The acceleration of technology means that we now live in a world built on data; it is everywhere and continually growing in significance and value. When you look at it in its barest form, investment in data becomes comparable to investment in infrastructure. It significantly impacts the way businesses operate and customers are served and helps navigate a lot of our daily decisions.
And that navigation is complex.
Individuals are first and foremost citizens, with implicit and explicit rights and expectations. To build the necessary trust in handling their valuable personal data, businesses are investing in what should be done to drive ‘data for good’.
We know that competition drives innovation. We believe that collaboration is also a major influencer to innovation. And that is also what underpins our thinking as an organisation.
Success is all about collaboration. At the moment, a lot of markets are being disrupted and some key areas which seem to be dominating organisations and their priorities include:
- Customer loyalty. How can understanding an individual’s behaviours enhance and maximise loyalty? What insight can benefit both the organisation and the individual to create a long-term fruitful relationship between the two?
- Digital journey. How can organisations deliver a customer-centric digital journey that excites, engages and is automated – whilst safe and frictionless?
- New-entrants. Fin-techs and competition are disrupting traditional models. This is making organisations consider their strategies and branch out to new business models whereby the clients of ‘today’ can become partner of ‘tomorrow’, or even a competitor.
- Data. The wealth of it is huge. There has been an incremental shift from internal to outsourced making the modelling of it all much more complex. As such understanding which data assets are valuable, and how to combine them becomes more complex.
- Data governance. As above, as information increases in volume – so does the velocity of it. Not only does data need understanding in its purity, but the governance – such as consented data frameworks, need to be at the forefront of any organisational strategy. This needs to be done in a real-time environment where any outputs from data are compliant – but fast
It is important that innovation becomes an investment. An investment in how we work, as much as with whom we engage. An investment that drives collaborations to the benefit of both citizens and businesses. An investment in ‘data for good’ for a successful future.