(US & Canada) VIDEO | Analytics Maturity Does Not Happen Instantly — Team One CDO

Prachi Priya, Chief Data Officer at Team One, speaks with Kellie de Leon, Senior Director of Marketing at Treasure Data, in a video interview, about the partnership between data and technology, leveraging data through advanced analytics and machine learning for innovation, a successful use case, and how analytics maturity takes time.

At the onset, Priya emphasizes the need for a strong partnership and collaboration between the technology team and stakeholders to successfully execute projects centered on data. Technology is the enabler of meeting objectives, and the aim should be to connect it to an outcome.

Further, Priya encourages everyone to experiment with data daily by bringing it into everyday action and learning to access data through the tools and technology available. The partnership between data and technology is the biggest enabler, she says, as it promotes an environment to question biases and display healthy skepticism while celebrating critical thinking and curiosity.

In addition, she states that data is a powerful tool for driving innovation and improving customer experiences. Additionally, Priya hypothesizes that having quality data with a single source of truth and tools to access data quickly aids in developing new products and services, optimizing marketing strategy, and creating personalized customer experiences.

In continuation, Priya points out that leveraging data through advanced analytics and machine learning is key for innovation. Moreover, analyzing large amounts of customer data helps in identifying patterns and insights that aid in better understanding customer behavior, based on preferences, and needs.

Furthermore, understanding behavior through social media, like web analytics, surveys, and other sources helps to serve customers better with personalized experiences that make sense to them. Priya notes that data enables pricing optimization and organizational promotion strategy to meet target customer needs.

When asked about use cases, she discusses she used data for customer journey mapping and was amazed by the various touchpoints and interactions customers have with a particular brand. Priya then shares an example of the insights uncovered because of the mapping. It showed that 25% of customers visit a McDonald's in the area before interacting with the said brand.

This gave insight into the life of the customers allowing them to guide customers in how to communicate better. Additionally, the research identified pain points that customers experienced when using website and app interfaces. This insight led to understanding why customers are losing interest in the brand. As a result of these discoveries, the organization created solutions to address this issue, which has led to increased customer retention and acquisition.

Thereafter, Priya states that analytics maturity does not happen instantly; instead, it follows a pattern of stages. She maintains that initially practitioners may be doing basic analytics, such as figuring out why something happened. Progressively, they get into predictive analytics, which involves forecasting how consumers will react if they take a certain approach.

In conclusion, Priya asserts that this process takes time and requires practitioners to go through rigorous steps to ensure the best outcomes for customers - while also respecting privacy regulations.

CDO Magazine appreciates Prachi Priya for sharing her Insights with our global community.