Let’s talk about your company’s data collection and the two fundamental challenges you might face when dealing with its usage.
Lack of visibility
If your organisation cannot easily display the return on investment (ROI) for any of its departments or business units, you may just be throwing money away. The most likely reason for this is that the absence of a high-quality data reporting tool implemented to demonstrate the ROI any point. Without this, not only does this make your CFOs’ life far more difficult, but also yours when it’s time for post-campaign reporting.
The lack of visibility also presents a problem when managing multiple platforms and campaigns. While many organisations tend to rely on tracking alone – they quickly find that performance monitoring becomes more complex as more activity is added on. For us, the solution to this is simple, we have developed a unified Business/Customer Intelligence Platform that gathers and displays the relevant insights across all activity performance.
Investing in data visibility also provides huge benefits in terms of accessibility. Most organisations require up-to-date business intelligence information, usually at a moment’s notice which makes this major consideration before commencing any digital activity. If your team lacks access to a single point of information, there is no alternative but to collect data from multiple sources to analyse the results being delivered. From here, it’s only a matter of time before problems present themselves as valuable data slips through.
Lack of organisational alignment
Less than 40% customer experience executives know where their company’s customer data is stored. Even less are aware of how this is managed, highlighting a deeper organisational problem present in many businesses.
The lack of internal synergy represents the biggest issue among the marketing and business intelligence teams. Particularly with data lacking comprehensive coverage of the omni-channel customer journey. Such information silos, as they are better known, exist when some departments or executives limit the flow of information outside their unit rather than adopt integrations with others that could be far more beneficial.
If your business simply relies on very basic tracking to determine the success of its digital activity, goals and judge KPIs, proper feedback loops and the assistance of high-level technology (such as our K8 robot) can help you access larger data sets and perform deeper analysis to determine exactly how the market is engaging with you.
Data visibility, as highlighted above, also assists in determining what optimisations (either manual or automated by machine learning) should be made. The speed and ability of any brand to respond to changing external factors (including its competitors, customers and other market influences) are a major determinant of success in the current age. Working 220,000 times faster than the average employee, the utilisation of AI technology for automation can help to determine and automatically execute the right actions for you. So why not hire a robot to do the job once you have implemented a solid solution for data collection and analysis in a BI platform.
However, to achieve successful customer data management, your first step is to develop a coordinated internal communication strategy. This may involve the help of specialist businesses or consultant with years of experience across multiple industries. As the primary revenue generator of your business, the customer is the priority and data gained from their experience should be the key to knowing where opportunities are being capitalised or missed out on. When not managed properly, it could strike serious long-term blows to your overall success.