Is digital transformation a reality for your business, or still just a dream? One-third of organizations are far along in their digital maturation, but others are still in developing stages or have barely begun. Quality data can be the engine that powers your digital transformation efforts.
Below are some specific ways good data can advance your organization’s digital transformation.
1. It gives you a leg up on customer acquisition.
Fixing customer-facing touchpoints can help you collect the data you need to serve them best and improve your digital maturity. For example, twenty-eight percent of businesses say that application or form abandonment is a challenge to acquiring new customers. Tactical steps like improving the point-of-capture for customer data can help reduce friction and improve conversions in the customer acquisition process. These steps can be as small as reducing the number of fields a customer fills out on a form. This can improve the volume of quality customer data, and can help make your organizational data the strategic asset it should be to further digital transformation.
2. It helps you measure and improve customer experience.
Ninety-eight percent of organizations report that they routinely use data to monitor and measure customer experience in some way. These measurement processes encompass everything from looking at net promoter scores and customer surveys to checking social media and performing win/loss analyses. Data can also be used to craft distinct personas to improve customer targeting efforts. Using quality data effectively can help you deliver a personalized experience that delights and retains your customers.
3. It can help stand up data governance efforts.
Data governance and digital transformation often go hand-in-hand. Data governance is a means for managing organizational data appropriately and protecting the business from risky decision making. Eighty-one percent of organizations that are advanced in their digital transformation have a full data governance strategy in place. A governance program will have the people, policies, and tools needed to supply the high-quality data that will help your organization digitally transform.
4. It helps shape your digital strategy.
Digital transformation involves bringing together the right people, processes, and technology to advance your organization. It’s hard to do that without a pragmatic road map or strategy. Quality data should inform the components of your strategy. For example, a new application may simply not be getting the traction you want, or you want to develop your personas more. Data can ensure your digital strategy is driven by metrics and insights.
5. It can help you maximize your revenue potential.
By 2020, organizations expect that over half of their revenue will be attributed directly or indirectly to digital channels. As the number of digital communication channels increases, organizations must adapt to keep up with changing customer expectations. Being a successful digital business means innovative services and efficient operations, and data is a key component to informing these tactics and initiatives.
Digital transformation involves everything from modernizing your product portfolios to reshaping your culture. Working with trusted data helps digital transformation goals become much more feasible. The positive results can mean a better customer experience and operational efficiency, and higher revenue generation.