How to boost your business with data?
Zoox spoke with André Miguel, CIO of Intelligence, and Fernando Dias, Data Analyst, to understand how data can once and for all change the trajectory of a company and guide it to success.
It's no big news that data is a company's main asset. Every now and then, there are accusations of leaks that flood the media, and also updates in the current legislation for data security.
However, an infinite amount of data has no value if it is not hygienized, organized, and analyzed.
Once this process is more defined, companies can extract valuable information and decisive insights, instead of making decisions based on guesswork.
Throughout this article, you will...
- Understand when this digital innovation strategy started
- Identify what are the biggest obstacles to data-driven transformation
- Have access to the free Ebook on Data Driven Culture
- Know how to use data to leverage your business
- Read 4 things your company can do with data
- And get to know the Zoox Eye tool
When did this digital innovation strategy start?
According to Fernando Dias, Data Analyst at Zoox, the whole process of digital innovation - to anticipate trends, identify errors, among other strategic advantages - seems like something new, but it has been around for over 100 years.
But the highlight goes to two cultural changes that society suffered in the arrival of the 21st century and that accelerated this process.
"At the beginning of the century, the popularization of the internet, accessibility, connectivity, allowed us to leave the physical world to the digital world with more strength", he recalled.
In this sense, the famous Digital Transformation that some companies are going through is defined as a process in which companies use digital technologies to solve traditional problems, but in a more optimized and faster way.
"We used to write letters and now we use email, we used to make documents by hand, and now we use office packages, and this change now is just as revolutionary! APIs, systems that do inventory management as a whole, and CRMs that control sales are great traditional problem solvers. And big data comes as one more solution", compared Fernando.
What are the biggest obstacles to data-driven transformation?
The biggest difficulties in this transition are related to the company's cultural barriers to initiate a data-driven transformation. An Infobase survey highlights that :
- 65% of the obstacles are related to cultural factors.
- 64% face barriers to embrace data-driven initiatives
- 75% lack more tools and experts in the area
According to the CIO of Intelligence at Zoox, André Miguel, "it is necessary to foster a process of convincing managers and decision-makers of the importance of this change, so that this becomes a guideline for the company. This movement is even more important when we think that it takes more than just one month to achieve results with data", he weighed in.
However, André emphasized that soon we begin to see the advantages of implementing this strategy, once even the mistakes are noticed and fixed more quickly in a data-driven company.
But then, how do you use data to leverage your business?
The benefits of this strategy are many. But, in general, the result boils down to an impactful optimization of processes and a sharp improvement in customer experience as competitive advantages.
According to Fernando, when a big data and data intelligence technology service is implemented, a company can gain an agility in decision-making and a scalability of services never before achieved by investing in a digital transformation.
"Imagine the feeling, for example, of a customer when interacting with an attendant and being able to pick up his product minutes later or have it at home within a few hours. Companies that do this have big data solutions behind them. And when the customer is well served, he is more likely to continue buying, recommending, and prioritizing your services over those of your competitors, even if there is a price disadvantage", he argued.
With well-defined strategies, it is possible to start a data-driven strategy and begin implementing solutions like the pickup and delivery one mentioned by Fernando.
See below for other advantages.
4 things your company can do with data
1) offer the best price based on the customer risk
In a broker/insurance company, for example, understanding the profile of customers is essential to offer insurance, loans or financing assertively, for example.
"Data can help you understand what that customer's risk is for you, the chance of being a defaulter in the future, and offer dynamic pricing that benefits the customer who has a good rating while offering higher rates to customers with poor ratings", explained Fernando.
2) use recommendation services
In online sales sectors (e-commerce) and streaming platforms, for example, recommendations (Next Best Action) are valuable to keep the customer close to the brand and consuming on a recurring basis.
"I really like this example because it makes the added value more tangible. This is an absurd experience improvement and totally based on data", according to Fernando.
3) anticipate possible customer losses and identify problem areas
Data becomes the "state of mind" of a company once it is implemented. If when looking at the company's data, there is dissatisfaction from some customers, then it is possible to try to save that relationship before it ends.
"Offer new possibilities to avoid losing the client, interact, and make the communication channel a space for offers, renegotiation", warned Fernando.
It is also possible to find out if your production is efficient, where you are losing money, and where you need to improve.
4) Make your best customers loyal
Rewarding customers who are good buyers - either by frequency of purchase or amount spent - is a way to turn them into spontaneous promoters of the brand.
Fernando explained that "building loyalty is about offering advantages, giving discounts, promotions, cashback, and all this evaluation and system can be done with data”.
Now that you know some of the potential that your company can explore with data, it is important to emphasize that it is not enough just to collect a mountain of data and not know how to analyze it.
Without data analytics the extraction of insights is not possible and that is why "data needs to be the means, not the end".
If your company has this problem... Congratulations!
Has it ever happened that your SAC is talking to a customer, then that same customer wants to solve a product problem on chat, while he is in a physical store wanting to buy a new one...and your company cannot identify him/her as the same person?
If consolidating data from different areas and sources to build a unique 360° view of your customer is a problem in your company, you can already "celebrate" for 2 reasons:
- Your company is one of the few that is at this stage of digital maturity to have this kind of problem
- There are solutions!
There are different platforms to choose from - CDP, CRM or DMP - but the main thing, even before the choice of platform, is to have an understanding of your customer as a whole and put him at the center of the decision making.
"All indicators grow together when you put the customer at the center, because the customer's wishes become what drives the company", highlighted Zoox's CIO of Intelligence.
And to put this plan into practice, it is important to pay attention not only to the legislation in force regarding sensitive personal data, but also to the team that will filter this data and bring answers to the next steps of your business.
For André Miguel, it is no longer necessary to have a large team of specialists and a robust infrastructure to solve this problem.
"Bringing in a partner company can greatly reduce the costs with IT professionals, which are highly coveted in the market, in addition to reducing operational costs with big data. But choose carefully and see if the (partner) company works to keep your customers' data secure".
In the case of Zoox's Intelligence vertical, our life-long CDP has a data squad specialized in big data projects that accompanies the entire implementation process and helps your company gain autonomy to perform analysis and, when you want, be able to "walk on your own two feet”.
"Having a team that thinks the predictive models for you, customized or pre-built, and extracts the most relevant information to optimize processes and resources is a huge accelerator on the path of data-driven consolidation in a company. This in itself is a competitive advantage", André emphasized.
Get to know Zoox Eye
If the focus of your company is to grow and consolidate itself in the market, marketing campaigns are one of the keys to that success. And with Zoox Eye, Zoox's long-life customer data platform, you can get closer to that goal.
With Zoox Eye, marketing campaigns can rely on detailed customer profiles, making it easier to understand customer needs and build strategies that favor conversion.
This all-in-one CDP offers all solutions in a single tool, without the need for support systems. It unites practicality and continuous action in data collection and qualification, tracing a 360º profile of your customers.
Other plus points are the data visualization in dashboards customized for your business with our integrated market BI solution; and the analytics models - ranging from store performance to risk models.
Zoox Eye is the best technology solution to leverage your customer relationships and ensure your company's success.
Visit our website to learn more about this and other solutions that will make a difference in your strategies.