Will personal data in the hands of individuals revolutionise analytics?

Colin Strong

Applied Marketing Analytics: The Peer-Reviewed Journal, 2014, vol. 1, issue 1, 32-41

Abstract: Increases in the size and scope of personal data now available to individuals, alongside the enhanced technology processing power to analyse that data, could facilitate a revolution in personal analytics. These changes have the potential to encourage individuals to make more effective choices in their purchasing decisions and lifestyle behaviours which could fundamentally alter the role of both brands and governments. The psychology of data usage, however, needs to be better understood before this can be a reality, as inertia, constraints on making sense of data and information overload are all powerful inhibitors to effective consumer decision making. Potential solutions include a better understanding of the way in which an understanding of behavioural science can be deployed to support effective decision making. Technology solutions can also be used not only in the delegation of decision making but also in its execution, although the psychological barriers to adoption still need to be considered. Overall, the paper concludes that ‘empowering’ individuals through personal analytics has to involve a better understanding and application of behavioural science if it is to succeed.

Keywords: personal data; personal analytics; behavioural science; heuristics; fast and frugal; next generation intermediaries (search for similar items in EconPapers)
JEL-codes: M3 (search for similar items in EconPapers)
Date: 2014
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