Become a data-driven organization with a strong data strategy
Monetizing data and delivering hyper-personalized experiences at scale will only happen if the organization is built on an underpinning of data and guided by a sound data strategy.
Your enterprise data strategy is a blueprint for moving from data-poor to data-informed.
Some organizations are quick to adopt leading-edge technologies, like artificial intelligence and machine learning tools, but they haven’t yet solved for fundamental issues that hinder data sharing or exploitation. For instance, not having legal consent can get in the way of data sharing. Regulatory compliance measures like customer consent must be built into the data strategy.
Data strategy requires the people, processes and tools to deliver on it—and not all organizations have these basics in place. For instance, the people delivering on the strategy may be in different parts of the organization that are operating at a variety of speeds, leading to a lack of cohesion. Processes may be outdated and not adapted to execute the data strategy. The technology may be fractured or patched together in a Frankenstein way that does not enable seamless sharing and collaboration.
Getting the fundamentals right is essential to modernizing the data strategy and allowing companies to monetize data and engage with customers more effectively.
Out of uncertainty, into a data-driven future
Businesses cannot control what is happening in the world around us today. However, they can decide whether they will do things differently or sit and wait. These are some quick actions that your business can take to weather the storm of uncertainty—and come out ahead:
1. Earn trust with customers. Customers won’t share data if they don’t trust how your business will use it. Our research shows that consumers in the U.S. say they feel more comfortable sharing data if a company clearly explains how data is being used (55%) and if the organization states that it complies with privacy laws and regulations (46%). Now is an important time to build progressive consent management into your infrastructure to align with regulations while also building consumer trust.