Creating value from customer data in a compliant way is a major challenge and at the same time an opportunity to many companies. Making effective use of your customer data, enables cost-effective delivery of outstanding personalized customer experiences.
As a senior executive, making the best of your customer data can make the difference between thriving and surviving in the digital age.
Research shows that 87% of the companies believe they do not fully harvest the value of the growing amount of customer data available to them. While most companies are aware of the potential customer data provides, initiatives to harvest this value often fail to deliver the expected results. In our experience, the most common obstacles for success are dependency on legacy systems, siloed organizations and company culture.
Making effective use of customer data unlocks significant value creation by:
- Leveraging insights for data-driven strategic and tactical decisions,
- Enabling an improved and more personalized customer experience,
- Delivering products & services to the customers at reduced cost,
- Or even enabling new business models that open up other revenue streams.
A pragmatic approach to transform customer data into value delivers some quick wins and at the same time contributes to a long-term competitive advantage.
Our step-by-step guide enables embedding customer data value creation into your organization, covering both the business and technical elements required for success. This end-to-end approach covers:
- Refining (or redefining) your value proposition and your business model, including outlining additional assets, capabilities and partnerships required to reap the benefits of your customer data. You consciously decide which activities can be outsourced and which activities must remain fully under your control.
- Reviewing your operating model, including identifying the changes required to the processes, technology and workforce delivering the new value proposition to the customer. You ensure (returning) customers are recognized, customer data is captured in all interactions, legal ground is collected for making use of the customer data and you plan the road ahead towards success.
- Ensuring that the data driven culture and mindset are embedded at all levels in the organization. You take your people along in the digital journey and you empower your workforce to develop the skills required to stay ahead of the game. Together you go through a change management process and you ensure the proper training is available to your people.
Data Trust Associates support organizations of a wide range of industries to get most value out of your customer data, including bank & insurance, utility and government. We provide a solid methodology and experience in business consultancy, data architecture, change management and data education.
Reach out to us today to schedule a discovery call.