Data as a Product: 5 Benefits of Rethinking Your Multi-Customer Solutions as an Omni-Customer Platform
In 2013, at the SAP National Retail Forum (NRF), the results of a Retailer survey concerning Omni-Channel maturity were presented. The findings demonstrated the degree to which Retailers were taking advantage of Omni-Channel opportunities. The results indicated that although 85% of Retailers considered themselves Omni-Channel, only 8% of the same Retailers provided an ability for a customer to transact in multiple Channels, and, even more concerning, only 7% of these Retailers indicated that they had a single view of the customer across their channel offerings. This issue remains important for Retailers today. In fact, Forbes lists the ‘(Creation of) New Revenue Streams’, including ‘data-as-a-product offering’ to be the #1 strategic issue facing CIO’s for 2016.
Retailers today are keen to capture as much information about the customers shopping their various platforms. However, according to the survey commissioned by SAP, the vast majority subscribe to a ‘Multi-Customer’ collection model. Customer data sets are often found to be independent of each other; Loyalty, eCommerce, POS transactions, Private Label Credit Card, etc., each have distinct data sets that result in both customer overlaps and customer gaps. A customer may have not shopped on a Retailers website, but is a loyalty member and holds a Private Label Credit Card. This single customer’s information could reside as data points within various databases and each of these customer records could, and likely will, contain differing information that is invisible to other Channels.
Data-as-a-product can be defined as ‘the use of a Retailers comprehensive data set as inputs into descriptive and predictive analytical processes’. Consolidating, simplifying and enriching this data set aids in building a strong and personalized customer relationship with your organization and moves you beyond the simple reporting paradigm to which most retailers continue to subscribe. During our recent webinar regarding the functional/technical […]