What is the value of your customer data? Few companies can put a figure on it, but almost everyone agrees that it is probably one of their most precious assets.
Why? Because if you can get real, actionable insights from your customer data, you can win new customers and keep your existing ones. You can analyze your data to discover new ideas that create brand-new revenues.
According to the International Institute for Analytics, businesses that use data will gain $430 billion in productivity benefits over competitors who aren’t using data by 2020.
The Temkin Group found that companies that earn $1 billion per year who invest in customer experience (CX) can expect to earn an additional $700 million within three years. For software as a service companies earning $1bn, investing in CX can double their revenues.
That’s right, a 70-100% increase in revenues over three years!
Data, data everywhere
It is becoming clearer by the day: Data and analytics are how you compete and win – by delighting customers, building new and better products, and empowering employees.
“Where do I start?” you might ask. You do, after all, have loads of data – from apps, systems, sensors. There is customer-specific data, contextual data, external data, data from different lines of business. Much of it is not available across business lines, and they don’t “talk” to other lines or systems.
This is where the Open Data Initiative comes in; it is driven by SAP, Microsoft and Adobe and – now – includes Software AG as a member of the Partner Advisory Council (PAC).
The ODI turns siloed data into a single, reusable resource by transforming it into structured, actionable information. It provides a platform for a single, comprehensive view of your data, bringing it together and enriching it from all your lines of business, across all your systems.
The goal is that, with consistent data formats between the major applications, the data can be unified to gain insights. With those insights, powered by artificial intelligence, your data can be also used to improve the customer experience.
With ODI, your company will no longer need to have engineers spending time normalizing their data for further crunching, nor will you need teams of data scientists.
As a member of the PAC, Software AG’s webMethods.io will play a key role in helping you easily access and integrate data across multiple data sources and applications. webMethods.io will provide pre-built connectors, based on the ODI standard and integration recipes and templates, making it easier for you to connect real-time data sources.
ODI’s standards help to unlock the enormous potential of your data, while webMethods.io integration capabilities help you transform legacy data to the ODI format. Then you can integrate it with other systems, analyze it and realize those important actionable insights.
We are going to help make this standard a reality, so that you can get value from your customer data. Contact us to learn more.