In this COVID-19 world where traditional ways of doing business have been upended, every business has to focus on securing the bottom line first.
Given the uncertainty of the future and the high risks involved, it is natural for enterprises to minimize spend and maximize RoI even from whatever investments are being made. At TheDataTeam, we believe now is the best time to invest in a data platform. Not only does such an investment give immediate returns in the form of an operational view of your business, but it also sets you up for correct decision making and agility. As enterprises learn to work in this remote-only world, we have heard our client COOs and CFOs worry about operational risks. On the revenue side of the organization, CMOs and P&L owners are having to throw out the playbooks that have stood them in good stead so far because digital has forcibly become the new norm. Customer lives have been impacted directly and consequently, consumption behaviours have changed drastically.
“To innovate their way beyond the post-COVID-19 world, data and analytics leaders require an ever-increasing velocity and scale of analysis in terms of processing and access to succeed in the face of unprecedented market shifts,” says Rita Sallam, Distinguished VP Analyst, Gartner.
It is necessary to make the most of this inevitable move towards AI-enabled digital transformation by investing in building robust data estates, ready to be consumed by all organizational functions.
Here are salient benefits to building a data platform now:
- Validated Data will ensure higher efficiency in all the downstream business applications
The future will demand efficiency and accuracy than speed as the global economy heads towards a recession. Hence quality over quantity will be the mantra. Every downstream process that is dependent on data must function at the maximum efficiency and with the highest accuracy. This will only happen if the data is guaranteed correct vis-a-vis the source as it is brought into the data platform saving efforts, time, and money lost due to data quality issues.
- Hyper-personalized targeting to improve topline
Marketing analytics teams have been significantly affected due to rapid shifts in consumer behaviours. In times like this, it is even more important to return to the first principles of trusting the most recent data collected and analyzing for these shifts. In some ways, this is more of the same of what used to be, but with renewed rigour and an acute focus on returns. Let’s be honest, no one has the extra cash to test and try different marketing strategies. This is definitely not the time to use “Spray and Pray” marketing techniques. We need something that has greater chances of working well.
- Fast, accurate identification of the need to boost customer service satisfaction
On good days, a customer service agent can get away without knowing the context of a conversation. However, in today’s world, almost every customer seems taut with the stress of change induced by changes in the workplace and anxieties at home. In such a climate, there is little room to be wrong about customer needs and wants. Any misstep is amplified and becomes a cause for churn. In contrast, the best way to retain customers is to anticipate needs and cater to them proactively. Again, personalization plays a crucial role, and it is enabled by maintaining up-to-date behavioural profiles of every customer using a governed data platform.
- Compliance and Opt-in assurance to boost loyalty
The customer is going to be more security-aware post-pandemic. Whether its health or any other aspect of human life, we will like to err on the side of caution when it comes to the usage of personal data collected with our permission. A company that plays to these ethics is a company that gains loyal customers. Loyalty is the most important facet of thriving in the post-pandemic world than just gaining a volume of new customers. To power customer loyalty, the ability to track opt-in for campaigns and product messages sent their way allows them to go far ahead of the competition that isn’t nuanced about customer irritants. Use the power of a data lake, by capturing every data crumb customer provides actively or passively.
- Operational view of the business to boost accurate decision making
By leveraging the real-time capabilities of modern data lakes, it becomes possible to build a live view of the entire business that is always up-to-date and correct. Moreover, such centralized data can be viewed in totality sitting at home, working remotely, and accessing through a single pane of glass on a mobile phone. This unprecedented level of flexibility and constant access enables a new breed of decision-makers who are as plugged into their business as they are into their digital selves. The net result is that the organization is far more agile to changing needs of the business without breaking the bank.
COVID-19 has hastened the digital transformation agenda in many industries without regard to geographic constraints or maturity of the economic markets. If businesses make suitable investments into building data estates, they will come out of this economic turmoil not just as survivors but as winners who truly have embraced the power of digital.
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