More data than ever is currently being produced, and the amount of data is increasing every day. This influx has led to a shift in business’ approach: Best in class is no longer good enough; instead, industry leaders need to be future-ready. When it comes to building a business that’s responsive, agile, and ready for the challenges of tomorrow, cloud-first data solutions are critical.
Creating value with data analytics
Most industry leaders already know that the insights provided by data analytics can fuel success. By putting data at the center of business, businesses can get closer to their customers, drive innovation, and enable outcomes. A complete data solution — focusing on data quality, data management, and data analytics in a multi-cloud architecture — can provide an end-to-end view of the business, including customer journeys, supply chain, internal processes, and more. And the benefits of data solutions aren’t limited to just one industry.
Three real-world data solutions driving success
By using data analytics, Vodafone Germany was able to gain a better understanding of their customers and provide services based on true customer needs, not what they assumed customers needed. After Vodafone (a mobile company) acquired Unitymedia (a fixed line company) they were able to combine individual and household data to gain a better understanding of customer behavior.
Their data solutions helped them identify 17M households where mobile, internet, fixed line, and cable subscriptions could be converged. By bundling services and offering convergence promotions, they were able to immediately grow revenue and identify areas of opportunity in the future.
The Royal Bank of Canada, one of Canada’s biggest banks and one of the largest in the world, is a great example of what increased automation and AI can do when paired with data analytics. Truly dedicated to putting data at the center of business, they created project teams whose focus is enriching their scalable and flexible analytical ecosystem.
By integrating cross-functional data and using a cloud-based analytics platform, RBC was able to break down silos and form unified customer insights. The result is a complete data solution, with a predictive platform that leverages all their data and allows them to ask any question at any time. This approach to data analytics allows them to create personalized customer experiences for their 17M customers, improving not only customer loyalty but revenue and growth, as well.
For the Utah Jazz, the key to success isn’t just training — its a data solution that led more wins and improved customer experience. By looking at a multitude of data sources and customer touchpoints, the Utah Jazz were able to see a correlation between customer satisfaction and the amount spent on food and concessions when the team wins. When the team wins, customer satisfaction goes up, which leads to an increase in revenue. And by using data analytics to understand and improve player health, they’re able to increase wins to 59 per season — a win-win for everyone involved.
Become future-ready with data analytics
To succeed in 2021, businesses need to focus on developing data solutions that make data their greatest asset. Many leading enterprises already know the power of the insights derived from data. Data analytics drive outcomes, allowing business leaders to get closer to their customers and stay at the forefront of what’s next in their industry.
The most successful enterprises share a common thread — a modern cloud data analytics platform like Teradata Vantage, that allows for an integrated and democratized approach to data. With 100% of their data available 100% of the time, these industry leaders are able to turn insights into outcomes, so they can go beyond best-in-class and become future-ready.