The Digital Transformation Playbook: Rethink Your Business for the Digital Age
partly a matter of where the data is warehoused but also where the data
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partly a matter of where the data is warehoused but also where the data scientists are. Should each business unit have its own analytics team so it is closer to local decision making? Or should one central analytics unit service the key data needs of every part of the business? As large organi- zations mature in terms of their data capability, they seem to be central- izing analytics while striving to raise the data savvy of managers in each business unit. 120 T U R N D A T A I N T O A S S E T S Sharing Data With Partners Data sharing is critical not only within an organization; it is becoming a key element of negotiations with business partners. Contracts and deals of all kinds are no longer just about who pays what to whom but what data will be shared as well. This sharing is particularly important for businesses that don’t own the ultimate point of sale for their products. Industrial equipment manufacturer Caterpillar now requires its 189 dealers to enter into data-sharing agreements; in return, it provides them with benchmarks and tools to improve their own sales efficiency and with customer leads generated from Caterpillar’s Web analytics. 25 Ann Mukherjee, chief marketing officer of Frito-Lay, is able to measure the impact of all kinds of innovative digital marketing for popular brands like Doritos and Lay’s, but this measurement is possible only due to part- nerships with key retailers. “Retailers are unbelievable sources of analytical understanding,” and the ability to partner with them around data and mea- surement is critical to building store traffic and product sales. 26 As data becomes more essential to business strategy, data sharing will become a key element of every important business partnership with suppli- ers, distributors, media channels, and more. Cybersecurity, Privacy, and Consumer Attitudes As businesses gather and utilize more and more data, particularly customer data, they also bring on additional security risks. Cyberthreats that used to be the concern of CIOs are going to be front and center for senior leader- ship now. When Target suffered a huge data breach in 2013, with 40 million customer credit cards stolen, it was not just an IT problem but also a brand reputation issue. Sales at the retailer slumped as consumers stayed away during the holiday shopping season, and the CEO was forced to step down a few months later. Since then, we have seen subsequent massive consumer data theft (Anthem), data attacks as a means of corporate warfare (Sony Pictures and Ashley Madison), and data hacks as government espionage (the U.S. Office of Personnel Management). Sony Pictures CEO Michael Lynton said in the aftermath of its own high-profile hack, “If there’s a silver lining, it’s that this was a call for America to wake up and pay attention. This is going to happen—in fact, it already is happening, on a regular basis.” 27 |
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