As we witness an unprecedented shift of consumers towards using digital channels to do everything, incumbent companies are forced to onboard digital transformation initiatives, to stay relevant in the digital age.
The key ingredient for a successful digital transformation initiative is data. If companies are able to effectively collect and leverage data through their digital transformation initiatives, it can do wonders.
Data can help companies in
- reaching out to potential new customers
- understanding customers
- engaging effectively with customers
- offering better products and services to customers
- offering better price to customers
- offer instant gratification to customers
- build new business models
- and much more…
A digital transformation initiative in incomplete without having a data management strategy in place, which will focus entirely on leveraging data acquired from the digital transformation initiatives, and combining it with data within and outside the company for improving business.