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In this new era of advanced computing and ubiquitous data, modern enterprises should prioritize two critical initiatives in their organization to secure their growth into an uncertain future. The initiatives are:
Leveraging the data
We are embarking on a new era of digitization. Data has become ubiquitous and an integral part of our existence. 40% of the world populations are connected to the Internet. There are more connected devices (machine to machine), overtaking the number of humans. As machines churn out more data, there will be a glaring need to store and clean them for more meaningful results. The technology, which had helped us for the last 3 decades, is slowly making way for more advanced technologies to store this humongous amount of data and analyze them. And we are just analyzing 1% of the data. The organization, which leverages their data more, will have a competitive advantage. With the lower cost of processing power, data utilization is expected to improve to 2-4 % by 2020.
Customer Experience Obsession
We are in the experience economy. The organization needs to be obsessed about their customer experience. As per one of the recent study, 73% of the customer will expect the same experience from all of their vendors in case they have one good experience with a vendor. So experience management cuts across industries. The focus should be put on trying to understand the customer more and giving their optimal experience. With more prevalence of Artificial Intelligence, we can have smart bots who can interact with customers at a basic level and humans can take over the more value-added interactions like conflict resolution and customer management.
The organization, which manages these 2 strategic initiatives, would be in a better position to tackle the future and be successful.
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