Does your customer data create business value
Data has been a hot topic in the last decade. Big data, small data, thick data, smart data – you name it.
A survey conducted across European companies shows that big data adoption reached 53% in 2017, up from 17% in 2015, with the telecommunications and financial sectors as the leading early adopters (Forbes). So, it is still a growing area of high interest, which is why three out of four companies say that they strive to be more data-driven and will increase investments in data technologies, such as data warehousing, dashboards and other “self-service” end-user tools.
There is one important question that often drowns in the effort to create the right data set-up and navigate through the massive and unstructured amount of data across an organisation: Does your work with customer data create business value?
For years, focus has been on gathering and structuring customer data in smart dashboard solutions and systems to measure development and effects in a variety of customer touchpoints. The missing link today is not around the data, but the ability to transform data into actionable insights that support the strategy and create business value. This is something many companies struggle to manage.
According to Forrester Research, 71% of companies today say that they have difficulties linking data to clear value-added actions. While some organisations struggle, others succeed. What can we learn from successful data-driven companies?
What is your experience with data-driven growth initiatives? Please share your perspectives on how to improve the transformation from insights to valuable actions.
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