Travel and vacations do the heart good. Now picture a cruise ship. As people slowly set themselves up to enjoy a lazy sunny afternoon at the bar, the bartender offers to bring them their favorite drinks. She even knows how they like their Pina Coladas—shaken or blended!
In today’s hyper-personalized world, customers’ preferences (read customer data)—travel with them at all times. And, businesses are tapping into this data to tailor customer-centric strategies—offering them with what they want, at their preferred time and via their favored channel(s). This data supply chain—from the point data originates to where value is generated—is helping businesses deliver more personalized, curated customer experiences.
Dipping into data…data that delights!
While businesses turn to data to extract maximum insights and value, the increasing data volumes, velocity and complexity necessitate the need to re-invent their approach—from a monolithic and linear data supply chain to an agile, iterative and real-time New Data Supply Chain.
Take the retail industry, for example. Back in the age of “insular data,” barcode data generated at retail stores was used to track monthly sales, with storage taking place on an application database. This was followed by a phase of “intermittent insights” when enterprise data—stored in the data warehouse—was helping businesses maximize sales and coverage and achieve better conversions.
Today, with the New Data Supply Chain, businesses can generate real-time “intelligence” that is machine/deep learning-led and powered by the cloud. This intelligence is helping retail stores accurately anticipate customer needs and preferences, delivering a hyper-personalized experience at every possible touchpoint. This has enabled several retailers around the world such as Target and Best Buy to make on-the-spot promotional offers converting borderline cases into real sales.
Navigating the New Data Supply Chain
Accenture’s approach to developing a robust New Data Supply Chain is one that can be easily implemented and configured to work within any environment—on-premise, cloud or hybrid. We augment every link of the data supply chain to free up blocked data so that businesses can consume it—at speed and scale. After all, if the data supply chain is broken at any point, businesses may need to make manual interventions that could prolong the time to market of new products and services.
Our approach uses advanced automation technologies and tools to unify big data from multiple sources, curate it and make the data flow seamlessly. It also brings the idea of democratization of data to life where crew on a ship, for example, are empowered with rich customer data—through customer profiles built from both structured and unstructured data. With this data, they are better equipped to make insight-led decisions that delight the customer.
In the future, businesses that stay invested in building a New Data Supply Chain—to ensure data acquires greater value as it moves along the supply chain—will lead to be truly data-driven businesses. From banks using automated machine led-data discovery and profiling to achieve regulatory compliance to oil rig personnel leveraging real-time location data to anticipate a blowout, the possibilities are truly transformational. For those who choose to wait it out, they could be stranded in a choppy data landscape.
Watch this space to read our upcoming point of view on the New Data Supply Chain and how it impacts your business. To know about Accenture offerings in New Data Supply Chain, reach out to the authors.