If your company is on the growth trajectory, you've jumped on the data bandwagon to understand your customers, their needs, and goals. The average enterprise uses as much as 1,295 cloud services according to Netskope’s 2019 Cloud Report. Imagine the number of users and the variety of data created weekly, monthly, and annually. Now imagine that data sitting separately in these applications, inaccessible to other teams.
When you have numerous compartmentalized databases, you get data silos. Having segregated information leads to a lack of transparency, inefficiency, and lost opportunities across the organization. These opportunities affect multiple departments, from the product team to customer success, which all affect the sales teams’ ability to better understand their customers and work effectively to close more deals. As a sales leader, if your customer data is scattered, how does that impact day-to-day decision making and strategic planning?
Data is your most valuable resource. The enterprise applications used by customer-facing teams are powerful growth drivers. But if they are operating independently of each other, your company is passing up valuable hidden datasets that can provide insights for better strategic planning. Unutilized data or inefficient collaboration of data is affecting your bottom line more than you may know. Earlier this year, The Economist estimated the value of corporate hidden data is worth between $1.4–2 trillion USD in the US alone. Those estimates alone are staggering.
Data comes in different shapes and sizes depending on the platform used, that’s why many companies struggle to manage it effectively alone. Obstacles to combine data across multiple programs are real blockers. You might have older systems or it might be due to how teams have always worked, the consensus is there will be obstacles ahead of you. This is where working with another partner whose product is built specifically to achieve this is the ideal scenario.
Enterprises will fall behind their competitors if they don’t have a strategy to make data available to all and useful. To maintain a competitive advantage, data needs to be unified at the center of the organization and accessible to all. Just combining data alone won’t contribute much to your business. The value comes from insights extracted from analyzing the aggregate information. With cross-team collaboration and the unification of data, business strategies can be strengthened with these learnings.
Companies amass large amounts of data and it all too often is underutilized, or worse, left sitting in a repository only viewed and used by those who generated it. Make data an asset, and let it work for you. Don’t allow files to just sit in the cloud collecting dust. There are so many potential opportunities waiting to be discovered in our hidden data that it should behoove us all to not, at the bare minimum, investigate it and see what stories it tells.
By being proactive to combine and unlock the value of your stored data, you and your team will have a holistic view of your business and customers. As departments become aligned, productivity and efficiency will thrive across teams. When everyone is on the same page, customers will have better experiences, all contributing to your organization’s growth.
ThunderAct, uses revolutionary AI-powered customer-interaction analysis across all your applications, synthesizing hundreds or thousands of data points visually, enabling businesses to see trends and opportunities that have yet to be discovered. Regardless if you decided to work with an external partner or decide to take on this challenge yourself, President John F. Kennedy said it best, when he said, “There are risks and costs to a program of action. But they are far less than the long-range risks and costs of comfortable inaction.”
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