Business’s data with destiny - Achievement Awards Group

Customer Loyalty

Data’s practical arrival might be a little delayed, but it’s coming. And it’s bringing some gifts.

Business’s data with destiny

The Loyalty Lighthouse lowdown:

A few years ago, data talk was all the rage. The
media hype was tangible. Yet, it hasn’t quite arrived
yet; not with the anticipated bang. Don’t be misled: it
may be taking a little while, but it’s coming. And it will
have all kinds of benefits for businesses.

A few years ago, it seemed that everywhere you looked
there was talk of data. It was in all the media, hogging all the headlines. But now it feels like the hype has receded somewhat. And, surprisingly, the promise of ubiquitous data hasn’t come to pass. At least not yet.

That may have rings of 30-something years ago, in the early days of the internet. Yes, it ultimately changed the world, but it took its time. Or at least it took longer than everyone thought it would.

That’s probably the case with data. There are flashes of it here and there, but it’s not yet everywhere. Well, nobody should be misled by what they see – or don’t see, as the case may be. Data is coming.

But one of the things about it not quite having “arrived” yet is that a lot of people still don’t know what it will look like. If you don’t work in or with data – and most people don’t – there’s a feeling that, sure, lots was written about it, but how will it manifest? How will we experience it?

Employee Engagement

Organisations can confidently infer valuable signals about their employees’ plans and intentions.

Can data predict the future?

The Loyalty Lighthouse lowdown:

Organisations are very adept at using basic data to learn things in hindsight. Recently, they’ve also started using it to get real-time insights. But now it actually has the potential to give companies foresight – which can have a huge impact on employee engagement, bring massive cost-savings, and boost morale.

If the most valued people and top performers in your company were thinking about leaving, wouldn’t you want to know? If a growing wave of disengagement was coming, wouldn’t you want to stop it? If there were early warning signs, wouldn’t you want to act on them?

Data has long been used to highlight patterns after the fact. Recently, it’s also started to provide insights about what’s happening in the present. But its predictive ability is relatively untapped – and extremely valuable.

Hindsight

Even data that’s relatively crude by today’s standards is useful. Think about spreadsheets populated at the end of every month: they enable businesses to make comparisons with last month, or with the same month last year. Are our sales up or down? What are our customers’ buying patterns?

Can data predict the future?

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