Apple’s Steve Jobs famously said, “A lot of times people don’t know what they want until you show it to them,” and this couldn’t be truer when it comes to meeting the expectations of the hyper-connected customer. Today, they increasingly expect a personalized, relevant experience during every interaction with a company, regardless of the channel. This has led to the concept of personalization, or personalized marketing, which is a marketing strategy by which companies leverage data analysis and digital technology to deliver individualized messages and product offerings to current or prospective customers.

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A colleague recently bought a new car. He was thrilled and anxious to have it delivered within a couple of weeks. Not long after delivery, he received an email from the car manufacturer, featuring a promotion for the exact same car, only at a drastically reduced price.

Within a matter of seconds, the manufacturer had turned my colleague from a brand advocate to a dissatisfied customer.

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“A goal without a plan is just a wish.” - Antoine de Saint-Exupéry

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In the global marketplace, where data is a critical business asset, industry leaders struggle to maximize back-end IT, including CRM, ERP, e-commerce, marketing automation, and point of sale. Organizations deploy these IT systems to meet customer expectations, differentiate on digital experiences, streamline operations and achieve regulatory compliance while still delivering growth strategies and competing, in many cases, in a global market.

The challenge facing companies is how to get the most out of back-end systems, which often operate in silos and result in impartial or duplicate data that is low quality and costly. In fact, the cost of inadequately performing enterprise systems is significant, with the Harvard Business Review reporting that poor-quality data in the U.S. alone cost businesses $3.1 trillion annually.

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Your organization, and organizations of any size, depends on the accuracy of its data to gain financial insights and improve marketing, sales and customer service. In fact, pretty much every department within your company will rely on data in some way. 

And if that data is inaccurate, hard to access or only tells part of the story, it can severely hamper operations across the business. Data errors can seriously impact relationships with customers, suppliers and business partners and result in significant financial loss.

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The goals and expectations of a merger and acquisition (M&A) are almost always the same: cut costs, increase efficiency, shorten time to value, automate manual processes, enhance business intelligence and more. Ultimately, an M&A is supposed to provide value to shareholders, who expect quick wins.

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If, like me, you have worked in the technology industry for many years, you’ve likely heard more times than you can remember that islands of information are major obstacles to business productivity. Siloed data is to be avoided like LA traffic and convenience store sushi; and “sharing is caring,” especially when it comes to empowering enterprise-wide processes and workflows.

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For key stakeholders of an online retailer, the best time-to-value software is the one that cuts time to market and reduces manual processes to a minimum.

Automation is the key to success in online retail. And having already invested in digital asset management, marketing automation systems and advanced customer profiling tools, the IT Director will likely want to leverage data further to reduce complexity and manual processes. Complexity can hide redundant data, which B2C companies should be careful to avoid in the post-GDPR era, and manual work is by nature prone to human errors.

The wealth of data calls for syndication and qualification.

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Your customer data and how you handle it is an indicator of how successful your business is. In fact, poor customer data management leads to bad customer experiences, slow processes and now - with the General Data Protection Regulation (GDPR) in effect - increased risk. If you’re not GDPR compliant, you face massive fines and negative attention.

How do you know if you have a customer data problem? Six signs indicate if your business has customer data management issues and if you’re not complying with the GDPR.

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What are the financial business benefits of having a clear, single view of your customers? By a single view, I mean a comprehensive picture of their engagement habits, purchase history and more.

I want to explore the financial benefits – for you as a company – of getting to know your customers better, and also take a look at the benefits to your customers from the improved experience they’ll receive from you.

In essence, the aim of getting to know your customers should be to create a win-win situation for all concerned.

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