Leaders pointed to low response rates, data lags, ambiguity about performance drivers,
and the lack of a clear link to financial value as critical shortcomings.
Align content with specific touchpoints in the buyer's journey
Analyze customer feedback to gain insights on improving products or services
Better understand customer needs, interests, goals, and pain points
Refine target markets to optimize customer interaction
Personalize content and communications at every touchpoint
McKinsey suggests that data and analytics is helping to transform the entire customer
experience and are reaping value by "harnessing predictive insights to connect more closely
with their customers, anticipate behaviors, and identify CX issues and opportunities in real
time."
Data analysis is now helping to drive value with these activities:
7. Regulatory Compliance
The Fair Packaging and Labeling Act of 1966. The 1938 Fair Labor Standards Act.
The Employee Retirement Income Security Act. The Safety and Health Act of 1970. The Health
Insurance Portability and Accountability Act (HIPAA). The Sarbanes-Oxley Act of 2002.
The list of government regulations is long, very long. It can make your head spin.
The ability to maintain compliance with these acts is vital for any business today. And the
ability to leverage data -- and the technology to analyze that data -- can play a crucial role in
monitoring a company-wide compliance program. Lack of this oversight can have major
repercussions.
PwC, in an article in strategy & business magazine, highlighted the significant increase
in prosecutions and fines that have been levied against companies for corruption.
"Fines imposed for FCPA (Foreign Corrupt Practices Act) violations, for example, have
increased exponentially. The average fine in 2010 was a few million dollars; in 2019, it
was US$135 million — out of a total of more than $2.5 billion levied in sanctions,
according to research by Stanford Law School in collaboration with law firm Sullivan
and Cromwell. The single biggest fine this year was nearly $4 billion."
LEVERAGING DATA | 10
