Many retailers, on top of their other challenges, must also deal with an information deficit. Retailers that have invested heavily in loyalty programs and other transactional analytics are finding that the data amassed before lock down is no longer relevant. In effect, everyone from established players to new kids on the block are in a similar, cold-start position.
The lockdown approach to COVID-19 has accelerated existing digital transformation efforts. Yet, according to a Forbes article, many companies hit two immediate, potentially crippling problems.
Both are related to data.
Already, the use of social media data is transforming online business. Every time you log in to a website, you see ads personalized for you based on your data. Much of this personalization comes through social media insights, how a business has come to understand customer behavior and preferences.
A single customer view links all information you hold about a customer – including contact information, demographics, risk data, regulatory data and business activities. Whilst we talk here about customer, in the case of PoPIA we may similarly create a single view of suppliers and employees.
This can be really helpful in meeting a number of the POPIA requirements, as discussed here
Customers are no longer satisfied with blanket marketing attempts to sell them products they are not interested in. They demand highly personalised and relevant experiences, and this requires marketing to become more data-driven than ever.
Modern data architectures are characterised by the movement of data between systems – both internally, and increasingly, to external systems in the Cloud. A key requirement for PoPIA compliance is to identify the various locations where sensitive or unmanaged (noncompliant) data is being stored.
A unified data lineage platform can help to address key pillars of PoPIA and allow you to scale your top down approach rapidly.
