Data-Driven company: With processes increasingly digitized, data has become one of the most valuable assets for companies. However, more than having a good database is required.
More than that, it is necessary to know how to use them in favor of the organization. Being a data-driven company goes far beyond recognizing the importance of collecting data. It means extracting the right data, analyzing it, and generating insights to solve problems, identify business opportunities, and, above all, ensure a better customer experience.
Please keep reading and learn more about the importance of being a data-driven company, how this impacts the customer experience, and how technology can help companies handle their data.
How Important Is It To Be A Data-Driven Company?
Being a company that puts data at the core of its strategies is important for several reasons.
The correct data and treated in the right way allow a company to:
- Make decisions faster and more assertively, which helps to increase your day-to-day productivity;
- Optimize its capacity for innovation to offer better and more complete products and services;
- Offer greater transparency in the processing of information, operating following the guidelines of the General Data Protection Law;
- Making more assertive future projections and predictive analysis contributes to a more coherent medium and long-term strategic planning.
All these benefits help enhance companies’ competitiveness and are crucial when defining which organization will survive and prosper.
The Impact Of Data On The Customer Experience
Every company wants to improve the customer experience, especially those in the financial market. With a data-driven culture, this is entirely possible.
Using data intelligently allows banks and financial institutions to have a 360° view of their customers. That is, they get to know better who their audience is and their interests and demands. Thus, they formulate strategies centered on this information to guarantee hyper-personalized services.
In addition, using the right technologies for analyzing behavioral data makes it possible to define customer personas better.
As a result, the company raises the potential of its user experience strategies. More than that, they can expand their brand reach, optimize their marketing campaigns and even increase their conversion rate.
Technology In Data Processing
According to the World Retail Banking Report (WRBR) 2022, around 95% of banks use outdated technological resources.
However, if the intention is to convert the use of data into competitive advantages for the company, it is crucial to have adequate technological infrastructure to process information.
Otherwise, data – one of the greatest assets for a company, can become the greatest barrier to its digital transformation. At least, that’s what a study by Forrester Consulting reveals. According to this study, 70% of companies collect more data than their processing capacity.
The secret lies in the strategic use of technology in collecting, processing, and storing data to prevent this type of problem.
Currently, having a data platform helps to unify this information better. For example, a management system such as CPD (Customer Data Platform) can be used to collect information from customers in different channels and gather them in one place.
In this way, it is possible to create a more complete and consistent profile of each customer using machine learning technology. But what does it mean?
With the processing of data from this technology, it is possible to:
- Identify more easily how the consumer behaves and interacts;
- Make your marketing strategies more personalized and assertive;
- Identify value customers;
- Expand the reach of your campaigns.
Therefore, with the right technological infrastructure, it is possible to make the most of data to improve the user experience, make your processes more agile, make operations more flexible, and guarantee a privileged position in an increasingly competitive market.