Why people, data and technology is the recipe for growth

Not every organization is in the technology business, but every organization does run on vast amounts of data, much of it generated by customers. And since that data is easily as valuable to a business as its workforce, coming to grips with it is critical to success. Because to truly engage customers and clients, to broaden customer bases or nurture relationships that fuel engagement and growth, data is where it begins. And as the data landscape shifts—with new privacy guidelines brought on by consumer preferences and tighter regulations—data strategies need to shift as well, raising many questions, particularly for marketers. How can you use data to spark and fuel customer engagement, retention and growth while being mindful of privacy? How do you adapt your data strategy to comply with the California Consumer Privacy Act (CCPA), particularly around first-party versus third-party data? And how can your IT team create an advanced data architecture (probably in the cloud) that helps a business grow and profit while setting expectations with leadership that it will cost them more? Related Articles How brands can win in the human moment How to make marketing more human and brands better friends 3 steps to help improve diversity in advertising (And why that’s smart) The classic people, process, technology model—a ’60s-era description of critical success factors for organizational change—has given way to people, data, technology, a new paradigm for how organizations can drive growth. It’s also a great way to frame the conversation about shifting data strategy. With that in mind, here are a few recommendations for how to start. Each element of the people, data, technology model is powerful on its own, but only a strategic combination of all three allow for growth and profitability in an increasingly competitive marketplace. Having a better understanding of your target audience and customers creates a domino effect: clarity on what questions to ask about the business can only lead to better insights, which in turn will lead to better ways of engaging with customers, which leads to better relationships, happier customers and ultimately, a better bottom line. As your business embarks on its journey into a new decade and all the uncertainty this brings, one thing is for sure: You’ll be using data for fuel. Where the journey leads is up to you—making strategic decisions now about how to extract, manage and consume that data today will help set you up for success tomorrow. About Deloitte Digital At Deloitte Digital, we are guided by an aspiration to elevate the human experience. Together with all of Deloitte, we connect creativity, technology, people, and ecosystems to make an impact that matters to our clients and to society across the globe. We imagine, deliver, and run the future to deliver on the promise of digital transformation and create sustainable business futures. Learn more at www.deloittedigital.com

Why people, data and technology is the recipe for growth

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