Take your business where your digital consumers are - on the cloud! Part 1
The CTO of a leading automaker recently asked me how he could access personal information such as birthdays, anniversary dates, or other significant events in their customers' lives to be able to serve them better. More particularly, he was interested in getting this information in real-time on occasions such as when they approach a POS terminal or an associate in a dealership or merchandise store. He was looking for ways to drive a more personalized customer engagement: mechanisms that could extract relevant and useful insights from multiple sources of customer data to empower the sales team and make highly customized and compelling offers to the customer.
Essentially, his question represents an on-going paradigm shift in the mindset of CXOs in today's enterprises - from traditional ways of doing business to leveraging the power of digital channels. And the main reason for this is the rise of the digital consumer fuelled by the big bang of Cloud. In this three series blog, I would like to discuss about how cloud is driving "consumerization of enterprises".
High-speed connectivity and information transparency of online and mobile channels has spawned a new breed of Gen Y customers that are well-connected through multiple devices, expressive and ready to engage with an attitude. This changing customer demographic means that enterprises have to find new ways of getting their attention - and winning their trust.
Today's customers are sharing and accessing tremendous amounts of data, a bulk of which resides on the Cloud, through social media sites and various other interactive channels. In 2012 alone, consumer-generated content accounted for 68% of information available through various devices (TV, mobiles, tablets, etc.) and channels (social media, videos, texts, etc.). Much of this information is extremely valuable if we can access and analyze it. In fact, by 2020, 33% of the information that resides in this digital universe will have critical analytical value, compared to today's where one-fourth of the information has critical analytical value. This is will be an increase of 7% in 8 years on a total data volume that is growing at 40% year on year (2).
In my next blog I would be talking about how cloud and Big Data are driving actionable business insights for enterprises for digital transformation.