The transformational power of data has been well documented, however, less than 50% of organisations are using it to drive efficiencies. Data as an asset is still very much in the "early adoption" phase says Gartner. This means that companies making strategic use of their data have a competitive advantage. In the second in our Digital Transformation Challenge series of blog posts, we look at how CKH Innovation Opportunities Development is helping organisations grasp that advantage and harness the power of their data.
Organisations have always used data to make decisions. Typically, that data was deduced from research, surveys and interviews. But this type of data has limitations: it's incomplete, can be inaccurate and is often out of date. While governments and businesses have used this data, and continue to do so, most understand there are limits to how it can be applied to digital transformation projects.
Each day a typical mobile customer will touch 150 data points. Even when they are not actively using their phones they are connected to the network and creating data.
The shift to a smartphone-driven society has created a data-rich environment. This mobility data is seen as the best source of data on the market: the sample size is significant (tens of millions of mobile customers), it represents multiple segments and is completely unbiased. It is also real-time data, which means it is incredibly useful. Each day a typical mobile customer will touch 150 data points. Even when they are not actively using their phones they are connected to the network and creating data. Of course, any data that we collect and analyse is anonymised, which means we cannot identify anyone from the data. This is in compliance with the recently introduced GDPR regulation, which works to safeguard people's data privacy. Through our local telecom operating companies, we have access to this aggregated data, and we work with our expert partners to prime it for informed decision making.
Enhanced data for informed decision making
Sherlock Holmes creator Arthur Conan Doyle once said: "It is a capital mistake to theorise before one has data." This is absolutely correct; in data lies the answers. And more and more we are seeing with our customers that the better that data, the better the chance of not making an expensive mistake when rolling out their digital transformation projects.
This is where our expert partners stand out. Using their unique model-building expertise, they can enrich the original data. By its nature, mobility data gives us insights into how people are moving around. Using just this location-based data our partners can extrapolate all manner of information, from starting and end points and routes to modes of transport. Statistical models aid in making further determinations like where a person works and lives.
Armed with this information:
- municipalities can plan new infrastructure or add additional transport services to crowded routes;
- car sharing companies can find the best location for charging points and parking spaces;
- transport companies can assess the need for additional services during peak times or the need for new stops or stations on a specific route.
We're currently working with National transport companies who had been using historical data to make decisions. Now, with real-time, accurate data they can make better decisions and communicate more effectively with their customers through targeting. By adding profiling to their data, we've enabled them to separate data into different segments. This means they can create unique promotions and offers for each segment, with a better chance of success.
Creating the perfect customer experience with rich data
Of course, this enriched data is not just an asset to government and transport organisations, it is valuable across all sectors. Our retail customers are making excellent use of mobility data to get closer to their customers. At a fundamental level they can see how people are moving around their shop, but that is just the beginning. They can detect how long customers are staying in the shop, are they dwelling in any particular area of the shop, are certain products attracting more customer attention?
All this data is useful when creating the perfect customer experience. It’ll help the retailer make informed decisions on whether they need to change its shop layout, or should it move certain products to a different location. Mobility data can also be used to determine if tablets should be introduced to encourage customers to check their website or should they add collection points for those customers who are picking up online orders in store? In the competitive, fast-moving retail environment, retailers don't have the luxury of making incorrect decisions. They need accurate data to steer them in the right direction.
In an interesting article on how data is being used to drive digital transformation, Gartner says, "leading organisations in every industry are wielding data and analytics as competitive weapons." Our extensive global network of partners, together with our vast experience across multiple sectors, means we are in a unique position of being able to apply our sector-specific data insights to our methodologies. With this added insight we can create a rich vein of data that gives our customers a real advantage. At CKH Innovation Opportunities Development our goal is to arm our customers with enhanced data and intelligent analytics that will not only help them to make better decisions but will also give them the tools they need to gain that invaluable competitive edge.