11 Dec Does your business data hold your competitive advantage?
Gartner is ringing the warning bell that the main technology buyer is changing. A recent survey revealed that Chief Marketing Officers are spending nearly as much on technology as a percentage of revenue, as the CIOs are spending. The marketing department is even spending more on technology than they are on staff or media. This is symptomatic of our data-driven world. As customers engage with you, a wealth of related information is generated, forming pictures of and patterns in their customer experience. Ignore this data and you’re ignoring your customers.
Making sense of this data is easier said than done though. It’s not common that one, mega system will pull all the relevant numbers together and reveal a dashboard of jaw-dropping insights. Understandably, many organisations don’t attempt to do this because it all seems too hard. This leaves a great opportunity for their competitors, who are one step ahead in understanding their target market.
Sometimes it’s a challenge just to identify where all of your data resides. Disparate systems create pockets and silos of data, when the magic may come from relating two different data sets to each other. Practically, it takes time and resources to get information securely onto one platform. Even then, tools such as operational intelligence tools can be under-utilised or not used to best practice. You might get some data driven insights, but you are leaving money on the table if the data doesn’t reveal possible productivity improvements or where your competitive advantage actually lays.
On top of all of this, time is more crucial than ever before. The relevance of data from, for example, smart buildings, smart offices, IoT and social media quickly degrades as time passes. The faster you analyse your data, the sooner you can react to improving your customer experience. So is it really possible to find, consolidate and secure your data and analyse it, fast? What would that capability mean for your business?
One Solista customer, who is a major Australian payments processor, delivers real-time analytics from their entire network of EFTPOS machines. This gives their customers real time updates on cash flow, a feat that even the major banks can’t achieve, using devices at the edge of the buyer’s transactions. Now, fast decisions can be made based on real-time data, delivering a better service to their customers when it matters the most, not months after they’ve left the store.
This real-time customer transaction data allows for smart growth funding – where loans can be taken and paid back using smart technology. This uses data to assess the feasibility of funding and payback amounts, depending on sales day by day. If the sales volume dips, it lowers the amount of the repayment or increases it on a good sales day. Loans like this can only work when the data analysis is resilient, fast and secure – as provided by Solista.
Another Solista customer is a leading global property development company. Their data provides real-time visibility of their full environment, including application uptime and website uptime, ensuring customers can access their critical services anytime and anywhere.
Dashboards consolidate thousands of different data sources into one place, across APAC. Their customers can access real time information on property information, so they can make informed decisions based on what’s under contract, what’s been bid on and what’s gone up or down in price. From an internal point of view, by receiving and giving data, their sales teams have an edge in the marketplace with speed to acquisition and brokers have a trusted platform to build their businesses on. The property development company knows without a doubt that their customer retention, and their sales, are both impacted by the availability of this up to date information.
How we can Help
Solista is passionate about the experience that you deliver to your customers, rather than just improving your IT. We find that IT drivers, such as purely saving money, miss the bigger benefits of how next generation technology can improve your bottom line. Our approach takes into consideration the CMOs and CEO of your business, giving them data that is useful and insightful for driving a profitable organisation and helps their customers to be successful too. Today, these modern business leaders recognise that IT is a catalyst to transformation instead of an after-thought.
It’s time to change the perception that it’s too expensive to use data to drive profits. While traditional IT companies may have put a high price on this, there are simpler, more cost effective ways of getting business-transforming data insights.