Companies have long adapted to new technology and to technological change. However, the business world is in the midst of a unique transition, and it will forever alter how companies operate. It’s called digital transformation.
Digital transformation is the integration of digital technologies into all company functions. This integration will affect how we operate, how we think about customers, and how we maximize value. The potential benefits are clear. Companies that embrace a digital future will be able to outperform their competitors by achieving the following:
- Improved customer engagement
- Increased efficiencies
- Greater agility
Digital marketing and customer experience (CX) will become critical battlegrounds. Companies with strong digital marketing and CX will fare well in the digital age, and a good customer data strategy will become critical for success. Presently, business that are seeking digital growth must select the right tools to connect to customers efficiently and effectively.
According to research from statistician Petroc Taylor, the world was on track to produce 100 zettabytes of data in 2022. (For reference, one zettabyte is expressed as 1021, or 1,000,000,000,000,000,000,000.) This number includes information created, gathered, copied, and consumed. Ten years ago, businesses and individuals produced only 6.5 zettabytes of data. By 2025 ― three years from now ― our data consumption is likely to exceed 180 zettabytes.
Growth has accelerated, outpacing predictions. This phenomenon has been tied to several factors, including rises in homeschooling, remote working, and home entertainment use. Businesses today face new and unique challenges, including:
- Complex technology
- Different ways of working
- A new regulatory landscape
At first glance, the above items can be interpreted as threats to businesses that are seeking customers. However, each challenge can be reframed to represent an opportunity for brands to differentiate themselves from their competitors.
This whitepaper will be most helpful for industries that depend on consumer data. It will help these companies leverage Adobe Experience Platform (AEP) and hit the marks set by their own customer data strategies.