Steps to Achieve Data Ownership and Real-Time Analytics
Part of the strength of a business relies on the data it controls. A business with ownership over its data is in a stronger position to control its future. Not passing all control to third-party providers has significant benefits.
The Consequences of Platform Dependency
Forty-six percent of respondents said poor business processes result in higher risks of manual errors, mistakes, or making the wrong decisions. Additionally, fractured organizations lead to a 24% drop in productivity across the organization.
Consider the hypothetical scenario where all third-party platforms cease to function. This extreme example underscores the reliance businesses have on these platforms. Without them, companies may struggle to access their data, leaving them unable to perform essential analytics tasks.
Steps to Take Control of Your Data
Evaluate Current Data Practices
Assess how data is currently gathered, stored, and accessed across all platforms.
Implement Data Portability Solutions
Invest in tools that allow for easy data migration and access.
Focus on Real-Time Analytics
Develop or adopt systems that facilitate real-time data collection and analysis.
Ensure Comprehensive Data Ownership
Strive to maintain ownership over all data points, enabling a unified view of customer interactions.
The Path to Affordable and Scalable Data Solutions
By 2026, AI-driven product and customer experience (CX) analytics tools will be the primary source of insight for 40% of digital product enhancements, up from 10% today.
There is a pressing need for more affordable, scalable solutions that can provide the same level of data ownership and real-time analytics capabilities. These solutions would empower smaller businesses to compete more effectively by leveraging advanced data insights and personalising customer experiences through AI-driven models. Focused, scalable, and with data ownership solutions are possible, enabling businesses to access tools typically reserved for enterprise-level platforms. Access to raw data for training AI models can provide a critical competitive advantage.