So, what is data strategy?

A data strategy is a commonly agreed (business and IT) plan for the short- and long-term utilization of data derived from an organization's business and service strategy and objectives. Its purpose is to help an organization to achieve its long-term goals by emphasizing the special nature of data and knowledge as the common and strategic capital of the organization.

Having said that, the first mistake is to give IT department and CIO the task and mandate to develop an organization's data strategy.

Digital Experiences are at the heart of Siili’s operations and the spearhead of our strategy. The discussion around compelling Digital Customer Experiences is an increasingly hot topic, but what exactly is Digital Customer Experience and why is it so vitally important for companies?

Here, we wanted to offer a quick access to the topic and serve you the basics, so keep on reading.

In the digital age, being able to make data informed decisions is not optional – it is essential. Organizations that use data to make decisions simply perform better. *

The COVID-19 pandemic has accelerated the need for personal, human connection and communications. Sustainability and digitalization were already trending before the pandemic, but online shopping took a major leap forward when people were forced to stay at home.

As the digital channels gained more importance, these personal connections have taken on a new level of importance. Digital customer experience must be emphatic, and brands need to scale empathy with increasingly personalized communication.

Scene: the management team is having a meeting and looking at NPS metrics. The rate has declined from safe 42 to concerning 27. Panic is raising, something is wrong – but what exactly is wrong? Is there a fault in the product? Has something changed in our customer service operations? Are the competitors doing something differently? The fact is, nobody knows or only has a vague guess. Maybe it's comforting to know that this is not uncommon at all. For a while NPS has been THE metric for everyone to follow, and regular NPS surveys are a common thing to monitor customer experience satisfaction in countless of companies. But like the management team, are you as clueless on what NPS indicates? If the numbers are descending, do you really have a hunch of what’s going on?

Increasingly accelerating digitalization requires a carefully thought-out modernization strategy, as well as controlled design and implementation. Technological development and market turmoils are changing the playing field and rules of the game. A good decision made just a few years ago may today be revealed to be the burden of tomorrow, while the goal posts are moved forward.

Digital customer experience, DX, has become a strategic viewpoint in the intensified competition between organizations. The organizations who fail to deliver a seamless interplay between relevant content, easy experience, and continuous services from the first touchpoint throughout the entire journey, will lose their customers to the competitors, who are just a click away.

Most organizations, regardless of industry, want to assure a personalized customer experience. Yet, finding the right approach and investment level is not always easy.

Most companies operating in e-business in industries such as retail, media and digital entertainment face the question of recommendation and personalization: how to personalize their website for each customer and how to choose and rank a small number of most relevant products from a large catalog in order to maximize customer interest and conversion.