I think the big trend that businesses will see this year is their customer base, or their membership base, or their patient base, or their client base really get an understanding and start to see how their information their personal information is being used. Whether it be to provide a single view of them, to provide different products, to provide offers.
I think that mainstreaming of people's awareness will increase and actually in the next 12 months we're going to be in a situation where customer are sitting back going Am I actually get the value? Is this organisation really talking to me about the way I want them to? So there's going to come heightened pressure as far as this value equation that customers are going to start to demand. It's starting now, but will become very mainstream in the next 12 to 18 months.
My top three tips for helping businesses make the most from their data is:.
One. Understanding that they need a plan. They do need to be on a journey: if they are not they will be falling behind their competitors. And this isn't just one plan solely for the organisation. It can be various plans at various stages of the journey within each function within the business.
For example, within Finance, Risk, Products, Marketing, they all may be on a different journey, but it's important that they are all on a journey around increasing the value that they are getting from their data. If they are not they will be falling behind.
The second is that it's absolutely about acting on the findings that you’ve got and the really focusing on the 'why' they are doing work in relation to data and data analytics. You can't forget the 'why' it has to be imperative.
Which then brings me to the third aspect which is very much around the change. So ask the right questions. What are you going to do off the back of it? Making sure you have the processes and the procedures and the culture to actually drive those changes within the organisation. Or unfortunately, it won't create the greatest value that it could.