The UK’s tech industry has gone from strength to strength in recent years, producing solutions that have allowed companies to digitise multiple ways of working. Whether this is easy access to sales forecasts, cloud based HR systems or something else, innovation in domain specific technology is at an all time high.
It is because of this boom in tech innovation that system and data interoperability is so important. Otherwise, isolated solutions within end customer departments could recreate the silos that organisations are working so hard to break down. The power of interoperability is where the strength of the UK tech ecosystem can come alive and 1+1 can equal 11. At Domo, we work across the tech ecosystem to enable organisations to integrate, centralise and create value from data.
The result is the ability for data to be employed across the business in three key areas: creating a smarter enterprise, maximising customer value and remaining an early adopter of tech innovation.
Create a smarter enterprise
Decisions are made 1,000's of times a day at all levels in the organisation. The challenge is that those decisions are often slow, biased and impeded by organisational walls. Many business leaders can relate to the challenge that understanding and interpreting data exported from third party systems, held in silos, often inaccurate and dated.
By plugging all third party data sources into one central platform, the speed in reactive decision making dramatically increases, across all levels and departments - all through democratising real time data.
It is the unification of people, systems and data that speed up decision making, allowing it to be more accurate and ultimately intelligent. This is where creating a culture of real-time data management within a business comes into its own.
Maximise customer value
Customers expect more. Stakeholders expect more. By integrating CX and go to market (Sales, Marketing, Service) teams together under one view, the whole organisation can serve the customer better and drive greater revenues too. Start with shared metrics, available across all teams to help drive collaboration.
Transparency across departments helps better inform and manage the relevant channels, whether this be sales forecasting, demand planning or pricing for the customer. It is this unity and transparency across departments that has a direct effect on customer satisfaction.
Our work with CPG businesses is an example that brings this to life. We’ve found a continuing theme in the results and data advancements. There’s quite often an instant increase in efficiency, equating to well over a third of man hours being saved through streaming daily reports for example. The ability to access live data dramatically impacts forecasting, increasing accuracy by up to 40 percent. This level of insight directly informs stock inventory, saving millions of dollars globally, positively affecting customer service and revenue.
Data as a valuable asset on the balance sheet can become a product in its own right or enable faster product development through co-creation of data. This can be accelerated through co-creation and different relationships with suppliers, partners and customers.
Real time data can enable a more insightful dialogue between an organisation and its customers. Using sales as an example, real time data access offers the ability to provide results on how products are performing against competing products in the same category or highlighting the products that may warrant a price change - allowing business to remain agile to the market.
Taking this a step further, the ability to set up bespoke alerts to your data is a great way to stay close to the metrics that matter the most e.g. when stock levels are running low on the best selling product.
The UK’s reputation as a leader within the tech space is one that has been forged through early adoption of new technology and ways of working. It is because of this that the UK has a responsibility to help organisations do more with the data they already have.