CIOs are key contributors of new business models and organizational strategy. Data is the key asset for CIOs and CDOs to have a seat with the CEO, CFO, and CMO. In addition to unstructured data collection like social media and machine data, companies have started to consume strategic market competition data such as benchmarks, new entrants, press-releases, and government information such as www.data.gov to better assess their internal rate of return and net present value.
To move an organization into the digital world, leaders must understand the relationship between data, business outcomes, and strategy, and how these impact your customer. Forrester confirmed that more than 60 percent of executives identified delivering a superior experience for customers and creating new sources of customer value as important factors in determining an organization’s success as a digital business.
How does data help in personalizing a customer journey with an organization and positively affecting business outcomes? When I was working for a healthcare company, we had a Patient Health Informatics project which determined patient behavior and proactively proposed programs to get them in better shape. Similarly, there are many digital transformation journey projects that I see focused on customer-centric business models. Here are some of the key use cases:
- Identify trends around customer habits indicative of their future needs
- Sentiment analysis on voice of the customer
- Determine macro factors that influence customer behavior such as the relationship between weather patterns and retail clothing purchases
- Discover cross-sell and upsell opportunities
- Investigate and proactively plan on supply and demand improving operational efficiency
- Proactively judge health patterns based on customer behavior and define programs that can avoid high risk medical conditions
To have an effective customer experience, business agility and data validity are two important parameters. Fast and effective data along with strong analytics are proven success factors which will improve cross-sell and upsell with your customers. Here are four factors that will influence the data management in any digital transformation project.
- Data Quality
- Data Glossary
- Metadata and Lineage
- Master Data
At Perficient, we have deep domain expertise in digital and data transformation projects and are very successful in working with organizations to achieve this data-driven customer journey. Reach out to us for more information.