WHY WE ADVANCE THE DATA-DRIVEN JOURNEY
INNOVATION Our vision of continuous improvements and progress is essential in assisting companies that incorporate data and analytics into their business strategies. We firmly believe that with the correct use of data, major gains can be achieved in innovation, workplace democratization and enrichment of the customer experience. This conviction is an integral part of what inspires and engages us in making a difference. In this book, we share some of our thoughts on how data can drive improvements in innovation.
Innovation as such is not new, of course. The difference now is that the new technology allows us to analyse billions of data points, hundreds of thousands of images and millions of chat bot interactions. Data has become the raw material we feed our machine-learning tools. Being data-rich is good but does not bring success on its own. You also need curious staff members with naturally inquisitive minds. That´s why many data-driven companies have a corporate culture that actively encourages iteration, experimentation and exploration. Leaders of these companies have seen that curious employees are typically better at searching for information and generating multiple alternatives, developing hypotheses, sharing information more openly and listening more carefully. And it is not just about the innovators. It is about leveraging the human curiosity that every one of us possess. In a data-driven company, data and insight are made available to everyone throughout the organization. This means that data and insight can empower and enable those who know most about a process or function to innovate. Making data available is the key that sparks innovation – the engine of continuous value creation – paving the way for the sweeping democratization needed in gearing up a company so that it can reach the next level on its data-driven digital journey.
“From very early on in Amazon’s life, we knew we wanted to create a culture of builders – people who are curious, explorers. … have a humble conviction that success can come through iteration: invent, launch, reinvent, relaunch, start over, rinse, repeat, again and again.” Amazon CEO Jeff Bezos
WORKPLACE DEMOCRATIZATION Our vision of continuous improvements and progress is essential in assisting companies that incorporate data and analytics into their business strategies. We firmly believe that with the correct use of data, major gains can be achieved in innovation, workplace democratization and enrichment of the customer experience. This conviction is an integral part of what inspires and engages us in making a difference. In this book, we share some of our thoughts on how data can drive improvements in workplace democratization. A data-driven company enables all members of the
Data-driven companies can collaborate more
organization to have instant access to the informa-
efficiently and make critical decisions faster by
tion needed to make data-driven decisions. With
leveraging master data to arrive at a single
multi-team access to centralized platforms, all data
source of truth. Not only can this data be used
is available to everyone, as opposed to only a few
with confidence and trust, your processes will
specialist roles. This means that data, facts, and
not be disrupted by another team´s views or
insight are part of the company culture from the top
conclusions.
down and the bottom up. Through data visualization, information can be passed on in a clear and impact-
All in all, people are empowered to do their very
ful way.
best, which produces more value, especially for customers. Democratization serves as the engine
But enabling employees to know more in a data-
for creating value and steers companies on their
driven company is not just for the sake of making
data-driven digital journeys towards gaining even
them more knowledgeable. Companies can also
more satisfied customers.
expect that processes such as idea generation, project evaluation and decision-making will be based much more on facts and insight than before. Gone are the days when decisions were made based solely on someone’s winning personality, way with words or rank on the corporate ladder. This has changed. People can now voice their opinions, leverage their creativity and give critical feedback based on facts.
”… avoid relying only on the highest-paid person’s opinion (HiPPO) when making decisions“… crowd voting can vastly improve the chances that a strategic decision, such as product selection, will lead to success.” K. Lakhani, in HBR
CUSTOMER EXPERIENCE Our vision of continuous improvements and progress is essential in assisting companies that incorporate data and analytics into their business strategies. We firmly believe that with the correct use of data, major gains can be achieved in innovation, workplace democratization and enrichment of the customer experience. This conviction is an integral part of what inspires and engages us in making a difference. In this book, we share some of our thoughts on how data can drive improvements in the customer experience. Almost everything is a commodity. Just ten years ago, we were talking about creating brand experiences. Brand owners encouraged their customers to live the brand and its brand values. Today, the focus has shifted from branding to the product or service experience in all customer interactions. In our view, it is the increasing abundance of choices in the digital world that has emboldened customers to expect more. With consumers ever-increasing expectations, companies slowed by manual processes and guesswork will struggle to keep up. Data-driven companies have a big advantage because they can meet the needs of their customers armed with more insight, more agility and with lower costs than more traditional companies. And not only that, they are also able to map, coordinate and control their customers´ entire experience of their products or services – before, during or after a purchase is made. These companies can then determine how they can further improve individual touchpoints to create a more attractive, tailored and personalized experience.
Customer experience leaders have more than a 16 percentage point advantage over customer experience laggards in consumers’ willingness to buy more, their reluctance to switch business away, and their likelihood to recommend. Temkin group
Pedab helps organizations stay one step ahead using best-of-breed IT solutions. We offer solutions and services to enhance IT-environments for measurable business results. Together with our ecosystem we offer everything you need for your digital journey in terms of skills, technologies and strategies. Please visit our website Pedab.com