In my last blog we looked at the rise of IoT and some of the challenges that organisations are facing around the privacy and security of data. But what about the data itself? Whilst there might be more data out there than ever before, for it to be useful there’s some very important groundwork to be done. Let me explain.
As you can see from my wonderful author profile above, my name is Scott Drayton. I spend far too much of my spare time sitting inside playing my Xbox. I also mostly use Outlook for my personal email needs, and own a laptop that runs Windows.
Don’t worry, you haven’t accidently clicked on a terrible dating profile. What I am going to illustrate is just how quickly the Single Customer View (SCV) that you need to effectively serve your customers, can become a tangled mess of duplicate records using a brief story about my life.
Many of us in the data industry have become familiar with the term Single Customer View (SCV) over the last decade. Those that have worked on an SCV project will have seen how they can improve our data management processes, save on marketing costs or improve your customer experiences.
However, with many SCVs being focussed on just one of those outcomes, there has sometimes been an air of disappointment with the results. Some organisations have even ended up with multiple SCVs for different purposes that don’t agree when there is an urgent need to bring together data for another reason, such as a Data Subject Access Request (DSAR).
I’m an avid shopper. I know the importance of a seamless, intuitive shopping experience; from finding the product I’m after, through to checkout and any post-sale service. Once I find this, I’ll want to keep coming back for more. The opportunity here for retailers to disrupt, stand out and build loyalty is strong - and other consumers agree. 72% wish that retailers would be more innovative in how they use digital technology to improve their shopping experience. And likewise, 72% of consumers are more likely to shop with retailers that are digitally innovative – up from 60% in 2017. (The Future Shopper, Salmon 2018)
Whilst many businesses understand the challenge for more personalised and seamless experiences, they struggle to cope with the growing volumes of data available. It’s predicted that by 2025 the ‘datasphere’ will grow to 163 zettabytes – ten times the 16.1ZB of data generated in 2016. It’s no surprise that less than one in five (19%) say they are unlocking the full potential of their data to improve their relationship with customers.
This torrent of information is causing an ‘infobesity’ problem. Businesses are faced with an information overload. They have so much data, it can be overwhelming to know what to do with it all. How can they turn that data into useful information, unlocking its value and delivering better outcomes for their customers?
Banks and Financial Institutions are by now well versed with submissions to regulators both national regulators and to European Central Bank. However the launch of Anacredit regulations, brings a new dawn to the granular level of submissions to the regulators. In a nutshell, Anacredit is applicable for all institutions which has more than EUR25,000 credit risk exposure to a counterparty. No other regulation by ECB has mandated such a granular level of data requirement by financial institutions.
The impact of the GDPR (or the General Data Protection Regulation) on data strategies is rapidly coming into focus ahead of the 25th May 2018 deadline, the date on which it comes into force.
With this in mind, I thought it would be useful to take a look at one particular element of the GDPR that is going to present both opportunities and challenges for businesses. That element is the right to data portability.
The results are in. This year’s Global Data Management Research makes for some particularly interesting reading with a clear focus on why growing customer expectation and the forthcoming regulation should be driving the need for better data management.
We are living in a world where data collection is growing exponentially, where organisations of all shapes and sizes are starting to recognise the strategic importance of data assets and not treating them as simply a by-product of business operations. Whether it is transactional information, customer behaviour patterns, logistics data, financial performance or any other form of data asset, businesses are starting to find it difficult to understand and manage data, big or small.
Having acquired a taste for self-service in the world of BI and reporting, business people want more. Now, self-service data preparation offers organisations a chance to be yet more agile while avoiding some infrastructure and technical specialist costs. In this article I will explain where I think this new market has come from, why it is relevant to all organisations, and where the benefits can be seen. In a subsequent article I will list some of the things to look for in a self-service data preparation solution.