These are times of unprecedented flux for organizations of all sizes around the world. They are forced to re-engineer their ways of working, on-the-go, in near real time. They are taking responsibility for the health and safety of their employees and customers. They are expected to deliver empathetic customer and employee experiences, ensure a seamless supply chain, and optimize cost centers. Even the most traditional organizations and sectors are adopting the omni-channel universe almost overnight. E-commerce, social commerce, WhatsApp run businesses, rapid production of fresh content on OTT, banking the unbanked for the financial security of migrant labour, online medical consultancy – all matters considered “long-term visions” are now suddenly on everyday to-do lists. These are things that need to be done quickly and effectively. Brands and organizations are under unprecedented pressure to deliver even as they grapple with their own challenges – like a near-100% remote workforce for the first time in the history of business.
Amidst these quick pivots and rapid decision-making, businesses are also grappling with enhanced data privacy regulations, a cookie-less world, dramatically changing customer priorities and buying journeys, and the urgent need to build customer-centric data models. If this wasn’t enough, headlines are also talking about an imminent economic crisis. How can brands equip themselves to navigate these times and emerge stronger? The answer – as usual – is in data.
In times of crisis, data is the saviour
Modern history is proof that every time a black swan event occurs, we go back to the drawing board with data, focus more on sharpening insights, and believe that much less in gut to guide decision-making. An example of this is the game-changing digital transformation that took place after the 2008 global recession, simply because it cut operational costs while enabling data-driven decisions.
Over a decade since then, the challenges that organizations face are multi-layered, given the O2O landscape and far more nuanced consumer expectations. But they also have a stronger opportunity to leverage unstructured data – about people, places, behaviour, and mobility – to be able to navigate complexities more effectively.
New consumer intelligence will need new data
A trusted data partner can go a long way in making it happen. Data-centricity in 2020 and beyond will mean the ability to harness fresh, near real-time, accurate consumer behavioral data to make better decisions and enhance customer experience throughout their lifecycle. A reliable data partner in such times is one that collects, processes, enriches and cleans massive real-world data sets, while keeping in view the evolving state of privacy. But more importantly, this data partner is one that can hand-hold organizations in their journey of transforming mobility, people, identity, and other behavioural insights to concrete action.
Over at Lifesight, we are looking at a new world of data to democratize customer-centricity. It will be a world where not only the large brands but brands of all sizes will finally have access to the insights they need in order to stay competitive, earn stakeholder trust, and enhance customer experience. Our data solutions are ready to deliver. Get in touch and let us help you walk into this new landscape with all the data and insights tools you need.