2,500 years ago, Greek philosopher Heraclitus made his famous statement that “the only constant in life is change.” With technological innovation advancing rapidly over the past 20 years, there’s no doubt that the pace of change has never been faster. Digital transformation technologies, built on a rapidly evolving cloud infrastructure, are transforming how we live and work.
Agility will be a defining feature of successful companies as we head into 2022 and beyond. Businesses need to continually transform to keep pace with shifts in the market, respond to the competition, and react to increasing macroeconomic pressures. The impacts of the pandemic and rising economic and social crises create a need to accelerate digital business initiatives.
Organizations that can develop sound competencies around agility and data integrity – especially those who leverage data as a strategic advantage – will be well-positioned to dominate the competitive landscape in the years ahead. An organization’s capacity to organize, manage and extract insights from its data could mean the difference between success and failure.
As planning for the new year ahead begins, organizations across the globe should focus on five key strategies. They will build trust and confidence in their data and leverage that data to achieve greater business agility and efficiency.
Strategy #1. Building Successful AI and ML Programmes Based on Trustworthy Data
Artificial intelligence and machine learning (AI/ML) are generating new opportunities for digital transformation. 58% of businesses say that their current priorities include launching or scaling AI and advanced initiatives.
Whether it’s a financial services company using ML for fraud detection, an insurer deploying AI and ML to better understand which claims are high-risk, or product management and marketing executives using AI and ML to discover more about purchasing patterns – all of these initiatives require powerful machine learning models. They, in turn, are fuelled with large quantities of high-quality contextualized data about people, events, and locations
When ML models are fed with incomplete or inaccurate data, they produce the wrong results. Companies that wish to use these new technologies to their advantage must do so with a clear vision of ensuring the data fuelling their ML models has integrity. It means:
- breaking down silos
- maintaining high levels of data quality
- ensuring data is well governed
- understanding geospatial context
- enriching corporate data with trustworthy curated information from external sources.
Strategy #2. Leveraging Data Integrity for Regulatory Compliance
A required core competency for successful businesses will be their capacity to establish confidence among all stakeholders that data is:
- that private and confidential information is adequately safeguarded
- that all regulatory, legal and ethical mandates are being adhered to properly.
The pillars of data integrity – data integration, data quality, data governance, location intelligence, and data enrichment – are fundamental prerequisites to achieving those objectives.
Data integrity can be especially challenging in today’s global economy. Mergers and acquisitions are an increasingly frequent path to growth and market consolidation. Even in cases where an acquired company already has effective measures in place to ensure data integrity, disparate systems must be brought together and harmonized. That inevitably leads to new integration and migration requirements, de-duplication and other data quality measures, alignment of security and privacy standards, and much more.
Strategy #3. Better Matching Product Delivery to the Needs of the Market
Efficient product delivery depends on a wide range of variables. Understanding the interplay between those factors can lead to better planning for new distribution sites or retail locations. This understanding should go beyond simply knowing where your customers live and work, where they travel, and when.
By adding in additional data such as their purchasing patterns, unique characteristics, and potential buying power, businesses can more effectively match their sales and distribution capabilities to the needs of the markets they serve.
On a more fundamental level, companies can achieve greater efficiency simply by increasing the accuracy and consistency of customer addresses across the various systems that house that information. Mapping, scheduling, and advanced route planning create thousands of small efficiencies that substantially improve an organization’s overall effectiveness.
Strategy #4. Developing a ‘Single View of the Customer’ for Personalized Marketing
Today’s consumers have increasingly high expectations about the quality of their interactions with the companies from whom they purchase products and services. Digital marketing has led to highly personalized contacts with customers and prospects.
However, an effective data-driven approach takes personalization even further. It tailors each contact to the specific needs and preferences of the target audience. A data-driven customer experience can anticipate exactly what the customer wants. It can then present them with the content and offers that will be most meaningful to them.
To achieve a true 360° view of the customer, leaders in data integrity are breaking down silos by developing strong and flexible integration capabilities. They are adding contextual detail with location intelligence and data enrichment, learning more about the lifestyles, preferences, and important events in the lives of their customers. Then, they’re delivering highly personalized messages that get results.
Strategy #5. Building Long-Term Brand Loyalty through Tailored Customer Support
Just as companies can improve the timing and content of their marketing messages, they can delight their existing customers with streamlined support and services that are easy to consume and speak directly to each individual’s needs.
For example, online self-service capabilities tailored to each customer, combined with personalized interactive video that speaks to each individual’s specific needs, provide an overall customer experience that communicates value and appreciation for the relationship. When these capabilities are fully integrated with a 360° view of the customer, it builds a foundation for long-term brand loyalty.
The Crucial Role of Data Integrity
Each of these five strategies depends upon having data that the business can trust. That means data with integrity based on maximum accuracy, consistency, and the essential elements of context. Precisely helps enterprises of all sizes to achieve the data integrity they need to support their digital transformational initiatives.
To learn more about how enterprises are successfully establishing foundations of high-integrity data to fuel their data-driven business transformations, read the research report Data Integrity Trends: Chief Data Officer Perspectives in 2021.
Precisely is the global leader in data integrity, providing accuracy, consistency, and context in data for 12,000 customers in more than 100 countries, including 97 of the Fortune 100. Precisely’s data integration, data quality, data governance, location intelligence, and data enrichment products power better business decisions to create better outcomes. Learn more at www.precisely.com.