Organisations need to have a holistic view of their business to truly maximise the value of their data and analytics, writes RICHARD MULLINS, Director at Acceleration Middle East and Africa.
Most organisations today are taking a more data-driven approach to everything from sales and marketing to operations and human resources. Yet few of them have the real-time reporting information or the integrated, holistic view of their businesses that they need to truly maximise the value of their data and analytics.
In many organisations, it can take six weeks or more to receive reports in a format that anyone in the business can understand with a glance—based on data that might already be out of date. What’s more, data often sits in siloes scattered across the enterprise; even where consolidated reports are available, they may exclude many parts of the business.
The result is that the sales team may have data on hand about orders placed and fulfilled as well as inventory levels, yet little insight into how marketing has helped to achieve conversions or how many complaints the service team is fielding about a particular product line. Distribution and production might have sales forecasts, but no data about customer satisfaction.
Bringing it all together
The marketing department, meanwhile, may be happy with its brand health tracking, ad reports, social media monitoring and web analytics, yet struggle to accurately attribute the impact of marketing spending on sales. Indeed, few marketing departments can yet model the impact of different channels and touchpoints on customer conversions.
Thus, one of the largest challenges that organisations face in becoming more data-driven is to bring data together from different systems across and within departments to provide the big picture about how customer behaviour, sales, branding and marketing efforts, production, customer service and other facets of the business interact to drive sales and profits.
It is here where the latest data visualisation tools can play an important role, allowing executives to turn the data from different systems, channels and departments into purpose-built dashboards that offer a view of how their business is doing. They provide visual cues of the customer journey that spans from finance to operations to sales and marketing.
New insights unlocked
Suddenly, new insights are unlocked for everyone in the business. Consider a car manufacturer and its dealer network as an example. With access to richer data from production and sales, marketers can begin to really optimise performance. They can see how sales of the new car model are performing by region, perhaps gaining insight into how well regional marketing and advertising activations are working.
It becomes possible to get a view of how online customer engagements are bringing people into the showroom as well as the halo effect traditional branding advertising has on sales. Sales and marketing can correlate a dip in customer satisfaction (reflected in negative social sentiment and complaints to dealers and the call centre) with a drop in sales. They can look into inventory and fulfilment data to see whether a colour or model going out of stock has hurt sales.
Getting to this level of insight demands some level of data consolidation, standardisation of data formats and effort to clean and de-duplicate dirty data. With robust data governance and a sound data architecture, data visualisation tools can provide a common ‘truth’ that can be shared throughout the business—from the marketing team to the CEO.
Visual dashboards and reports can be shared and discussed between various disciplines, enabling better strategies and cross functional collaboration. These tools can automate the process of pulling data from different sources into a single view, allowing different users to customise the dimensions, metrics and segments that matter to them.
A process-driven approach
It takes a process-driven yet agile approach, focusing on answering the right questions with relevant and accurate data. In our experience, when C-suite executives start digging into the wealth of data the rest of the organisation has, they start small but soon find they need more and more data sources to answer the new questions their initial queries raise.
The result is better customer knowledge, engagements and experiences, used to craft strategies that grow the business. The results: a full understanding of the customer journeys, from pre-purchase to post-sales. This can help marketers craft engaging experiences that secure conversions and drive profitable business growth.
Mobile is the new branch
Standard Bank has launched an account for mobile devices that gives back 500MB of data a month
Standard Bank has introducd a R4.95p/m bank account called MyMo that customers can open on their mobile devices, loaded with data and airtime offerings and other benefits such as virtual and Gold physical card.
MyMo account holders will also enjoy the convenience of a cheque account through a Visa and Mastercard gold card. Once the account is open, users can choose to either receive R50 in airtime or 500MB of data a month, if their card is swiped more than four times a month. A further megabyte of data is loaded on the account for every R20 spent.
“MyMo is an account for everyone, whether you just landed your first job or have been around the block. With no documentation required it only takes a few minutes to open the account,” says Funeka Montjane, Chief Executive for Personal and Business Banking, South Africa, at Standard Bank Group. “For just R4.95 a month customer will be able to enjoy free swipes and ATM withdrawals at only R6.50 for amounts under R 1 000.
“Mobile is the new branch. This account is about bringing the mobile branch into customers hands, it is about convenience and security while banking.”
She says mobile offers low cost transactional banking which integrates people and businesses into the new connected economy, making mobile the new branch ecosystem that will drive and connect Africa’s growth. Physical connections to the economy are rapidly changing to digital where banks have to move from being financial institutions to service organisations.
“In the past people congregated in communities and eventually cities to maximise the advantages of connectivity. Today a simple hand-held device has the potential to open infinite doors, transforming individuals’ access to opportunities, regardless of where they are, and like never before in history.
“Historically, a bank account represented access to economic citizenship. Today, having a simple device enabling digital access to a modern banking platform is a passport to global connectivity and vast human development potential.”
The bank says it is using technology, and mobile phones in particular, to deliver low-cost transactional channels accessible to all our customers. The evolution in mobile can be seen in transaction options like cash back at the retail checkout till rather than the ATM, free digital banking rather than using a branch, and the ability to transact using digital wallets, even without a bank account.
“Developing comprehensive connected ecosystems requires a mind-set change from Africa’s banks,” says Montjane. “Banks will evolve away from traditional financial service organisations, into service ecosystems enabling broad universal access to almost everything like enhanced purchasing experiences of vehicles and homes, online procurement of goods and services and lifestyle elements like rewards and travel.
“These connectivity drivers will also act to future-proof evolving connectivity ecosystem by allowing us to offer untold future services while deriving income from as yet unrealised revenue streams,.
From a customer perspective, the kind of ecosystems of knowledge, access and, ultimately, connectivity that banks will come to provide will radically transform the share of life that almost all individuals will be able to access.”
Two-thirds of SA staff hide social media from bosses
With 90% of people in employment going online several times a day, it can be hard for most workers to keep their private and work-life separate during the working day (and beyond). The recently published Global Privacy Report from Kaspersky Lab reveals that 64% of South African consumers choose to hide social media activity from their boss. This secretive stance at work also extends to their colleagues, with 60% of South Africans also preferring not to reveal online activities to their co-workers.
Globally, the average employee spends an astonishing 13 years and two months at work during their lifetime. Interestingly though, not all this time is directly related to solving work tasks or earning a promotion: almost two thirds (64%) of consumers admit visiting non-work-related websites every day from their desk.
Not surprisingly, 35% of South African employees are against their employer knowing which websites they visit. However, more interestingly, 60% of South African are even against their colleagues knowing about their online activities. This probably means that colleagues constitute an even greater threat to future perspectives of an office slouch or maybe the relationships with colleagues are more informal and therefore, more valuable.
On the contrary, social media activity appears to be a less private domain for many and therefore, more suitable for sharing with colleagues but not the boss. This is probably because workers fear harming the public image of a company or interest in decreased staff productivity motivates companies to monitor employees’ social networks and make career changing decisions based on that. Such policies have led to 64% of South Africans saying that they don’t want to reveal their social media activities to their boss and 53% even don’t want to disclose this information to their colleagues.
A further 29% are against showing the content of their messages and emails to their employer. In addition, 3% even said that their career was irrevocably damaged as a consequence of their personal information being leaked. Thus, people are worried about how to build a favourable internal reputation and how not to destroy existing workplace relationships.
“As going online is an integral part of our life nowadays, lines continue to blur between our digital existence at work and at home. And that’s neither good nor bad. That’s how we live in the digital age. Just keep remembering that as an employee you need to be increasingly cautious of what exactly you post on social media feeds or what websites you prefer using at work. One misconceived action on the internet could have an irrevocable long-term impact on even the most ambitious worker’s ability to climb the career ladder of their choice in the future,” comments Marina Titova, Head of Consumer Product Marketing at Kaspersky Lab.
To ensure workers don’t fall prey of the internet threats at a work, there are some core guidelines to adhere to in the digital age:
- Don’t post anything that could be considered defamatory, obscene, proprietary or libellous. If in doubt, don’t post.
- Be aware that system administrators may at least, in theory, be informed about your web browsing patterns.
- Don’t harass, threaten, discriminate or disparage against any colleague, partner, competitor or customer. Neither on social networks or in messages, emails, nor by any other means.
- Don’t post photographs of other employees, customers, vendors, suppliers or company products without prior written permission.
- Start using Kaspersky Password Manager to ensure your social media and other personal accounts are not at risk of unauthorised access by someone else in an office. Install a reliable security solution such as Kaspersky Security Cloud to protect your personal devices.