Technology

Decision Making: 5 questions that you must ask

How does data make us more competitive?

The digital economy is providing companies with a plethora of information about their customers, from how they drive cars to what sorts of products they like to buy. Analysing data is helping firms bring meaning to the huge volume of customer information companies harvest – firms that do so have been gaining a competitive edge as they are able to understand what a customer wants.

Do we have the right technology?

The digital economy is providing companies with a plethora of information about their customers, from how they drive cars to what sorts of products they like to buy. Analysing data is helping firms bring meaning to the huge volume of customer information companies harvest – firms that do so have been gaining a competitive edge as they are able to understand what a customer wants.

Who is the champion of data management?

Many companies are now appointing Chief Data Officers (CDOs) to oversee how their data is managed and used to improve performance in the various departments within an organisation. For example, CDOs can look at how data can be used to improve sales or marketing. Having a specialist such as this at the top of the hierarchy can lend firms a greater awareness of what it should be doing to meet the overall objectives and goals.

Can your company respond fast enough?

Companies implementing agile technology are able to deal with sudden changes on the fly. For example, a retail store may want to hold an online sale, for which it needs a system that can deal with a sudden influx of customers. Agility means adaptability which means swift response to the demand.

How can we exceed customer expectations?

More, better, faster - the customer never compromises. Machine learning and other cutting-edge technologies, like AI and IoT are helping firms go the extra mile in understanding their customers, and can devise personalised experiences for each one.

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