In so many ways, the digital economy is a data economy. More than ever, what differentiates companies in the market today is how they manage data to their advantage and to the advantage of their customers.
While traditional measures such as cost and quality still matter (in, say, the consumer products industry), the way to drive down costs and deliver quality has as much to do with collecting, analyzing, and acting on data as anything else. And in the digital economy, there is a new field of competition for companies that want to maintain and increase market share: the customer experience. Increasingly, it’s the company that can deliver the best experience that takes the day.
Delivering positive customer experiences requires data, as well. At the very least, you want a unified view of customer data across all channels so your customers know that you know who they are. This means aggregating data across channels including e-commerce, in-person/in-store, phone, social media, and more. The goal is a single source of truth for customer data.
But this is only the beginning. Ultimately, you want to generate insights into customer behavior and act on that insight to engage more effectively, give customers more of what they want, and drive profitability.
Getting right with your data
All of which is to say that in today’s digital economy, getting right with your data is the path to success. By managing data in a consistent manner across the enterprise, you can leverage it for insights that help ensure the outcomes that customers crave.
At SAP, we advocate an in-memory approach to database management that eliminates the performance hit associated with making calls to disk. By holding all live data in memory, you can see, analyze, and act faster.
Recall that the business intelligence warehouse is an invention designed to optimize live transactional systems. The idea is to move analysis to a separate environment so as not to bog down daily business in the production environment. While business intelligence systems remain important, an in-memory approach to data management allows you to hold transactional and analytical data together – in the same system, in a live context. This, in turn, allows you to sense conditions and opportunities in real time, perform analysis and simulations on the fly, and respond in a timely fashion.
SAP Webinar series: Let’s Talk Data
At SAP, we understand that data management is at the heart of the intelligent enterprise. An intelligent enterprise is the kind of organization that can effectively leverage the overwhelming volume of data accessible today and draw truly meaningful insights.
To explore issues around data management and your intelligent-enterprise ambitions, we’re hosting a live Webinar series called “Let’s Talk Data.” Presenters from SAP and the analyst community will cover topics from managing geospatial analysis and ensuring security to enterprise-wide data governance and succeeding with translytics (transactions and analytics).
To learn more, please register for “Let’s Talk Data” today. You can join live sessions August 8 and 22 or listen to replays of past events.