How a CEO could consider data maturity as a key strategy to growth and a better customer experience?

By Joel Nicholson, Marketsoft

A few questions you may relate to…

  • How sceptical are we in our ability to successfully harness the new wave of technology opportunities? With numerous past project failures in technology and data such as CRM implementation and data warehousing, we can get can easily be gunshy and focus on other pressing strategies.
  • Do traditional approaches to data strategy still apply? Data is now being collected in all areas of the business, in different shapes and sizes, so traditional central data warehousing is more likely a handbrake than a accelerator.
  • Is there a fear of missing out? The media and industry bodies are all talking about the power of data and how leading organisations are reaping incredible advantage from data. Google and Amazon are two common examples of this.

screenshot-2016-09-30-22-17-05A few concepts…

  • Having the best technology relevant for you organisation is a big differentiator in our ability to scale and meet changing customer expectations. Marketsoft recently changed from 30 year old legacy systems to latest global data management platforms and have reduced people time 5 fold and future proofed capability for at least the next 5 years.
  • If customer data is not seen as your number one asset then your data maturity will remain as a marginal focus of the business and never become a strategic competitive differentiator.
  • Skill sets required to move your data maturity is often misunderstood and difficult to fully acquire internally on an ongoing sustainable basis.

So what can we do about this…

  • Prepare your board before deciding on how you view customer data as an asset by performing an initial data audit to give a snapshot of the gaps, opportunities and benchmarked insights into the current state of your data maturity.
  • Look around the organisation for a data custodian that will take full accountability of ensuring “customer data as the number one asset” is kept in focus.
  • Seek external expertise help to fill the skill set gaps and start training your people to be data savvy and equipped to meet the ever changing customer needs in new and innovative ways.