As platform businesses strive to remain competitive, success will depend on their readiness to leverage data effectively.
Given the world’s digital environment, data can be analyzed and interpreted in real time, allowing businesses to respond quickly to market demands and customer preferences.
The PYMNTS Intelligence report, Platform Business Data Readiness Study: How Real-Time Data Can Drive Growth, explores how organizations are approaching data readiness and its impact on operational efficiency and customer relationships. It is revealed about.
Data readiness
Only 28% of platform companies say they are fully data-enabled. This lack of readiness poses a risk to competitiveness as companies struggle to take advantage of data-driven opportunities. Organizations that achieve higher levels of data readiness realize benefits such as a 32% increase in customer retention.
This statistic shows how important it is for businesses to invest in technology and processes that support comprehensive data integration. Companies that fail to prioritize data preparation risk falling behind as competitors use insights to enhance their service offerings. Additionally, data-ready companies can streamline their operations, resulting in lower costs and increased profitability.
Improving customer experience with data
Real-time data is needed to streamline operations and improve customer experience. According to the report, 54% of businesses using real-time insights can better tailor their services to customer demands. This personalization increased satisfaction and loyalty. For example, companies using real-time data analytics report a 40% increase in customer engagement, demonstrating the tangible benefits of investing in data preparation.
Personalized interactions not only improve the customer journey, but also drive repeat business and solidify your brand’s reputation in a competitive market. Additionally, a deeper understanding of customer preferences allows companies to create targeted marketing campaigns, optimize return on investment, and ensure that promotional activities resonate with their target audience. .
Future trends in data usage
In the future, the way we use data will change. According to the report, 63% of platform companies plan to deploy artificial intelligence and machine learning to enhance their data analytics capabilities. These technologies pave the way for organizations to predict trends, optimize operations, and drive innovation. As data privacy regulations become more stringent, companies must adopt responsible data practices to ensure a balance between growth and ethical considerations.
Adopting these technologies will not only position your company for future success, but will also help build customer trust by demonstrating your commitment to data security and responsible use. As the industry evolves, companies that prioritize data readiness will be better equipped to manage the challenges and seize the opportunities in the connected economy.
Businesses that prioritize data readiness can identify emerging trends, optimize operations, and improve customer experience, leading to increased loyalty and retention. Investing in an effective data strategy will streamline processes, help your business take advantage of new opportunities, and help you remain resilient in a competitive environment.
More information: Artificial Intelligence, Connected Economy, Data, Data Analytics, Digital Transformation, Featured News, Innovation, News, Privacy, PYMNTS Intelligence, PYMNTS News, PYMNTS Research, Security, Technology, Platforms Business Data Readiness Study: How Real Is Data? can promote growth
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