Artificial intelligence can have huge impacts on business operations, but only when it’s quality and used effectively. In this article, the author covers some of the top takeaways from Gartner’s report on “How to Build a Data Strategy in Manufacturing Organizations” – many of which apply to any organization.
Even in today’s digital world in which data about customers, their purchasing behaviors, price sensitivities, and buying experiences is readily available and consistently updated, making important pricing decisions can still be difficult. If your data is inaccurate, dated, or incomplete, your tactics won’t be as effective and you might miss out on potential prospects, as the author explains.
Stephan M. Liozu is Chief Value Officer of the Thales Group (www.thalesgroup.com) and Chief Marketing Officer of Thales Inc. in the USA. He is also an Adjunct Professor & Research Fellow at the Case Western Research University Weatherhead School of Management. He is a Certified Pricing Professional (CPP), a Prosci® certified Change Manager, and a Strategyzer Business Model Innovation Coach. He authored four books, Value Mindset (2017), Dollarizing Differentiation Value (2016), The Pricing Journey (2015) and Pricing and Human Capital (2015). Stephan sits on the Advisory Board of LeveragePoint Innovation and of the Professional Pricing Society. He is a Strategic Advisor to 360pi, The Kini Group, and PriceSenz.
Industry studies prove the correlation between higher customer loyalty, growth, and price. Customer loyalty data gives insights that go beyond product attributes and into the value of the customer experience, often uncovering more value than you realize you deliver. By harnessing this customer loyalty data, companies can improve and strengthen their value pricing strategies, as the author explains.