There is a common thread through the conversations we’ve had recently with chief information officers, chief data officers, and enterprise architects at Global 2000 companies. What they need right now is the ability to pivot faster to the changing needs of the business. They need an approach to customer data that gives them speed, business agility and fast time-to-value.
Get a Fast Start to a More Responsive Data Strategy in As Few As 90 Days
How would you answer these questions?
- Do you need to deliver a real-time understanding of customers to power digital engagement at scale? How about your human interactions?
- How important are customer preferences from transactions and interactions for marketing segmentation, sales, customer experience, customer analytics, or compliance reporting?
- What new business value could you deliver with richer customer profiles including relationships (customer to customer, customer to employee, customer to product, customer to channel)?
- How much money could you save if you consolidated 3rd party data feeds to enrich consolidated customer profiles?
- How much simpler would it be to comply with privacy laws like GDPR and CCPA if you centrally managed consent and communication preferences?
- Are you due for an upgrade to your legacy MDM system? How much new business value will you be able to deliver? Is your rigid MDM data model slowing you down?
- Are silos of customer data holding you back from making faster progress on key initiatives?
Reltio Connected Customer 360 is a cloud native, responsive data management platform. It's designed with an API-first approach. Built on a multi-model big data architecture, it can store master data, transactions and interactions. With graph technology it's easy to map and unlock the value of relationships. Our SaaS platform includes three free upgrades per year with no downtime.
Imagine what you could do 90 days with a responsive data management platform.
We can help.
Imagine A Responsive Data Management Platform That Gives You Speed & Agility
Business needs are changing rapidly. Typically, these needs fall into 5 categories:
- customer needs
- operational needs
- organizational needs
- regulatory needs
- infrastructure needs
Data leaders and enterprise architects are being asked to support new customer engagement models with speed and agility. They need to deliver data that reflects a real-time understanding of the customer’s relationship with the brand.
- First, they are being asked to enable a higher volume of customer interactions from customers across digital and mobile platforms.
- Second, empower call center staff to resolve customer issues faster. Eliminate the need to check between 7-20 different systems. Deliver a consolidated, holistic and real time customer profile. Give them a real-time understanding of the customer’s relationship with the brand including their history of transactions, interactions, relationships and past issues.
- Third, support new business models, like curbside pick up in the retail and restaurant industries.
- Fourth, arm store associates, sales reps and other revenue-generating teams that are working remotely with access to consolidated, holistic and real-time customer profiles.
Want to learn more about how you can pivot faster to the changing needs of your business? Watch this 30-minute on-demand webinar, The Data Leader’s Priority: Pivot Faster with a More Responsive Data Strategy.
Case Study Example: A Responsive Data Strategy that Delivered Fast Time-to-Value
These leaders also need to deliver fast time-to-value. They can’t wait a year to go live with a new technology to support the business. For these reasons, IT leaders can no longer afford to have their teams spend 12 months upgrading legacy systems. Its difficult to justify spending hundreds of thousands of dollars on legacy systems that deliver no new business value. In these uncertain times, teams are under pressure to pivot fast. A fast go-live and fast time-to-value are the keys to survival.
Recently, a large services company in the US went live with Reltio Connected Customer 360 in less than 90 days. The company provides services to personal and commercial clients. Not only did the team consolidate 4M customer profiles and 60M transaction records, they configured, tested and integrated with 3 major systems.
As a result, they now have a responsive data strategy. They gained speed, business agility and delivered fast time-to-value. Their business is armed with consolidated, holistic and real-time customer profiles to grow and retain customers. The marketing team has the data they need to drive hyper-personalized offers at scale. Customer-facing teams have the data they need to deliver exceptional customer experiences at scale across human and digital interactions.
Respond Faster to Accelerating Digital Transformation Initiatives
Another trend we’re seeing across many industries is that digital transformation initiatives are either progressing as planned or accelerating. Now more than ever before they have a need to support digital customer engagement.
Check out this report on CIO.com. It summarizes an IDG Research survey of 400 IT leaders in mid-April to determine how the pandemic is affecting the roles and priorities of IT leaders and what the long-term effects will be. The survey revealed that digital business and digital transformation initiatives continue to be a top priority.”
Here is another CIO.com article about the Top 5 strategic priorities for CIOs in 2020. The writer points out, "Enterprise data strategy continues to be a top initiative for CIOs, who see it as a necessary part of their firm’s transformation plans.”
Respond Faster to Customer Experience Initiatives That Are Moving Full Speed Ahead
Another trend in the Global 2000 is customer experience initiatives across many industries are moving full speed ahead. These investments will help them be more competitive in the recovery.
Now more than ever, leaders know that it’s critical to put customers at the heart of their business. Three key areas of focus are: serving, protecting and retaining customers.
What does serving, protecting and retaining customers mean in the experience economy?
Customer expectations have increased. They want to be recognized. And, they expect the business to have a real-time understanding for their complete relationship. As a result, business requirements for customer data have grown significantly over the last few years. In response, some company leaders are making bigger investments in data. They are starting to recognize the enterprise value of the customer data that’s collected throughout the organization.
The Role of a More Responsive Data Strategy in Serving, Protecting and Retaining Customers in the Experience Economy
- Serving customers with a deep understanding for hyper-personalization. To recognize customers, companies need to arm their teams with consolidated customer profiles. The first step is bringing customer data together from multiple sources. Next, identifying and resolving customer identities. Then, creating consolidated customer profiles. That's the foundation you can build on. You can then enrich them with third-party data. You can add more attributes, including preferences from transactions and interactions. In fact, segmentation is more effective with richer customer profiles. With this targeted segmentation, it's easier to drive hyper-personalized experiences at scale across digital and human interactions. Richer customer profiles can lead to improved marketing, sales and customer service.
- Protecting customers means protecting their data. Now company leaders are doing their best to treat customers with empathy. They are managing consent and communication preferences across channels and brands in a more strategic and centralized way. This allows them to respect customer preferences. It also enables them to simplify compliance with privacy laws such as GDPR, CCPA and any future privacy laws that are on the horizon.
- Retaining customers with loyalty-building experiences and innovation. With consolidated, holistic and real-time customer profiles, analytics teams benefit too. It's easier to uncover reliable and actionable insights about customers. They learn valuable things about their business. This data can be used to design loyalty-building experiences. It's easier to monetize new revenue streams fast.
Respond Faster During These Uncertain Times and to Prepare for the Recovery
Imagine being able to pivot faster during these uncertain times and during the recovery. Empower yourself, your team and your company with speed and agility.
Get a fast start to a more responsive data strategy in as few as 90 days for:
- Digital engagement
- Privacy and consent management