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Impact of Data Strategies in 2020 - Part 1

Where data influx from customers has provided immense potential for marketers to upscale their business, things did not always go as planned. Companies and their CEOs often struggled with technical and data debt. The main reason for this was that companies lacked the organizational skills necessary to manage and make the most of the data they gathered, and so they were unable to meet customer needs adequately.

In 2019, leaders took a step back to focus on the problem and to devise strategies to overcome. They worked to bring to bear operational strategies and technical foundations that organizations could adapt to maximize the customer, financial, and shareholder value.

These strategies, however, were not without risks. Companies that never had a chance to rebuild their foundation or those which were already ahead of the game were able to grow their talent pools more rapidly. But it does create a risk of separation and playing a massive game for upscaling the marketing strategies in 2020.

Here are some conditions and predictions regarding what could happen in 2020:

More than 55% of consumers will consider company values when making a buying decision:

In today’s times of political unrest, climate change, wealth inequality, and social isolation, people crave for hope and betterment. Customers appreciate experiences that are delightful and spark hope. According to studies, 52% of consumers actively consider company values when making a purchase. Executives are probably going to provide what their consumers crave. They will co-create value-driven experiences for both their employees and customers.

The top tenth of CMOs will broaden their role in the name of customer value:

For the leading brands, there are very strong possibilities that their CMO will be responsible for everything regarding the customers. They have to establish a thriving ecosystem that can deliver value experience to the customers throughout their lives. For this, they will come up with a strategic plan using customer experience, brand purpose, employee experience, technology, and creativity and use it to benefit from the customers’ needs and demands.

CIOs will automate 10% of their IT tasks and look to up-skill everyone:

Experts believe that 2020 is going to be the year of people management for CIOs. In the upcoming year, CIOs will still have pressure to control costs and improve the overall efficiency of the corporation. CIOs are most probably going to automate highly standardized and repetitive IT tasks up to 10%.

80% of enterprises will recognize the threat of automation islands and set up strike teams:

Over time, technology is becoming better and more innovative. It is very promising for delivering new business results through constant experimentation with technology. However, it will require organizations to change the way they operate and face another set of challenges in doing so.

One such challenge is the islands of automation. Eighty percent of companies will realize this threat and determine that they are no longer susceptible to island automation. Firms will set up an automation strike to face this problem. The experts, like robot architects and automation jump starters, will further enhance and strengthen robotic process automation RPA tools for companies.

The number of CX executives will grow by 25%

As the CX culture continues to increase, the number of CX executives are predicted to grow by 25%. They will demand the the CX culture of their organization move out of the exponential phase and accelerate fast to top the bottom-line growth.

Where CX is proving to be beneficial for most companies, its complexity is daunting for some. Firms that are unable to benefit from CX will cut their programs in frustration. And those who see potential in CX will double down.

This will result in the extreme bifurcation of the leaders. They will keep getting better in the industry and customer service. There is innovation expected in marketing campaigns and customer experiences, which will be built by the right combination of technology, creativity, and deep customer understanding.

Takeaway

With so many advances in data strategies, there is no doubt that companies are going to double their data strategy budget. They will combine AI with data strategies to accelerate their market value. However, this will result in an increase in privacy concerns, data hacking issues, and scams.

Read more about this in Part 2 (Coming soon)

This post is based on Forrester’s new report Predictions 2020: CIO


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