We have more data at our fingertips than ever before, and it's growing exponentially. But the best data in the world is useless if you can't do anything with it due to gaps in your connectivity. These gaps can manifest in many ways, but they all have one thing in common: they prevent you from using your data to its full potential.
Live-time activation is one of the biggest challenges facing businesses today. It's not enough to simply collect data; you must be able to act on it in real-time. This means your connectivity needs to be fast, reliable, and compliant. If you're relying on outdated technology or infrastructure, you're going to fall behind your competitors who can activate their data in real-time.
Compliant connectivity is another key factor in bridging connectivity gaps. With so many regulations and compliance requirements, it can be difficult to ensure your data is being handled in a compliant manner. However, failing to comply with regulations can result in hefty fines and damage your brand reputation. By ensuring your connectivity is compliant with privacy and security regulations, you can avoid these risks and ensure your data is being used in a responsible and ethical manner.
Cross-departmental data access is also crucial in bridging connectivity gaps. Many businesses have siloed departments that don't communicate effectively with each other, leading to a lack of coordination and collaboration, which results in missed opportunities and poor customer experiences. By breaking down these silos and enabling cross-departmental data access, you ensure everyone in your organization is working towards the same goals and has access to the same information.
Which brings us to another point - connecting experiences for your customers. Phygital is a term that's been thrown around a lot in recent years, and for good reason. It refers to the blending of physical and digital experiences, and it's becoming increasingly important in today's omnichannel world. Customers expect a seamless experience, regardless of whether they're interacting with your business online or in-person. But if your connectivity is lacking, you'll struggle to deliver this seamless experience. By investing in phygital experiences and ensuring your connectivity is up to par, you can bridge the gap between physical and digital experiences and improve conversions.
Let's look at a couple of examples that illustrate the importance of bridging connectivity gaps:
Retail – Imagine a customer is in your store, interacting with your products, and ready to make a purchase. They're also on their phone, trying to find a coupon or access their loyalty program. These two experiences are completely separate, and the customer may become frustrated if they can't find what they're looking for. By investing in better connectivity and cross-department data access, you can bridge these experiences. You could message the customer in live-time with a personalized message, such as "Hi, are you looking for your coupons?" with a direct link to their coupons, creating a seamless experience and improving the customer's overall impression of your brand.
Banking – Now let's imagine a customer is using your mobile app to look for a loan. They can't find what they're looking for and decide to call your customer service line. If your connectivity is lacking, the customer service representative may not have access to the customer's recent digital interaction with your brand. They’ll launch into the standard greeting, frustrating questions, and generic offers we’ve all heard too many times. But if you invest in cross-departmental data access and live-time activation, connecting your data across systems, the representative could immediately see the customer was just looking for a loan on the mobile app and get right to the point. This would empower them to provide personalized recommendations for personal loans, improving the customer's experience and increasing the likelihood of a conversion.
At the end of the day, connectivity is the key to bridging experiences and improving conversions. Whether you're in retail, banking, or any other industry, investing in better connectivity can help you activate your data in real-time, ensure compliance, enable cross-departmental data access, and create phygital experiences. By bridging connectivity gaps, you can deliver a seamless customer experience and stay ahead of your competitors.
