We sat down with Rob Jones, CEO of Qbase, ahead of the roundtable, to learn more about how the world of data is changing, and why it matters so much.
How can business owners harness data for their own benefit?
Data should be regarded as one of a business’s most valuable assets. There is so much you can do with data to become market leaders in whatever your industry.
For example, data can be used to create personalised customer journeys to increase sales and improve the overall customer experience. Modern techniques like Next Best Action fuelled by AI are allowing certain companies to significantly outperform their competitors.
And when managed correctly, data is the only asset that will give you a true and accurate measure of your total business performance. The danger for business owners today is not investing in their data infrastructure.
What ways do successful companies currently utilise data?
Successful companies are able to centralise their data from all sources, to govern and centrally manage it irrespective of the type, volume or velocity. This enables them to then use this information to improve their business.
A good example of this would be Amazon who have harnessed data so successfully it has made them one of the most successful businesses on earth. No matter the channel you use, they know who you are, what you’ve bought and what you might buy next. A true omni channel experience. Not only that, they use Artificial Intelligence insight and analytics to create automated journeys to inform your future purchasing decisions.
What challenges exist for innovative businesses, and how can they overcome them?
Access to data is one of the biggest barriers to innovation and in particular legacy systems holding archaic data which can lead to complications in the innovation journey. Tools and skills are vital for innovation, without these how can you realise the potential of your data assets?
Change management plays a crucial part in innovation, firstly the initial drive to invest coming from the top down, and if senior leaders aren’t on board, it won’t happen. The adoption of the outcomes of innovation strategies also needs to be business wide, requiring internal collaboration to change and grow.
Why should data be at the core of every company planning to innovate?
64% of executives in a Forbes survey agreed that data driven marketing was crucial to success in a hyper-competitive market. They also point out that in the US, 5% of national output has been enabled by data.
Investment in data infrastructure is vital for organisations to grow and in order to unlock the true value they need to put data at the heart of their innovation strategy. Those that don’t simply won’t survive.
If you’d like to learn more about the effective use of data in succeeding as a true innovator, or discuss your ideas with the gathered business figures, please complete the form at the bottom of this page. You may also contact Rebecca Waterhouse for more information.
