If you asked a room of executives to define ‘digital’ within their business, you would probably get a lot of different answers from marketing, product, and IT. The reality is that they would all be somewhat correct, digital strategy now permeates all aspects of a business’s operations.
Everyone should own a digital strategy, no matter their industry or market. The value creation process is crucial and needs to be understood as a cross-functional process.
onefourzero recognises the many moving parts that must be aligned in any digital transformation project spanning various teams, business units and skillsets. We pride ourselves in ensuring tangible success through the often-elusive ‘digital’ big data.
Leverage First-Party Data in an Increasingly Cookieless World:
Data-driven attribution has been historically predicated on third-party cookies and their ability to unlock a plethora of consumer data. However, in the wake of GDPR (EU), the CCPA (US), and Google’s 2020 decision to remove third-party cookies from Chrome, access to this coveted data is being significantly reduced.
The lack of third-party cookies will shake up the foundations that have allowed ‘multi-touch’ attribution models to achieve their reputation as the gold standard in marketing measurement. It will also drive brands to better leverage their own first-party data in broader marketing activities.
This is precisely why onefourzero believes a potential asset’s data maturity is vital to future success in the value creation process. Brands must obtain the right first-party data from the right sources and translate this into actionable strategies. Actionable strategies are based around targeting precision, customer journey mapping, advertisement measurement, and ultimately commercial performance.
Get Ahead of Risk in the Value Creation Process:
Pre-deal IT and cybersecurity assessments can often be overlooked due to the lack of immediacy. Investing in IT and cyber risk mitigation after an acquisition can pay off in the long run. In the new post-pandemic world of remote working, it is essential to understand the risks that are involved in increased digitisation.
onefourzero can assess a company’s risk profile in relation to internal and external IT and cyber threats. We can help you identify any areas where your company is overly reliant on a particular vendor, key person, or aspect of its tech stack. This will help you maintain digital operations effectively. We have the data to flag a dangerous gap in training around cyber threats within the broader team. We can provide essential insight into how to mitigate risk whilst scaling operations and increasing value.
Connect the Dots Between People and Technology:
Digital transformation will only truly take hold if all processes, people and systems are fully aligned. There needs to be a clear end goals to the strategy. There is often a fundamental disconnect between the day-to-day operations of a business and the lofty ambitions of a well-intentioned management team. This is often due to goals not being communicated to those who need to hear them most.
As part of our value creation consulting, onefourzero exercises our ‘digital capabilities audits’ to gain a holistic view of an organisation’s digital culture that goes beyond the tech stack. This helps an organisation understand how teams fundamentally interact with digital technologies. As a result, you can then identify potential areas that could act as barriers to growth.
Give your customers a seat at the table:
You need to know your market inside out, a lack of knowledge of the market you are addressing is often a contributing factor to products and services failing. The recent closure of the video streaming service CNN+ – just weeks after its launch – is a prime example.
Stress-testing assumptions around consumer sentiment, purchasing criteria and key drivers is a vital step of any new RandD proposal. Traditional untapped data sources such as internet forums, blogs and social media sites serve as useful reserves for raw data. This raw data is utilised through natural language processing (NLP) tools and then aggregated. This is to validate or identify red flags towards new product and service offerings.
Live online sentiment monitoring and rapid-to-recruit survey data from onefourzero can provide real-time insight into consumer behaviour. This enables fast and responsive decision-making, gains conviction in product uptake and unlocks value in a portfolio company’s RandD initiatives.
Data is anything but static and is changing all the time. In order to gain a competitive advantage in your industry or market, you need to be utilising data analytics. Value Creation can help you to improve your business, build new business models, improve your product offerings and more. Overall Value Creation allows for a better customer experience.
Explore our range of award-winning Value Creation Services here.