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According to a recent study conducted by MIT Sloan Management Review, organizations that make efficient use of a wide range of data sources are more likely to use analytics and generate higher levels of customer engagement. Coupled with that, the companies that are actively sharing their data with third parties, such as customers, vendors and even with other players in the industry, are increasingly gaining a competitive advantage, the study reveals.
Companies today take advantage of multiple data sources to gather market insights and deepen customer relationships. Interestingly, these data are not limited to only customer information. Many organizations integrate data from external sources, and in that process, themselves become sources of data for others, developing new ways to generate business value from their data. For instance, Mall of America, a shopping mall in Bloomington, Minnesota, captures different kinds of customer data like their traffic patterns, seasonality, and daily forecasts. This data is also valuable for Bloomington’s retail tenants, helping them secure and retain high-value tenants.
Done right, sharing of data can help businesses comprehend every minute detail from products to packaging as a way of improving engagement with the customer base.
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