The Information Advantage is the competitive superiority that comes from using information to its full potential. It is the outcome when a business successfully transforms the way it manages and leverages information.
The Information Advantage
Digital transformation is no longer a stretch goal. Today’s businesses are using information as the fuel to create exceptional customer experiences, superior operational effectiveness and differentiated business models. Intelligent information management solutions—particularly systems of engagement and systems of record—are powering the Information Advantage.
Many companies start with customer-centric digital transformation, which aims to improve every customer interaction by focusing on individual needs, frustrations and desires. It removes friction from the buying process. It provides more personalization and engages customers on their terms. These efforts yield increased customer acquisition, reduce the cost of support and marketing, and drive increased loyalty, retention and Net Promoter Scores.
Forward-thinking organizations are strategically choosing customer-centric transformation projects that also deliver operational efficiency. Operational benefits are easier to predict and quantify than return on customer experience alone.
This is why operational excellence often quickly follows or is concurrent with customer-centricity. It can even be the starting point. Reaching new heights in operational effectiveness relies on improved productivity and efficiency. These initiatives involve automating routine tasks, driving visibility and insight from the supply chain, streamlining collaboration, reducing governance risk or augmenting human processes with machine assistance.
Unlocking the Information Advantage is a self-perpetuating cycle that delivers more value with every rotation. As information is used to improve a business, the amount of information it generates grows. This presents an opportunity to derive exponential value. It is a two-fold feedback system: data begets data, and the more data available, the more valuable it becomes. Through this cycle, organizations drive closer and closer to the Information Advantage.
As new information is rapidly generated, organizations have limitless potential to capture, integrate and apply it—all they need is the right technology. This will be the focus of my next blog, so stay tuned!
To read more now, download my new whitepaper, “The Information Advantage.”