Data analysis and the ability to manage information about customers in real time is essential to develop successful business strategies. Implementing a Costumer Data Platform (CDP) and Data Governance tools allows placing customers at the core of the strategy, thus increasing business.
Understanding customer preferences and behavior patterns is a requirement nowadays. Companies need to manage homogeneously the information obtained from different sources. That is why data analytic tools are critical to understand their needs and wishes. However, according to the Observatory Big Data Analytics & Business Intelligence of Politecnico di Milano, the current scenario is substantially different. Main Italian companies are far from being homogeneous in terms of data analysis:
- 60% have relationships involving the exchange of data from different external sources.
- In contrast, 40% use only internal data. This is a clear symptom of the delay in the capacity to make use of new data sources.
The solution: Customer Data Platform and Data Governance
Having a Costumer Data Platform (CDP) and implementing Data Governance solutions can solve this issue by simplifying the process of collecting and managing customer information.
- A CDP uses advanced technology, such as deterministic algorithms and predictive models based on Artificial Intelligence (AI) and Machine Learning (ML). The platform aims to consolidate information from different sources.
- Data Governance encompasses the fundamental processes to ensure data quality, tracking data in business processes and mapping their stages.
Solving the lack of homogeneousness in data analysis is possible with the implementation of these solutions, since:
- They allow companies to make better decisions and to receive predictive recommendations adapted to their specific contexts.
- It is possible to reach a real time processing. This is a common need: the Observatory research reflects that 44% of large Italian companies have implemented plans to speed up analyses (with update frequencies of 15 and 30 minutes).