Companies can put their information to work by teasing out novel patterns, driving productivity, and creating new solutions.
In an increasingly customer-centric world, the ability to capture and use customer insights to shape products, solutions, and the buying experience as a whole is critically important.
Research tells us that organizations that leverage customer behavioral insights outperform peers by 85 percent in sales growth and more than 25 percent in gross margin.
Customer data must be seen as strategic.
How much, you ask?
A McKinsey survey of more than 700 organizations worldwide found that spending on analytics to gain competitive intelligence on future market conditions, to target customers more successfully, and to optimize operations and supply chains generated operating-profit increases in the 6 percent range.
McKinset suggests that these returns don’t have to be confined to a handful of top players.
Rather, when it comes to generating measurable value from their data, most organizations have plenty of low-hanging fruit they have yet to harvest.
Read all at the McKinsey source: Capturing value from your customer data
My point of view: as the authors claim, customer data (and of your leads and ex-customers) are strategic. Especially if your strategy is hardwired in your operations. Nowadays, customer data is a challenging mix of hard-coded data, fuzzy data and big data somewhere in the digital universe.