Every organisation in Australia and New Zealand deals with data in some capacity. What separates the leading businesses from the followers, however, is how they integrate that data into their operations and workflows. Effective data management can transform the performance of a company, offering insight into customer activities and desires, productivity and efficiency benefits, and improved reporting and strategising.
So how can your business go from being a follower to a leader, unlocking the potential buried in your customer data?
Becoming a data-driven organisation
Evolving your business to fully take advantage of your customer data may require some significant changes to internal culture. Simply trying to integrate new innovations and data management strategies without consulting with your team can lead to frustration and reluctance, limiting your ability to transform your operation.
“Trying to implement new behaviours and measurements without addressing the underlying culture is counterproductive,” says Alan Duncan, research director at Gartner.
Taking advantage of your customer data may require some significant changes to internal culture.
“As something members of the organisation must do collectively, substantive business transformation begins with culture, and culture begins with a shared language for how information is managed and used.”
Being able to clearly explain and demonstrate the benefits your organisation will experience through collaboration and shared resources is an essential step towards becoming data-driven. To foster that understanding, research from the Economist Intelligence Unit (EIU) suggests that businesses need to start from the top. When asked which strategies for promoting data-driven culture had proved successful, almost half of all respondents noted that guidance from the executive team was the most effective.
After devising new strategies at the leadership level, the next task is communicating the value of improved data management to the remainder of the organisation. It’s little surprise, then, that promotion of practices to share data came in at number two in the EIU’s survey – mentioned by 48 per cent of respondents.
Where does customer data fit in?
For organisations that have a significant customer-facing element, any tools that can help optimise service will have a positive impact on retention, satisfaction and, ultimately, revenue. A study conducted by Forbes Insights into how data can elevate the customer journey found a number of common challenges facing business today, including heavy demands to follow up on service requests, inconsistency of experience across channels and problems with collaboration.
In the face of these challenges, Forbes asked how responding organisations had found augmenting their customer experience with data management has had an impact, and the results were impressive. Faster decision-making was reported by 62 per cent, 51 per cent noted a clearer view of customers across the enterprise and over 40 per cent felt customer engagement, repeat business and sales and revenues had all improved.
Consistency and clarity of customer data is essential in the pursuit of improved quality of service. Regardless of which channel people may choose when they interact with your business, or which department may be fielding inquiries, everyone’s lives will be made easier with precise data that is easily shared and deployed.
— Google Analytics (@googleanalytics) November 10, 2016
Streamlining customer data with Mastersoft
One of the biggest issues with data quality for many businesses is inconsistency – information is stored and formatted in a number of disparate ways. Through the Customer Synergies solution, Mastersoft works with organisations to optimise workflows based on synchronised, reliable and consistent customer information across the organisation.
Through customer linking and matching, de-duplication and customer data mastering, we can guide you towards the single customer view and promote collaborative and efficient practices across the enterprise. Get in touch with Mastersoft today, and let customer data drive your business forward.