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The enterprise world is becoming consumer-centric. Where focusing on customer service and listening to feedback was vital in the past, businesses today need to get a deeper idea of what customers want by gathering data on everything from product usage patterns to social media posts.
A PricewaterhouseCoopers study found that despite this new focus on customer experiences, 24 percent of CEOs feel they don’t have enough information about customer demands. Almost two-thirds (66 percent) of those polled said understanding what customers value is among their top concerns. These problems are heightened by the fact that shifting operations around changing customer demands has led to higher costs being shifted to consumers, something that 31 percent of CEOs think customers won’t deal with for long. The solution? Better use of data. Of those polled, 68 percent pointed to data analytics as a key need. Breaking down operational silos that limit data communicability within a business is essential to not only getting a clear view of customer demands but also doing so efficiently and in a way that makes information as actionable as possible.
1. Reduce the burden on business analysts – Business intelligence professionals face an overwhelming burden trying to sift through the huge swaths of data entering the enterprise on a day-to- day basis. Eliminating data silos gives users access to different information sets based on their specific needs. Giving teams direct access to relevant information leaves analysts with one less issue to worry about, freeing them on more complex data sets that drive value for the business.
2. Eliminate double-work- It happened to many businesses. One department performs a customer analysis to learn about client demands only to discover a similar project was completed a few months ago in another department for slightly different reasons. Keeping data siloed within departmental systems can lead to redundancy and not just in terms of large- scale projects.
3. Maximize the value of data- An analysis that may be insightful for 20 of your employees will be considerably less valuable if only five of them receive the report. Traditional business silos segregate user groups – and the data they access – effectively minimizing the value of the information your organization gathers. Unifying data across distinct channels empowers organizations to leverage distinct data types in conjunction with one another to maximize its potential and ensure the right user groups have the visibility they need. This transparency can extend across internal and external stakeholders, driving collaboration within your business
4. Improve Decision-making -Giving users access to key data built into the apps and services that allow them to make better decisions as they interact with customers, collaborate with stakeholders and otherwise try to get the job done. Integrating data into relevant systems makes that information actionable within day-to- day operations, giving users the insights they need to work as intelligently as possible.
5. Take advantage of diverse data types – While leveraging varied data types is related to maximizing data value, it is important to recognize different types of information. Information from spreadsheets, highly structured databases, social media reports, diagrams, technical documents and a wide range of other sources must come together to inform operations, especially as emerging technologies such as the Internet of Things bring more data into enterprise ecosystems. This diversity can easily get overwhelming and leave data put to waste if users do not have the access they need to leverage information intuitively across departmental lines.
