Most enterprises are familiar with trends like big data, artificial intelligence and the Internet of Things, yet many are unaware of the importance of unlocking data derived from these technologies to drive actionable insights, especially as it relates to customer experiences. As more and more enterprises begin to adopt these data-driven trends, organizations must stay above the data curve in order to maintain market relevance and drive superior customer experience.
How do businesses change, adapt and prepare to constantly adjust to meet consumer demands? There are three key ways data can arm businesses today with what they need to thrive in an experienced-driven economy:
Adopt data-driven business models
Businesses now have access to more sources of data than ever before. Weaving these newfound streams of data into customer engagement strategies can be a complex process but can also be a source of competitive advantage when businesses are looking to innovate.
Enterprises should adopt a holistic view of data by adjusting their business model to emphasize an end-to-end view of the customer, which includes leveraging data from within but also from partner organizations and other constituent organizations surrounding customers such as employees, suppliers, partners and developers.
Adapting data-driven business models means using data to make meaningful business decisions; these models will drive how and where businesses can innovate and impact – in real-time – unique customer experiences.
Analyze data and ecosystem trends to better predict customer demands
As opposed to a traditionally reactive view of the customer, an enterprise can analyze ongoing trends to create a predictive approach to customer experience. Similar to how an online marketplace offers up “recommended products” to potential customers, a predictive view of customer demands offers engaging real-time solutions anywhere along a customer’s journey and can also assist enterprises internally by providing a model to gauge the impact of customer changes.
Transform data assets into a “data product/service”
Enterprises must shift their view of data as just an asset. The value of data must be used to its full advantage in order to monetize insights and drive better customer experiences.
For example, end user insights can be leveraged to incorporate ideas into new products or lead to enhancements within a business model. Data itself must be made available as a service to allow developers easy access at pace and in line with DevOps practices. Don’t let data access become a barrier to innovation, or more importantly, co-innovation.
Data-driven decisions and co-creation is the path toward driving high quality customer experiences. According to Gartner, “New business models are emerging that leverage digital business platforms and are changing the way organizations create business value.”
The “creation” model fosters disruption and is how we believe organizations today will adapt to a customer-centric world. Gartner writes, “Platform business models that enable creation can be disruptive because they harness the scale and creativity of a potentially vast business ecosystem.”
Co-creation requires a business to be a platform itself, to partner with other organizations for the co-creation and allow new business models to happen through that co-creation. This allows disruption. Critical to a platform business model is the business change itself but also enabling technology platforms, the use of data.
Modernizing data usage is necessary in driving revenue streams and staying ahead of the curve. It’s the only way organizations can be disruptive – to use the data from various constituents in the buyer’s journey to create new business models. Organizations today need an end-to-end view of customer data in order to co-create and create new business models.
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