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.afill:none;.b,.dfill:#fff;.cfill:#201f25;.dopacity:0.4;isolation:iso-late;.eclip-path:url(#a);.fopacity:0.02;.gclip-path:url(#d);.hclip-path:url(#f);.ifill:url(#g);.jopacity:0.05;.kclip-path:url(#i);.lopacity:0.1;.mclip-path:url(#j);.nopacity:0.15;.oclip-path:url(#o);treasure-data-main-logo-whiteDATA VERSUS GOLIATHCustomer Data Strategies To Disrupt The DisruptorsIN ASSOCIATION WITH:2 |DATA VERSUS GOLIATH: CUSTOMER DATA STRATEGIES TO DISRUPT THE DISRUPTORSIN ASSOCIATION WITH TREASURE DATA | COPYRIGHT 2018 FORBES INSIGHTS | 3TABLE OF CONTENTS4 INTRODUCTION4 KEY FINDINGS6 DIGITAL DISRUPTION9 EMBRACING CUSTOMER DATA13 TOWARD A CUSTOMER-DATA-DRIVEN ENTERPRISE17 LEADING THE WAY WITH CUSTOMER DATA18 METHODOLOGY18 ACKNOWLEDGMENTS4 |DATA VERSUS GOLIATH: CUSTOMER DATA STRATEGIES TO DISRUPT THE DISRUPTORSINTRODUCTION Media companies provide viewers with selections of their favorite programming after they sign on. Retailers understand shoppers requirements when they log in, and can display personal messages or offer personalized coupons based on in-store sensors. Doctors and caregivers are directed to appropriate programs and protocols to treat their patients. Manufacturers can predict product features soon to be in demand among customers.Welcome to the 21st-century digital economy, where customer data reigns as the competitive differentiator of market success. Yet while data is key, many organizations are still mired in 20th-century methods, processes and technology. Companies that are not adapting are finding their customer bases precipitously eroding as data-savvy competitors offer cheaper, faster products and more personalized experiences.No industry is immune to this wave of disruptive digital innovation. At the core of this disruptionbeing driven by startups and incumbent players alikeis the ability to harness data generated through customer transactions, engagements and, increasingly, connected smart devices. While business leaders recognize that they must move fast to become customer-data-driven enterprises, theyre nowhere close to the finish line. In fact, most are only starting to grasp the power of customer data.According to a new global survey conducted by Forbes Insights, in association with Treasure Data, only 13% of companies can be considered “leaders” in leveraging customer data. Executives within these leading organizations indicate they are highly confident their companies have taken the necessary steps to ensure they are effectively utilizing customer data. A larger percentage of organizations, however, the “laggards,” are only at the beginning of their efforts to convert customer data into actionable insights. Yet its those who are embracing customer data and analytics who are seeing greater returns on investment and are likely to be disruptive leaders within their markets.What does it take to succeed in todays hypercompetitive and hyperconnected digital economy? Keep reading to find out.KEY FINDINGS MOST EXECUTIVES SAY THE RISKS OF DIGITAL DISRUPTION ARE HIGH, AND MANY ARE ALREADY FEELING THE IMPACT DIRECTLY IN THEIR BUSINESSES. A majority, 51%, of executives surveyed report a high level of risk to their organization (in terms of market share and revenue) over the next five years from technology-driven disruption by startups or innovations by incumbent companies. DISRUPTORS ARE SEEING GREATER RETURNS. While a majority, 79%, say their organizations are bringing about some disruption in their respective markets, only 37% consider their companies to fully be disruptors. A total of 81% of executives who see their organizations as customer-data-driven leaders report increased revenue over the past three fiscal years, compared with 61% of those who have yet to fully engage with customer data analytics. CUSTOMER DATA AND ANALYTICS ARE KEY ENABLERS OF DISRUPTION. Executives prefer to see themselves as disruptors in their sectors, and a majority are looking to shift their business models using technology-driven products and services, or by linking up with digital-savvy players. A majority of executives, 55%, indicate that along with creating new markets and acquiring or partnering with disruptors, disruptive innovation is also achieved through leveraging their knowledge and insights into their customer bases.IN ASSOCIATION WITH TREASURE DATA | COPYRIGHT 2018 FORBES INSIGHTS | 5 LARGE PARTS OF THE CUSTOMER DATA UNIVERSE ARE STILL OUT OF REACH TO DECISION MAKERS. Most executives are lukewarm as to whether they have a single view of their customer aggregated from all of their systems and applications data. Only 34% agreed they had such a capability. A CUSTOMER-DATA-DRIVEN ENTERPRISE IS ABOUT EMPOWERING EMPLOYEES However, only 14% have given employees full autonomy to act on data insights. CUSTOMER DATA INITIATIVES DONT JUST BENEFIT EMPLOYEES AND CUSTOMERSTHEY ALSO HELP MEMBERS OF THE ECOSYSTEMPARTNERS AND DEVELOPERS. The leading benefit of customer data initiatives cited by a majority of executives, 57%, is better-quality and more-targeted interactions with partners and vendors. Another 54% seek a common enterprise view of customers through their analytics efforts. ONLY 13% OF ORGANIZATIONS EXPRESS A HIGH DEGREE OF CONFIDENCE THAT THEY ARE MAKING THE MOST OF THEIR AVAILABLE CUSTOMER DATA. Customer data is still siloed, or accessible only to select decision makers or analysts in most organizations. A MAJORITY OF ORGANIZATIONS ARE TURNING TO CUSTOMER DATA PLATFORMS. A total of 78% either have, or are developing, a customer data platform that is a dedicated environment managed by their marketing organization and is separate from other databases or platforms. A SIGNIFICANT PORTION OF EXECUTIVES REPORT POSITIVE RESULTS FROM THEIR CUSTOMER DATA PLATFORM. Executives are expressing cautious optimism that their customer data analytics will deliver enhanced capabilities in the near future. Forty-four percent report that a customer data platform is helping drive loyalty and ROI in their organization. GDPR LOOMS LARGE. For the most part, executives do not feel prepared to manage the requirements around the European Unions General Data Protection Regulation (GDPR). Only 40% consider their organization at least somewhat capable of handling the intricacies of the new regulation. SOFT SKILLS MATTER AS MUCH AS TECHNICAL SKILLS. Statistical skills are in demand, but so are presentation and sales skills (ability to sell concepts and new ideas), which ranked as the top skills required for both users and implementers.6 |DATA VERSUS GOLIATH: CUSTOMER DATA STRATEGIES TO DISRUPT THE DISRUPTORSDIGITAL DISRUPTION Digital disruption is much more than an abstract concept promoted by analysts and vendors; it is now an on-the-ground reality for most every organization. Its no surprise that many aspire to be digital disruptors themselves, and its ultimately data-driven capabilities that will lead the way.In todays digital economy, “customers buy experiences, not products,” states Mark S. Hoplamazian, president of Hyatt Hotels. This is where data comes in. Now more than ever, customer data holds the key to providing a superior customer experience, which helps propel leadership within both current and new markets.DISRUPTION IS HEREA majority of executives say the risks of digital disruption are high, and many are already feeling the impact directly in their businesses. A majority of executives surveyed, 51%, report a high level of risk to their organization (in terms of market share and revenue) over the next five years from technology-driven disruption by startups or innovations by incumbent companies (Figure 1).Already, more than one-third (35%) report a high degree of competitive disruption taking place within their sector due to the entry of technology-driven startups or technological innovations from incumbent companies (Figure 2). In addition, only 40% would consider their organization at least somewhat capable to handle the intricacies of GDPR, the European Union directive that requires companies to rethink their customer privacy policies and procedures when doing business with EU citizens (Figure 3). Only 6% would consider their marketing and sales functions to be fully ready. Figure 3. How Executives Perceive Disruption44%65% 31% 40% A customer data platform is helping drive loyalty and ROI in our organizationOur companys marketing and sales tactics are completely prepared for GDPROur customer base is changing in terms of their expectations and the ways in which they engage with usDisruptors have a competitive advantage over incumbents because they are more savvy with customer dataNote: Some charts may not add to 100% due to rounding. Figure 1. Level of Risk From Technology-Driven DisruptionNo to low riskHigh riskMedium risk12%38%51%Figure 2. Degree of Technology-Driven Disruption Faced by RespondentsNo or minimal disruptionSignificant disruptionMedium disruption19%46%35%IN ASSOCIATION WITH TREASURE DATA | COPYRIGHT 2018 FORBES INSIGHTS | 7DISRUPTORS SEE GREAT RETURNSExecutives prefer to see themselves as the disruptors in their sectors, and a majority are looking to shift their business models using technology-driven products and services, or by linking up with digital-savvy players. While a majority, 79%, say their organizations are bringing about some disruption in their respective markets, only 37% consider their companies to fully be disruptors (Figure 4).Yet its the disruptorsthe identified leaders in the Forbes Insights/Treasure Data survey who have embraced customer data analyticswho are seeing greater returns. A total of 81% of executives who see their organizations as customer-data-driven leaders report increased revenue over the past three fiscal years, compared with 61% of those who have yet to fully engage with customer data analytics (Figure 5).Leveraging customer data is also seen as one of the leading strategies for successfully achieving disruptive innovation. The most prevalent form of disruption has been through the actual monetizing of information technology: 59% of companies delivering at least some degree of disruption say they are doing so by leveraging data or software as value-add products or services. Another 57% are facilitating innovation by going outside of their organizations, either through partnerships with, or acquisitions of, innovators, startups or disruptive companies. A majority also see disruptive innovation being achieved through the deployment of customer data analytics and insights, to provide a customer experience that exceeds that offered by existing companies in their markets (Figure 6).THE MAKING OF A CUSTOMER DATA-DRIVEN ENTERPRISEFor a majority of companies, the path to disruption is by employing technologies, data and people to move forward. Ultimately, as shown, most see the effective deployment of customer data as a way to achieve disruptive innovation. So, Figure 4. Do You Consider Your Organization a Disruptor in Your Market?YesNoSomewhat37%42%21%Figure 5. Revenue Growth Among Leaders vs. Laggards8%53%26% 55% Greater than 10%+ increase1% to 10% increaseLeadersLaggardsFigure 6. How Disruption Is Being Achieved57%57%59% 56% 54% 53% 49% 55% By acquiring disruptive companiesBy partnering with innovators or startupsThrough customer data analytics and insightsBy leveraging data or software as value-add products or servicesBy entering new marketsBy introducing new/unique business modelsBy encouraging and fostering a culture of innovationThrough an innovation lab or separate business unit8 |DATA VERSUS GOLIATH: CUSTOMER DATA STRATEGIES TO DISRUPT THE DISRUPTORSFigure 7. What Does Becoming a Customer Data-Driven Company Mean to You?47%47%47%45%54% 43% 43% 43% 45% 44% 42% 44% 40% All employees have the opportunity to become data analysts to some levelThere are fewer lines of authority when making decisions backed by dataEmployees are empowered to act on insights gained from customer data analyticsData is managed as a strategic asset of the business Employees are rewarded for identifying and acting on opportunities identified through analyticsInnovation and experimentation is promoted and rewardedDecisions are made based more on data and analysis than instinctDecision making is collaborativeAnalytic insights are embedded into customer interactions and related processesBusiness and analytics teams work collaboratively on all projectsAnalytics is considered a core competency of the organization Employees can access all data sources via self-service The organization has the capacity to pivot based on data-driven business insightswhat does it take to become a customer data-driven enterprise?To most executives, a customer-data-driven enterprise is about empowering employees. A majority, 54%, say their vision is one in which employees are rewarded for identifying and acting on opportunities identified through analytics. Similarly, 47% say that their ideal data-driven enterprise enables all employees to become data analysts to some level, with fewer lines of authority when making decisions backed by data (Figure 7).At the same time, employees are constrained when it comes to acting on customer data insights. For the most part, employees can act on insights only with management approval, as stated by 48%. Another 37% have a bit more leeway, empowered to act after consulting with managers. Only 14% have full autonomy to act on data insights without management oversight (Figure 8).Leaders in the survey are somewhat more inclined to support empowered decision making, but even there, autonomy still lags. Seventeen percent of leaders allow for employee autonomy, compared with 14% of the laggards. The next step up, ability to act with consultation, is seen among 42% of leaders, versus 35% of laggards (Figure 9).Figure 8. Degree of Employee Empowerment to Act on Customer Data AnalyticsCompletely empowered to act on insights without consulting with managersEmployees can act on insights only with management approvalVery little empowermentEmpowered to act after consulting with managers1%14%37%48%Figure 9. Degree of Employee EmpowermentLeaders vs. Laggards14%50%35%1%17% 42% 42% 0% Completely empowered to act on insights without consulting with managers Employees can act on insights only with management approvalEmpowered to act after consulting with managersVery little empowermentLeadersLaggardsIN ASSOCIATION WITH TREASURE DATA | COPYRIGHT 2018 FORBES INSIGHTS | 9Customer data analytics and other initiatives dont just benefit employees and customers though; they also help members of the ecosystempartners and vendors, and likely, developersfunction better with more information. The leading benefit of customer data initiatives cited by a majority of executives, 57%, is better-quality and more-targeted interactions with partners and vendors. Another 54% seek a common enterprise view of cus
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