We are living in what many are calling the age of the consumer. Companies today rely on their reputation and their customer’s experience to drive revenue. Customers expect real-time information such as product, pricing and availability via their mobile devices. Data quality issues equate to poor customer experiences. Consider the customer’s perspective if they show up at your location for goods or services only to find the information provided on your website or mobile application is incorrect. Many times you will only get one chance with the customer to provide a compelling user experience. Bad information can be infuriating resulting in potential customers wasting time and money.
Perficient has developed a fast-paced assessment of your high-value, customer facing data. We work with our clients to define an agenda to assess the following components of data quality and then provide an actionable report detailing how data quality issues can be resolved:
Identify high-value data for customer facing initiatives
Enterprise data quality goals and objectives
Enterprise, Departmental, and IT organization and roles for data quality
Management of master data – e.g. customer and product
Processes for identification of data quality issues
Management of data quality rules
Quality at the point of data capture
Data integration and systems of record
Data quality from third parties
Process and metrics for enterprise data quality
Perficient has partnerships with all the major data management software vendors. We can quickly assess your data quality that is critical to your customer facing applications and put you on a fast track to resolve these issues.
We’ve heard a lot about Chief Marketing Officers in the last few years. With Digital Transformation at the top of many CEOs minds, the CMO role has gained prominence and power. Of course with that prominence, comes increasing scrutiny. Matt Langie wrote a story on CMO.com about the pressure CMOs are facing due to the high visibility and costs of digital marketing efforts.
Perficient Digital Transformation Series
For me this is a very timely article. On April 15, I’ll be hosting a webinar titled Harness the Power of Your Digital Marketing Tool Box, where we’ll talk about digital marketing tools and provide some insight into the marketplace. You can register for the webinar by clicking the link.
The CMOs interviewed that story identified four concerns they face:
More variables and more players to navigate. The marketing marketplace has been going through a high level of turmoil in the past few years with the influx of hundreds of new tools and mergers and acquisitions by big players in the space. Matt writes: “The pressure mounts each time a digital solution enters the marketplace. What are its capabilities? How does it drive ROI? Who is behind the latest release? What product support can I expect? These are all questions facing digital marketers on a nearly daily basis.”
More issues that require marketers to quickly react/adapt. As our digital capabilities evolve to provide immediate feedback from customers, marketers are expected to address this feedback through their marketing efforts. There are plenty of stories where marketers did not react quickly enough to both good and adverse events.
Expected to be more proactive in more areas. Being reactive and adaptive is great, but CEOs don’t like to be surprised. This puts more pressure on CMOs to be proactive in areas like site optimization, mobile and social. There has been a lot of talk about analytics, so CMOs are under pressure to be more proactive with identifying trends.
Answering the usual call to deliver more, faster. Every executive is under pressure to deliver more and deliver faster. As marketing budgets increase, CEOs are looking for more return on that spend. So not only do CMOs have to deliver more with limited budgets, they need to respond faster to market changes, which increases pressure on budgets even more.
As I see it, our digital marketing technology is enabling us to become faster, more agile, and more responsive. However, as we gain these abilities, the pressure to deliver and show real results increases. Right now technology gains aren’t necessarily keeping pace with increasing expectations.
Higher engagement and conversion rates (by far the highest ranked)
Better brand perception and loyalty
Renewals, cross-sells and upsells
Increased average order value
However, the survey also pointed to problems in that, “A single customer view is critical to providing a personalized and thus better customer experience. However, the study found that few respondents leveraged these for all marketing activities.”
Furthermore, “Forming a single customer view and improving the customer experience require data integration, and further results indicated that most respondents still struggled when it came to this. Just 10% of marketers and 8% of agencies had tied together customer data across channels, tools and databases.”
So we have an exciting opportunity to improve customer experience with tangible business benefits but data integration is a barrier to success. That’s not really a surprise, we have had islands of data with poor quality for many years. But as data becomes more visible to our customers, for example through a mobile apps, then poor data quality and data integration start to impact the user experience.
There are many tools available to profile and assess the quality of data. A review of data lineage, source systems of record and integration architecture will expose data synchronization issues. Before exposing data to your customers, perform a data quality assessment and see where there are gaps in quality, integration and timeliness. Start with customer facing data such as customer, item/product and order that will be needed early in a digital transformation program.
I was speaking to someone who stated, “I’m not convinced about the internet of things.” To be honest, I hewed to that opinion for a while but as we see more examples of computing occurring outside of your desktop, tablet, and mobile devices I’m starting to change my mind.
The latest example of the trend away from the three mainstays came yesterday with Amazon’s announcement of Amazon Dash. It’s a cool concept for the number of times I’ve run out of some key product and am annoyed that I now have to go buy it. If all you have to do is press a button, then Amazon just gained a customer. Of course, the biggest complaint is the sheer number of buttons you may end up with. I mean, we all love the concept the Staples Easy Button, but that’s because it’s one button. I’m not sure that I’ll be happy with 15 buttons hanging around my home.
But here’s the bottom line: the Dash button pushes the transaction out of a traditional computing device deeper into other mediums, in this case, the physical medium …. just push a button.
All of this focus on the Internet of Things (IoT) is really about the “Internet of Me” (IoM). From social media sites to smartphone apps and GPS systems, loads of data are being generated today about individuals – their interests, their travels, their behavioral patterns, their purchases, and so on. No one in this digital economy can afford to ignore the demands of the “me” generation. It is no longer good enough to tailor marketing based on customer demographics alone. All interactions now need to be customized to your customer’s specific situation and emotions.
With all of this digital interconnectedness, one thing that is very clear is that customer loyalty is at risk. Comparison shopping is as easy as a few mouse clicks, and previously loyal customers can quickly discover new products, new services and new vendors, and learn what other buyers like and dislike — all without ever leaving their laptops and other mobile devices.
Research shows that more than 50% of consumer interactions are now occurring in this multi-event, multi-channel environment. But, 65% of consumers get frustrated by companies that do not provide a consistent experience through these various media. Those firms that put a priority on the consumer experience and can provide consistency regardless of source have been shown to generate 60% in additional profits versus their less enlightened competitors.
The bottom-line is that a brand is no longer simply what we tell the consumer it is. “It’s increasingly what consumers tell each other it is.” So, how do you ensure brand competitiveness in such a volatile environment? Read the rest of this post »
We couldn’t agree more. Sunday then outlines 11 strategic issues that CIOs are facing in 2015, and digital transformation has a lot to do with them. I’ve summarized each of his 11 points here: Read the rest of this post »
Digital Transformation has been happening for a while, what is different now compared to earlier years of digital transformation, is the factors which determine the Transformation. Who is changing the game ? the speed and the volume of information available etc. The change is fast because it is just not only the companies who changes the customer engagement but also each consumer armed with the power of a mainframe equivalent of yester years and has the ability to dictate the rules of digital engagement through disruptive technologies. B2B customers do their research on-line and do their purchases with their models and not wait for the salesperson to stop by to look at the colorful materials. One can buy directly from overseas and execute the contract without leaving their desk. So it is important for companies to change their methods of interactions with customers using digital transformation.
Source: McKinsey Global Institute
Major Factors driving Digital Transformation :
Disruptive technologies / Companies
Customer behavior changes, options available to customers
Proliferation of smart devices
To adapt to this changing world order companies has to invest in technology and be responsive to the customer. Brick & Mortar and On-line are not mutually exclusive. For a customer it is the same company. Engaging the customer through multiple channels and providing superior experience will be a big differentiator. Big Data powers this behavioral pattern recognition and help deliver the superior customer experience. The expected income growth based on the Big Data technology is on par with Digital Transformation for product/operational innovation (see picture). The biggest expected return is the digital engagement of the customers.
Creating the data driven environment to support the advanced/predictive analytics and leveraging information through Data Science to engage Customers and innovate new products means investment in Digital Transformation in each of those areas.
IDC released a new MaturityScape report intended to provide guidance to companies about how to thrive in our new digital economy. They predict that by 2018 a third of the top twenty market share leaders in each industry will be disrupted by new competitors that use digital technologies to create new services and business models.
IDC provide the following maturity model for digital transformation:
IDC also identifies five key dimensions that need to be addressed:
Leadership – leaders need to become more sophisticated and knowledgable in their digital ecosystem.
Omni-Experience – the ability to attract and retain customers, employees and partners through engaging digital experiences.
Work Source – transforming the businesses work with talent through digital technologies
Operating Model – making business more responsive and effective through digitally connected people, partners, systems and assets
Information – leverage information and analytics to respond quickly to business opportunities
In the coming months, IDC plans to add further information about these dimensions.
Overall this is exciting information and validates a lot of the work we are currently undertaking with regard to Digital Transformation.
Nate Silver, founder of FiveThirtyEight.com, was interviewed at Adobe Summit 2015. His views on the future of analytics and what made him successful are pretty interesting. Check it out on our Digital Tech blog
Question: You are also an entrepreneur. One thing you have to do is how to communicate the data. How do you and your colleagues do that?
The first part of it is to understand the question. We are trying to avoid putting three unrelated items together. We are doing basic techniques and then communicate it. If you can’t communicate the method then you missed. He used an example of an academic paper with bad writing that can obscure brilliant insights.
Question: So, if you don’t know your data then you should be a poor writer?
We want our writers to know their subject and data really well. We try to reverse the shouting and screaming when people don’t know their topic.
With any Digital Transformation journey, various groups within your company need to coalesce together in order to move the organization forward. Adobe CIO Gerri Martin-Flickinger spoke about how Adobe had to harmonize their Marketing, IT and Product efforts to ensure their transformation journey was a success. You can read my blog article about what Adobe and other companies are doing to bring these factions together.