The Digital Transformation Playbook from BMC & PSFK describes how today’s consumers are generating more data than ever before, which needs to be correctly handled to generate meaningful insights
The ability to collect and analyze data is quickly becoming one of the most important assets to running an effective, modern business. Along with an increase in collected data, new tools have emerged to better understand that data and pull out actionable insights. This trend is clearly impacting all levels of business, with a recent report from McKinsey stating that “Companies that make extensive use of customer analytics see a 126% profit improvement over competitors.”
As shown in our Digital Transformation Playbook, today’s consumers have adopted an entirely new set of behaviors, transacting across both digital platforms and in-store channels. As a result, there is an increasing amount of data available about their demographics, spending habits, preferences and activity. When analyzed on both a macro and individual level, this data leads to meaningful insights. These insights can help businesses better understand the motivations and needs of their customers to ensure that their products or services remain relevant.