Businesses are facing a critical challenge looking forward with how to manage data their data to remain competitive to emerge as leaders in their fields.
CEOs are saying they need to align their digital strategy with every line of business to accelerate time to market, time to revenue and time to customer satisfaction while remaining compliant.
Kevin Cochrane, CMO at OpenText, is saying that the way to do this is to manage a company’s structured and unstructured information to drive key business processes and mobilize those into new omnichannel experiences, not just for customers but employees and partners as well.
Cochrane told CBR that businesses can remain competitive in the data age by following these 3 basic steps:
STEP 1: Ground business strategy in customer experience
Customer experience is what can help inform how different lines of your business need to transform their functions.
So when you’re thinking about strategy, think not only how you acquire customers through traditional digital marketing as you would have done in 2008, but how you drive deep customer engagement across their entire lifecycle and every single interaction point they have with you.
When you can map out who customers are, what their lifecycle is, their engagement patterns over time, then you can look at how can you empower your employees to deliver better brand experience across the sales and service function.
You can recognise different points in the customer lifecycle as opportunities to sell them something new. That can then inform your manufacturing and R&D team what a customer likes and dislikes and use that to feed internal collaboration and ideation to get products to market quicker than your competitors.
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