Who can deny the value of data in the dynamic digital world that we live in? Data is being collected at every point of transaction and the amount of information collected today by businesses is far greater than any point in history. However, a significant challenge lies in utilizing this data that is crucial to build strong and long-lasting relationships with customers that crave unique, relevant and bespoke interactions with brands. So if the data is being collected at every touch-point by retailers, then why is it not being utilized? What seems to be the problem?
Welcome to the rabbit hole of data silos!
The biggest challenge for retailers lies in the inability to ensure the smooth real-time transmission of data across different channels. This limitation arises due to the outdated nature of the technology infrastructure employed by retailers, which is characterized by siloed or isolated compartments. Typically, these systems have been acquired or developed with a narrow focus, containing data tailored to specific functions. For instance, ERP systems hold transactional and inventory data, PIM systems manage product information, and CRM systems store customer data.
These systems are built with a focus on backend processes such as creating and storing data, but are not meant to combine and activate the data in a customer-facing frontend experience. Having said that these systems are needed to support different business functions/outcomes but not having that one piece of technology thread that can combine these systems to make the data fully available and activate in a sense that it can flow seamlessly from one system to another depending on the business need, is where most companies lose out and fall into the rabbit hole of data silos. Data becomes stuck and cannot flow seamlessly thus decreasing its value and making it futile when in reality, that exact same data can be used to fuel customer facing initiatives that have the potential to grow your business leaps and bounds.
So what can you do to not fall into the trap of data silos?
Enter Experience Data Platfrom (XDP) - An Experience Data Platform (XDP) seamlessly consolidates all your data resources, eliminating the need for costly and time-intensive integration. A unified Experience Data Platform will not only unify your data, but it will also activate the data and make it available in a frontend experience, delivering an outstanding customer experience and reducing the time your team must spend on lengthy integrations.
Leveraging such a software empowers digital teams to effortlessly collect data from diverse systems within a unified interface. For instance, they can access customer data from CRM, product information from PIM, and transactional records from ERP all in one place. Having all experience data centralized within the XDP, these teams can seamlessly merge information and create new digital experiences quickly, suitable for any channel. These new experiences are straightaway accessible on a worldwide scale through real-time APIs.
What can you achieve by unlocking your data from a siloed state?
Think of the main water pump that pumps water into different pipes throughout the house structure being blocked, what happens? Either you don’t get any water or you get water through some pipes or pressure of water in different pipes get affected. Similarly, when data does not flow seamlessly through different systems, your ability to create various front-end experiences get hampered. But what happens when the water flows without any obstruction? You know the answer! Let’s find out what happens when we allow the data to move seamlessly between different systems, using an Experience Data Platform.1. Smooth and efficient integration of collected data:
When data is allowed to free flow within different systems, the possibilities are endless. You can use, re-use this data in real-time to support different CX initiatives and geo-scale in minutes. So, whether you want to build a front-end experience for a specific market or launch it globally or test it first in one market and then expand globally, all is possible with the power of Experience Data Platform. This free-flow of data avoids any data redundancy, ensures consistency while eliminating any need for manual data transfer thus saving time and money.2. Seamless data sharing across multiple channels:
It is certainly a game-changing advantage when seamless data sharing and reusing across multiple channels while centralizing control in a single location is possible and this is made possible with Occtoo's Experience Data Platform. This transformative approach significantly simplifies your tech stack, reducing both short-term project expenses and the long-term maintenance costs. By minimizing the complexities associated with managing various digital destinations, Occtoo ensures a smoother workflow, mitigates the risk of disruptions during updates, and ultimately enhances efficiency and cost-effectiveness in your digital operations.
3. Unmatchable speed and agility:
It is no longer possible for business to wait days or months to react to the changing customer demands or global events that have the potential to disrupt global business landscape (think COVID-19). Companies need to be resilient to such changes and be able to adapt and act quickly, such agility is not possible if you are still stuck in the old state of technology aka monolithic architecture. The data you collect is your fuel to launch CX initiatives and you need to be agile in your ways of working, which is only possible when you can freely move your data from an enterprise state to an experience state. Not sure what we mean, read this!4. Optimized collaboration:
Sharing data between teams, promoting teamwork, and encouraging new ideas that come from data is an easy possibility with Occtoo’s Experience Data Platform. In fact, you can easily unburden the backlog that haunts IT teams and sends them in a state of limbo with an Experience Data Platform. Want to know how? Here you go!
Say hello to the new and exciting future of data!
The old and conventional ways of keeping data siloed in different systems has handcuffed companies for way too long, making digital experimentation and innovation a far-fetched reality. But we are here to change all of that with Experience Data Platform, call us the Netflix in the data space but we are here to give you access to your data on your demand. By bringing data together, making it work well, and keeping it all in one place, companies can use it to plan, make customers happy, and be ready for anything that comes their way. Are you ready to liberate your data?
Here's your easy and free trial!