The ability to deploy data as a competitive business asset is what has distinguished a set of well-established, data-rich companies who have reigned as market leaders over the course of the past several decades. However, business conditions evolve, and today, these companies face a new set of challenges that threaten their hard-won leadership positions. How do these well-established data leaders transform from excellence in traditional data and analytics — of the kind that they have deployed in recent decades — to leadership in a new era of Big Data, AI, and machine learning driven decision-making? What do companies that have excelled at disciplines like database marketing, CRM, one-to-one marketing, and advanced analytics need to do to continue to stay on top?
Legacy Companies Need to Become More Data Driven — Fast
Five tactics to help established companies stay competitive.
June 15, 2021
Summary.
Legacy companies need to adapt if they want to stay competitive. They should consider these five tactics to focus their efforts and avoid wasting time, effort, and resources: prioritize the data that’s most important to their business; link investments in technology to high-value objectives; centralize data infrastructure and decentralize customer management; educate C-suite executives on the value of machine learning and AI; start small and look for measurable wins, and stay realistic about how long transformational change takes.
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