We operate in a digitalised world. Our commercial and working environments have become more fluid and flexible, and utterly intertwined with personalised, data-driven technology. Whether it’s via laptops, mobile phones or any other connected device, our customers will increasingly live their lives online in the future.
The acceleration of technology means that we now live in a world built on data – it is everywhere, forever growing in value and significance. It has the potential to make hugely positive changes to the way we all live and work.
We are all living through a period of exciting, widespread technological change. We need to be prepared to take on the challenges and embrace the many opportunities that the data revolution brings.
Data is changing nearly every aspect of our lives, whether we’re aware of it or not. The way we purchase goods, run our businesses, treat medical patients, and manage our finances are all increasingly shaped by data. It’s the key to solving some of society’s biggest problems; famine, disease, poverty and ineffective education.
In business, we need to make sure we are ahead of the curve as this data revolution takes shape. With connected technology putting our customers firmly in the driving seat, there are clear challenges which will need to be overcome. People no longer expect but demand a personalised customer journey when they are dealing with organisations.
In this high-speed, interactive landscape, data analytics is already making significant and beneficial changes to our world. If we can make the most out of its huge capacity for good, data can drastically improve outcomes and drive stronger relationships between businesses and their customers along the way.
In order to deliver on these increasing expectations, there is a lot of pressure on businesses to gain a complete understanding of their customers’ lives – using this insight for the benefit of the customer, in a way they want it delivering.
However, within this environment lies an interesting paradox: people expect a round-the-clock, ‘always-on’ approach to any organisation, yet won’t accept anything that they feel is too intrusive or not relevant to them .
As organisations of all shapes and sizes increasingly find themselves in possession of more customer information than ever before, there also comes greater responsibility.
Evolving data protection regulation means that businesses will need to look for guidance and support to meet new regulatory requirements. In addition, cyber-security is an ever present concern for organisations of all sizes.
The world is becoming more connected every day. If we are serious about keeping up with consumer-driven change we need a truly holistic approach, one which protects our customers and our products from cyber threats, whilst ensuring the customer journey is as seamless and fluid as it needs to be. This type of joined-up thinking will need to become the norm, as the ‘datafication’ of our world continues.
Businesses need to consider the main priority within any change. Whether regulatory, technological or innovation – there is one common denominator. The customer. And those organisations who can achieve a single customer view can identify, verify and emphasise with the customer at every stage of interaction. The question is, with data growing so fast – how can businesses create a model that reacts to change as quickly as the customer demands. Agility will therefore be critical as we enter a new era of a ‘data powered future’
The challenge comes from balancing speed, with compliance and customer expectations. All require an equal level of investment and focus – and each are challenged by their own design. The future is packed with opportunity and we have to make sure we are willing and ready to move with the times.