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Every company who is focused on customer loyalty is faced with the challenge of collecting data from an increasing array of new, disparate, confusing, redundant, and sometimes unidentifiable data sources.In addition, the tasks of extracting data from silos, analyzing it, and creating actionable insights are huge obstacles. Brands not only have to adhere to regulations that are becoming stricter, handle massive amounts of data from innumerable sources, and unify data into usable profiles. They also have to manage the entire process in an efficient manner in a technology landscape that is increasingly complex and varied.
In turn, the strategies and platforms that brands adopt to tackle these challenges can present obstacles as well, as we’ve seen from our own research. A company will have to choose a platform with all the functionalities it needs and a data-and-analytics strategy that facilitates that platform.
It will also need to create oversight teams to handle data properly and securely and engage employees so that they buy into the value the company provides. Unfortunately, brands often feel that their current technology providers do not understand them and that those trying to sell to them have even less understanding of the challenges they face. There are so many variables in the data-and-analytics equation that solving it can seem daunting.
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