As expected, 2013 saw an explosion of data, which is showing no signs of slowing. Investment in digital processes is set to accelerate further this year, but research shows that businesses are still lacking the expertise to dissect the increasing amount of customer data effectively. 2014 is expected to bring transition. Marketing departments will be under increasing pressure to ensure they have the correct technology and expertise within the business to capture and understand the data they are collecting, and more importantly, how they can use it to meet the changing needs of the customer.
Businesses can no longer afford to base decisions on gut-feeling alone; there must be definitive investment in analytics. So, with that in mind, how can they prepare for the next 12 months to ensure they are making the decisions that drive the best returns?
The increasing mobility of consumers and channel growth have brought significantly more opportunities for brands to engage with consumers, but as many marketing departments are realising, they must have a clear strategy in place to ensure they are making the most efficient use of the data being generated and reinvesting it correctly. Channel growth brings huge benefits for brands, but the right technology is needed to deal with the deluge of data efficiently, or they risk losing out.
Cloud-based technology solutions, such as IMM provide an answer for businesses looking to take control of the data being generated and gain the all important single customer view. Cloud technology is changing the entire approach to storage of data as it enables previously siloed data to be held together in one place, making it easily accessible and collectivised. Not only does this provide a more efficient way to make data driven decisions, it’s also more cost effective and enables marketers to take action on a global scale and feel confident in their choices.
Whilst it’s key to ensure the correct technology is in place, this investment is simply no longer enough; skilled experts with a clear understanding of data will play a vital role over the next 12 months. Digitalisation is driving a need for change within businesses, who must ensure they have a workforce equipped with these new skills. Organisations must start making provisions now to ensure they have access to those with an understanding in the changing shape of the marketplace. Getting the balance right between experts who recognise how the new suite of communication tools should be used to benefit both businesses and customers, alongside experts with computer science backgrounds, will be crucial to enable them to identify key data insights and deliver personalised communication. Brands hoping to deliver highly effective, data-driven marketing campaigns must recognise the need to make changes now, if they are going to reap the longer lasting benefits.
So, as more organisations realise the need to restructure their marketing departments, the demand for skilled individuals will surge. Adapting recruitment strategies today will pay off in the long term. Failure to do so will see a significant shortage in experts; a crisis that’s likely to worsen as customer channels continue to grow and customer demands for even greater targeting increases. Businesses must use 2014 as a transitional year to lay the foundations for the next generation of the industry as significant efforts toward resourcing are undertaken.
In order for brands to safe-guard the future of their business and the wider industry, the next step is to identify the most effective methods to attract the fresh talent, which will be vital to ensure they stay ahead of competitors and, most importantly, continue to meet the needs of the customer. This can come through a variety of incentives – what’s important is that businesses choose the most suitable and appealing for the prospective candidates they want to attract. This can range from investing in leading technology or nurturing an environment and culture that allows room for idea development and personal growth. Similar to meeting customer needs, they must ensure they deliver on promise for the workforce, or risk loosing skilled individuals who will be vital to ensure the business continue to deliver results.
Whilst data and the benefits it brings has previously been underestimated, brands now recognise the importance of having the correct strategies in place to make the most efficient decisions, based on solid analytics. The next stage is actually ensuring they are putting this into action. With the number of customer channels increasing, it’s now more important than ever for businesses to ensure they invest in both the technology and the skills that will enable them to gain the single customer view. Getting this balance right will ensure they can continue to make the data-driven decisions required to meet the needs of the customers, and most importantly ensure they reap the long lasting benefits.
By Volker Wiewer, VP International (EMEA + APJ) at Teradata eCircle.
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