Unleashing your business potential by learning to swim, not drown in data

Facing a fragmented target audience group and evolving customer behaviours, businesses is increasingly embracing a data-driven approach, to ensure all business decisions can be made quickly and accurately. It’s near impossible for firms to fully adopt this approach. Businesses have countless untapped data streams waiting to be threaded into digestible insights. While they’re accessible, they’re often not able to guide business leaders to make the best decision.

How can businesses best utilise data influx?

To aid this process, there has been an explosion of Customer Data Platforms (CDPs) that can organise, manage, clean, and secure different sources of data. For data analysts, CDPs act like a laundromat that helps transform the unstructured set of data into clean insights.

Although the operation of CDPs can be simple, as they’re usually designed with one-stop-shop features for organising, source managing, identity management, securing and compliance, marketers and data analysts often utilise multiple CDPs at the same time for a more comprehensive result. However, the varied nature and non-standardised specifications of CDPs have made the buyers’ landscape overly complex, costly, and inefficient to navigate.

Reshape your data mindset: outcomes first, data second

Many firms have implemented a “data-first approach”,  where they try to load, clean, and organise their data before implementing tech. However, by first determining desired outcomes before addressing data, analysts enhance their ability to secure desired results. To formulate the right approach, there are three objectives that businesses should consider:

  1. What are the outcomes you want to achieve?
  2. What experiences do you want to empower?
  3. How can you execute effectively?

Using a data-first approach may result in time wasted as organisations try to gain centralised data consensus and implement data warehousing technology. In some circumstances, it can take 18 to 24 months to implement a Customer Data Platform. Without orchestration or decisioning capabilities, there’s a long lag time with a marketing stack that isn’t creating value.

Identify Common CDP Gaps

After understanding what digital experiences and expectations your business needs from the data, you can then determine what your marketers need to do to create your desired experiences. The fundamental gaps of most Customer Data Platforms include:

  • Real-time decisioning – Consumers move through the digital universe at warp speed and if a brand can’t keep up in real-time, precious engagement opportunities are lost. To keep pace with customers, brands need to be able to make decisions about how to engage in milliseconds with hundreds of data models across many channels.
  • Sales and service channel integration – Many businesses don’t have digital channels connected to other critical avenues of the customer lifecycle like sales, service, and agent channels. This is a blind spot because those interactions are critical to creating robust relationships.
  • End-to-end CX orchestration – Orchestration capabilities that deliver ROI and are real-time and robust enough to encompass every marketing, sales, and service interaction across customers, products, teams, and lines of business.

Optimise your data and bridge the gaps with Pega

Companies leave a goldmine of insights on the table because their vendors lack the decisioning capabilities required to operationalise intent, impacting the customer experience. At the same time, it’s unrealistic to expect brands to replace the customer data solutions they’ve already invested in quickly and efficiently, so many make do with what they have.

Facing this bottleneck, does it mean marketers and data analytics need to spend more time and money to not drown in the influx of data? Thanks to the advanced AI tech, a new solution “Pega Customer Data Connectors” enables clients to connect their signal providers and existing CDPs, including Adobe Experience Platform, ZineOne, Celebrus, and more.

With the out-of-the-box solution, it helps users activate data at its full potential, with the freedom to use their CDP of choice. Meanwhile, marketers can feed in whatever event streams or curated signals make sense for their business and Pega’s AI will help put it to work – and use the insights to build much deeper, more valuable customer relationships.

Jonas Lim is the Vice President of Solutions Consulting, APJ at Pegasystems.