Data and technology is fundamentally transforming business models as many consumer companies focus on providing customers with seamlessly integrated experiences across all channels.
The volume of customer data through transactions and social media, coupled with new mobile and targeting technologies, enable companies to understand and predict customer preferences at an unprecedented level. And with all this data and technology, comes the challenge of maintaining customer trust amidst cyber-attacks and privacy breaches at companies of every size.
Fifty-six percent of all respondents cited data analytics as being ’very’ or ‘critically’ important, ranking as the highest ‘Top of Mind’ score.
In the survey, consumer company executives were clearly affected by the transformative impact that data and data-related issues are having on their companies and the industry. Data analytics and digital strategy were rated as the two most important areas of strategic focus (rated as having ‘very’ or ‘critical’ importance) in the coming year, with data security ranking a close fourth. Further, 40 percent of executives said the importance of data overall was at a critical level.
As the amount of data being collected by companies rises, so does its importance on the executive agenda. Understanding how to create value, engage customers and build trust from the digital disruptive forces of mobile, cloud, cyber, social media and analytics is critical to gaining—and maintaining—competitive advantage as new players arrive and traditional brands catch up.
Infographic summarizing results from the 2014 Global Consumer Executive Top of Mind Survey.