Any business succeeds by making sure that its offering fits the needs of others, either individuals or other organisations. That offering should never remain static! In the age that we live in, if you do not strive to validate that you are continuing to meet their needs then you will be overtaken, or replaced, by businesses more capable of fulfilling those needs.
That validation can be based on opinion, as has been the case for decades, or can be driven by objective data from all the steps involved in the delivery of that offering. Whether you call this digital transformation, hyper-personalisation, data-driven decisioning or artificial intelligence (in the form of machine learning) it is about utilising vast quantities of data from internal and external systems, AND consumers of your offering. Though the former are relatively easy to come by, you own them (either directly or indirectly) data about individuals is not so easy to gather; anonymous data is easier, but hardly relevant to personalisation, and attributable information relies on you being able to persuade real people to;
It relies or your organisations relationship with those people. It relies on you imbuing their TRUST
Any gaps in the data then you are going to get skewed results, whether they are interpreted by a human or an algorithm. So pursuing down a path of spending money on technology to harness data is hardly likely to yield results if you do not have all the data. And that data can only be gathered by building the trust of your current customers. The extent of trust of some of the most successful organisations, they have built trust to the extent that it has resulted in this statistic, “46% of people would bank with Amazon/Google/Facebook if they offered that service”.
Read the next post here