When it comes to data, the key challenge for companies is not how to collect it but how to do more with it. Today, companies are using data to gather insights about consumers, with respect to both customer experience as well as changing consumer behaviour and expectations. Customer engagement—through the greater and more effective use of data—has become a cornerstone of consumer-centric growth.
From facial recognition and AI, to personalisation and the use of VR, new tools are enabling the more efficient and effective use of data. But the availability of tools is just one aspect of data usage; data literacy is as important. Having a data-literate workforce is imperative to understand what the data is saying, and to then translate the insights into effective growth strategies.
The great use of data has gone hand in hand with growing concerns around issues of privacy and consumer protection. For companies in Asia-Pacific, it is important to assume a strong stance on privacy and ethical data management so that they are prepared for any changes in the regulatory landscape.
But most importantly, companies in the region must acknowledge the importance of customer-centricity informed by data as they look to refine their growth strategies.