Do you have a complete, comprehensive, single version of the truth about your business?
One of the key milestones on the Digital Journey starting with a Digital Strategy, Digital Transformation and then sustaining on Digital Innovation is the point where the enterprise reaches a point of data maturity powered by a single, organization wide, consistent version of the truth including the state of the customers and the state of the business and the state of the employees. This point is critical as it becomes the launchpad for several, forward looking initiatives including Artificial Intelligence, ChatBots, Blockchain etc.
A Complete version of the truth ensures that the following criteria is met:
The key entities that need to be tracked to generate a complete, comprehensive version of the truth are the following
Employees, regardless of customer facing or not, need to be understood including where they excel vs. struggle and where their struggle impact the customer experience. Key information about employees that should be tracked is what the employees are working on, how productive they are and how often they introduce delay and errors in business processes.
Business visibility requires that the enterprise be able to track key metrics such as customer lifetime value, customer attribution, customer acquisition cost and customer satisfaction. In addition, the stage of the customer ranging from prospect to commit to paying customer to abandoned needs to be tracked. In addition, the customer’s quality of service and experience needs to be tracked and understood.
The most critical of the three is the understanding of the customer. Customer KPIs have a direct impact on and are completely impacted by the Business and Employee KPIs. It is extremely important to understand how customers are searching for, discovering, learning, understanding, using and continuing to use the product and services delivered by the enterprise. In addition, it is important to understand what capabilities drive what kind of value to the customers and what the signs are of a happy or dissatisfied customer.
A complete version of the truth requires a comprehensive view of the history across all entity pivots (employee, business, customer). The historical view should offer, over time, as granular as possible data about how key entities and their behavior and activities have changed over time.
The current view offers insights into the current state of employees, business and customers where current is the recent path, near real time and when required, real time behavior, activities, and state. This view enables the enterprise to react as soon as possible to changing events, behaviors and attitudes.
Future Predictive VIew
The future predictive view offers predictions of the behavior and activities of the customer, business, and employees enabling the enterprise to prepare to deal with the possible impact or change the course of future events.
A single view refers to the existence of one version of the data that is universally recognized as the authority on the complete operations of the enterprise including its business, customers, and employees. The existence of a single view is critical as all key analysis and initiatives in the company should be backed by this universal data set. When the enterprise lacks such an authority, even the best quality insights and analysis can be incorrect when based on competing or multiple versions of the truth.
A comprehensive view refers to the inclusion of all key signals, descriptors, events and entities including customers, business and employee attributes that come together to create, generate, deliver and validate the value that an enterprise strives to deliver. Comprehensiveness ensures that all the information required to understand, drill into and hypothesize ti describe or explain key events, behaviors, and actions. A comprehensive data set reduces the data collection, enhancement, and enrichment cost that is otherwise needed if the data is not comprehensive.
A Complete, Comprehensive, Single View of the Truth
Enterprises need a data fabric that cleanly records and describes all operations of the enterprise enabling multiple functions in the enterprise to carry out their tasks with the highest quality data and insights to aid in thier decisions and actions. This truth enables the enterprise to align itself with its strategy and align its employees and divisions with each other towards the same set of goals. This is the truth that enables enterprise to leverage the best in class technologies to create the data into a competitive advantage.
A digital organization not only has a complete view of the ground truth but this truth is shared among the employees and the customers who they serve. Talk to us to see how The AI Company can help you get there.