Does your business consider data an afterthought?
This was the question posed to the CDO of Dyson, Mridul Mathur, during a recent podcast. Here’s his response.
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What are the financial business benefits of having a clear, single view of your customers? By a single view, I mean a comprehensive picture of their engagement habits, purchase history and more.
I want to explore the financial benefits – for you as a company – of getting to know your customers better, and also take a look at the benefits to your customers from the improved experience they’ll receive from you.
In essence, the aim of getting to know your customers should be to create a win-win situation for all concerned.
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It’s much harder to be original than it is to follow in the footsteps of others. And, when it comes to delivering a successful IT project, this is not a bad thing. Thomas Edison once said, "I have not failed. I’ve just found 10,000 ways that won’t work."
When asked how he could compose with so much originality, Mozart replied, "I never tried to be original in my life." He "simply" built upon what many others before him had done.
Similarly, when you’re starting your data journey, it’s wise to use the lessons, learnings and experience of others to help guide your project. The result will be fewer mistakes, a smoother delivery and a greater chance of success.
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Recently, I arranged for a parcel to be shipped internationally. The online ordering and payment process was simple, and my package was scheduled to be collected from me and sent the next day; in time for the event it was intended. I thought I was pleased...
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Data is a powerful business enabler. You can use it to improve customer engagement, reduce time to market and increase sales—that is, if you get it into the hands of the right people, when and where they need it.
Unfortunately, we all know that data can easily fall into the hands of the wrong people. With a data-driven business environment comes an increased risk of data breaches, cyber attacks, phishing and more. If your data is fragmented and being distributed across many different systems and applications, the risk only increases.
Effective data management can help keep your data out of reach from anyone not authorized to view, edit or compromise it in any way, making it easier for you to manage data security and data control.
Here is how Master Data Management supports your data security efforts.
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What the foundation of your Master Data Management (MDM) system is built on will depend on the implementation style you agree gives you the best chance of project success. And this will largely be determined by your business situation when it comes to data management.
There are a few different implementation styles to choose from with the main differences being whether you control your data from a central hub or synchronise the hub with your existing data sources.
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Gartner, a leading research and advisory company, predicts that by 2019 90% of large organizations will have a CDO in place.
It also predicts that 50% of these CDOs will fail.
But why? And how can you stop that from happening?
To answer this, it’s important to revisit the reasons why organizations are hiring CDOs in the first place – and this itself varies from company to company …
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Cloud storage, regulatory compliance, security breaches – the list of factors that have driven companies to make changes to the way they manage data in recent years is endless. Combine this with the dramatic increase in the data most organizations now hold, and you end up with a highly challenging situation (and potentially missed business opportunities).
Take a look at your own data scenario. If any of the following sounds familiar to you, it may well be you have a data problem that needs to be fixed. Soon.
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You live in an era where you need to prioritize building offerings around individual customers.
As with so much of life in the 21st century, a key reason for this lies in the rise of the internet and digital technologies. When anyone can go online to check prices, it’s no longer enough to rely on securing a sale by offering a competitive price. Your customers want value for their money, but they expect a great experience too.
But many companies are failing to deliver the experiences their customers demand, resulting in lost sales as customers go elsewhere. If your company is one of those that needs to do more to meet the customer experience challenge, how can you improve this situation?
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Do you know what one of your customers bought from you last month? Can you predict what they’re going to buy from you this month? Are you able to call them by their first name?
If not, then you could be missing out on additional revenue, since "93% of companies see an uplift in conversion rates from personalization." Your customers expect a personalized and relevant experience when they interact with you. Whether you’re able to deliver that depends on how well you know them. And, how well you know your customers relies on your data management.
