Welcome to this three part podcast series on ‘Liberating data: the new paradigm to drive business success and customer delight’ brought to you by Google Cloud, Accenture and IDG Communications.
In this our first episode we’ll be talking about the importance of developing a proper customer data architecture (CDA) as the first step towards truly realising the potential of your business data to help transform customer experiences.
In today’s hyper-connected, 24/7 digital world customers are demanding everything from faster delivery to more choice as well as greater levels of personalisation than anyone would have thought possible even just a few years ago.
Yet, as Accenture’s marketing and customer experience lead, Rajiv Mohan notes, a recent study by the firm revealed that while 80 percent of firms think they’re doing a great job delivering better customer experiences, only 8 percent of customers agree with them.
In order to delight and retain customers, all organisations – especially those that are heavily consumer-facing – must leverage integrated customer and enterprise data to enable real-time, audience centric marketing and personalisation across channels. It also means breaking down silos, in particular those separating customer / sales data from marketing data.
As Rupert Farrow, head of advanced data partnerships with Google APAC explains, the growing number of organisations that might be described as digitally native have a natural advantage, especially in having fully integrated channels, which makes them better placed to deliver better customer experiences.
He adds that while all companies are now being urged to become data-led digital businesses, the guardrails for doing so have become narrower – and higher – with governments and law makers moving to guarantee personal privacy as the number and severity of data breaches continues to increase, along with the repercussions.
In effect, today’s organisations have two very important objectives that appear to be at odds with each other: learn as much about their customers as possible to enhance their experiences, yet while ensuring they don’t spill a drop from their large and growing data lakes – or silos – while doing so.
For many digitally-native businesses, the task of both revealing and protecting customers at the same time is baked into their DNA. Yet for older more traditional businesses, evolving to become truly data led requires a complete rethink of their technology stack.
Listen to more episodes here: