how technology can be leveraged and adopted to make significant business impact. All digital programs require partnership with business operations to help the business change their methods and adopt these technologies. For example, if our AI/ML algorithms help the operator with next best action, the operations teams should trust the recommendation and work to leverage it. Simultaneously, if they feel that the algorithm is not making the right recommendation then they should provide feedback to make the algorithm better. Fostering an environment where people and machines can work collaboratively and seamlessly is the biggest challenge facing digital adoption.
With data privacy regulation and the inevitable deprecation of third-party cookies, we are absolutely going to need to evolve how we execute precision marketing. These are inevitable changes and targeting, addressability, frequency capping, and attribution will all become much more difficult. It’s currently unclear how the ad-tech industry will evolve and there are multiple theories around the future of precision media. There is no clear answer at the moment. This requires us to stay focused on the industry evolution and prepare for a future that will most certainly change the way we work.
Specialization in Digital Media Execution
Over the past couple of years, we’ve seen more specialization in digital media execution. While that has increased the depth of channel knowledge and accelerated channel learning, it also increases the siloed information and challenges that come with collaboration.
The collective data universe has been pushing for data connectivity, but the reality is that data connectivity begins with people connectivity.
As a leader of these precision buying teams, it’s important for me to stay close to the work and continue to drive collaboration and connectivity. When we are able to do this well, we can eliminate redundancy, accelerate learning, and drive stronger results.(PV)