In a recent MartechBrain conversation, Kedar Parikh, my colleague at Netcore overseeing product management and machine learning, explained about the Data Flywheel using this graphic:
Data to Insights to Intelligence to Decisions, which leads to further enrichment of the Data. And that’s how the flywheel turns. Faster and faster. With more and more data. Creating better customer experiences. Omnichannel and personalised.
Customer data will be the new engine, differentiator and moat for B2C companies. As the share of digital rises, more and more data is being generated. Every click, every swipe, every action, every transaction is now available for analysis and reaction. Until a few years ago, even if a marketer collected a lot of individual-level data, it was very difficult to analyse and come up with actionable insights in real-time. This has all changed with the available of cloud computing and AI-ML.
Data can be sent, stored, and analysed in the cloud in real-time to create differentiated experiences. Campaigns, journeys, personalisation across all engagement channels can be done at a scale that was unimaginable just a decade ago. Software-as-a-service (SaaS) is now combining with the Data Cloud to take Martech to its logical next step – omnichannel personalised experiences.
There is a lot of room for improvement. Today’s customer experience leaves a lot to be desired – especially for the Best Customers.