Just 38% of companies were “data-driven organizations” in 2020, per NewVantage Partners’ Big Data and AI Executive Survey. Additionally, only 28% had a strong “data culture.”
The reasons preventing these businesses from becoming data-centric — and, thereby, customer-centric — vary. For instance, some have poor data quality (i.e., low data integrity).
But many of these organizations simply don’t (or can’t) provide easy access to the comprehensive customer analytics and data-science capabilities their growth-focused teams — marketing, analytics, customer service, ecommerce, etc. — need to succeed today.
That is, they don’t have a single source of customer truth that enables data democratization:
The sharing of critical information — including and especially first-party data and related customer insights and scores — to these teams and, in turn, help them make critical business decisions in real time.
The solution to these customer data management and utilization issues?
Develop a comprehensive data democratization strategy. More specifically, one that helps business technology users responsible for interacting with customers and/or driving business growth — not just technical users — tap into the power of analytics and data science.
Data democratization: Key to unlocking revenue and accelerating growth
Adopt a direct-to-consumer business model. Implement a customer lifecycle orchestration strategy. Monetize first-party audience data. Develop new digital products and experiences.
These are some of the top growth-focused initiatives companies are prioritizing in 2021. But these initiatives can’t be effectively realized without democratizing analytics and data science to growth-focused teams.
That is, operational solutions need to be put in place to help bridge the gap between the output of analytics and data science efforts and other non-technical parts of the business who are charged with accelerating growth and/or engaging customers.
For example, marketing, ecommerce, and digital product often have to wait on over-burdened IT teams or costly agencies to create and share customer segments.
Similarly, these teams often have to wait for data scientists to build, train, and deploy customer predictive models to utilize customer scores generated from said models.
By the time these teams receive said segments and scores and/or insights derived from the deployed machine learning models, the data are hours, days, or weeks old. This, in turn, neutralizes their ability to deliver bespoke experiences across touchpoints.
Transformation-minded businesses are addressing this need for analytics and data science democratization by investing in customer data platforms (CDP) like BlueConic.
Why? Because our pure-play CDP:
- Unifies first-party data at the individual level
- Makes that data available to all growth-focused teams and their tools in a format that allows them to better understand and engage customers
- Allows them to leverage customer analytics and machine learning with ease thanks to insightful dashboards and out-of-the-box predictive models
That is, our CDP empowers them to deliver a fast-moving, end-to-end customer experience (CX) that leads to greater satisfaction and loyalty and mutually beneficial relationships.
Organizations that use BlueConic can provide this top-tier CX — and, just as importantly, unlock new, scalable revenue-driving and ROI-improving opportunities — by implementing the aforementioned initiatives with democratized customer data.
For example, Belgian Cycling Factory (BCF) saw rapid revenue growth with BlueConic:
- Seven months after implementing our pure-play CDP, the manufacturer had created 1 million individual-level profiles for prospects and customers.
- This unified (and democratized) data helped the company identify which bike models sell most often at each dealer’s showroom across territories.
- Increasing inventory of top-selling bikes at the appropriate stores, based on this data analysis, led to a 15% rise in revenue for Belgian Cycling Factory.
But one thing is clear: Democratizing customer data and related audience insights and scores across the organization has enabled all BCF teams to become more agile and efficiency and its leadership team to make better-informed, real-time business decisions.
BlueConic: The ideal analytics and data science democratization solution
Attempts to repurpose database solutions designed for internal-facing parts of the business (e.g., operations, finance, data science) have proven ineffective for many companies.
Why? Because these legacy technologies, including master data management systems and data warehouses, don’t enable external-facing (e.g., consumer-centric) business users and teams to work effectively and efficiently in their day-to-day.
With BlueConic as their central system, though, these teams are set up for success.
For instance, BlueConic customers get the aforementioned insights and data-science capabilities in a single UI as well as a true single customer view, which enables them to:
- Confidently utilize dynamically updated, accurate customer data: All data sources from all tools in their database ecosystem sync in persistent profiles in BlueConic, which update as new events (purchases, site visits, email and ad clicks, etc.) occur. This means marketing can activate data knowing it’s always consented, up-to-date, and accurate.
- Build multi-dimensional customer segments that update in real time: Minutes, not hours, days, or weeks: That’s how long it takes to create segments in BlueConic. Aside from the time savings, segments built in BlueConic update as individuals’ profiles update. That means individuals fall into and enter segments as their profile attributes change.
- More efficiently analyze and interpret data in a single user interface: Data analytics and marketing pros alike can easily evaluate behavior and engagement data for segments using the Profile Recognition Dashboard and Segment Comparison Insight. (Some customers, like goba Sports Group, even use BlueConic as their main BI tool today.)
- Develop and deploy machine learning models in AI Workbench: This constantly refreshed data also enables business users to construct predictive models, including out-of-the-box ones that calculates individuals’ propensity to buy and churn (for non-tech-savvy users) and custom models using our Python notebooks in AI Workbench.
Some legacy systems unify all customer data. But only BlueConic provides an actionable single customer view that enables efficient analysis, activation, segmentation, and modeling.
Where to start with your analytics and data science democratization efforts
Companies’ tech stacks continue to grow. And yet, organizations continue to only utilize just 58% of their stacks’ “full breadth of capabilities,” per Gartner’s 2020 martech survey.
A big reason many businesses don’t tap into their technology’s full potential?
They lack an advanced single source of truth that connects with all other tools, resolves and normalizes data, and makes it accessible and actionable to all who need it.
And there’s no better system to enable data democratization — specifically, analytics and data science democratization — than BlueConic’s customer data platform.
Of course, onboarding our CDP is just one key step to building a data culture.
As BlueConic COO Cory Munchbach explained for Toolbox for Marketing, the best data-centric cultures are built top down. That is, business leaders prioritize change management.
“[A] lack of investment in people and process compromises how effective the technology can be. Only when all three elements work in unison can [technology users] orchestrate effective change within the organization and maximize the value of a CDP,” Cory noted.
Upskill your existing personnel and/or add new team members as needed. Outline clear processes around data governance, utilization, and access. Ensure all tech users understand how to extract value from your solutions — including and especially your CDP.
Carry out these core action items, and your growth-focused teams will be set up for long-term success — and able to execute once-arduous technical tasks, like deriving insights from analytics and employing predictive machine learning models — all on their own.
Learn how our pure-play CDP can help you democratize analytics and data science across your organization. Request a BlueConic demo today.