Technology is becoming so infused in our everyday lives that we hardly realize its there. Our homes, cars, clothes, devices have embedded sensors that automatically adjust thermostats, drive us where we need to go, curate data and information based on our interests and more. The amount of data generated about and by us is growing exponentially on a daily basis as the number of data sources and data types–internal, external, partners, social listening, consumer feedback, Internet of Thingscontinues to steadily increase.
Turning this vast amount of data into meaningful insights and actions is key to thriving in todays super-connected, digital age. Customers expect personalized, contextual products, services and experiences that deliver real value across their end to end customer journeys.
Many of the solutions available today, however, are not designed to exploit digital technologies to create and deliver value for customers across their digitally connected customer journey. They treat digital as a bolt on technology initiative rather than a digital transformation strategy designed to help them adapt to the sweeping changes brought about by the emerging digital society.
There are many examples of businesses that were unable to adapt to the rapidly changing digital trends because of outdated business models and inflexible, legacy systems. Once successful music distributors like Sony and Tower Records have been outperformed by Apple and Spotify. Blockbuster ignored the big changes in the way people viewed home entertainment and ended up being sold in a bankruptcy auction to Dish Network. Netflix, on the other hand, has continued to use customer intelligence and insights to innovate and evolve, shifting their focus from movies-by-mail to a streaming model and launching their own programming. Borders books failed to heed the changes their customers
Disruptive forces in the digital ageIoT, Artificial Intelligence, 3D printing, and other things we havent thought of yetwill continue to change our businesses, how we live our lives and how society operates in ways we cant even predict today. What we do know, however, is flexible, adaptive business models and agile customer analytics solutions that support innovation and change are critical elements to success.
Read more about how agile customer and operational analytics solutions can drive deeper customer engagement in the digital age.
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