How strategic synergies of data products contribute to value enhancement

In today's digital economy, data products play a crucial role in creating added value for companies and their partners. Complementary data products offer a strategic approach to improving the value creation process within a company and in its relationship with customers and suppliers. The advantages of these complementary data products are explained in more detail below.

1. Improved customer focus

A key objective of data products in the context of customer management is to develop a deep understanding of customer needs. Once customer needs have been clearly identified, companies can develop personalized offers and actions through transparency across the entire customer journey. With the help of predictive models, recommendation systems and the integration of GenAI chatbots, these offers can be optimally tailored to the specific needs and behavior of customers. This enables companies to always provide the “next best offer” or the “next best action”, i.e. to define and offer the best and most relevant offer or the best possible action for the customer. This not only leads to better customer satisfaction, but also to higher customer retention and loyalty. These strategies enable companies to always make relevant and timely offers, which strengthens their competitiveness.

2. Optimization of supply chain relationships

Suppliers play a central role in a company's success, and complementary data products offer significant advantages here. By using data to predict customer demand, companies can optimize their inventories and achieve greater efficiency in the supply chain. These forecasting capabilities make it possible to ensure product availability without building unnecessary inventory. In addition, data products create greater transparency regarding delivery reliability, price elasticity, and sales volumes. This information is crucial to developing optimal inventory and delivery strategies. Companies that use this data effectively can position themselves as reliable partners, fostering supplier loyalty while optimizing supply chain costs and prices.

3. Increasing efficiency within the company

For companies themselves, complementary data products offer significant advantages in terms of internal efficiency and cost savings. By providing transparency into process bottlenecks, cost and revenue drivers, and the use of forecasting systems, companies can optimize their financial and operational performance. This includes planning the deployment of human resources as well as minimizing waste and other inefficiencies. The goal of these measures is to increase sales and profit margins, expand market share, and strengthen customer loyalty.

4. Overcoming silos and promoting collaboration

Complementary data products overcome the silos within organizations and promote collaboration between different stakeholders, such as customers, companies and suppliers. The true value of these products lies in their ability to create synergies through integration and cooperation that optimize the entire value creation process and increase the company's competitiveness.

Conclusion

The use of complementary data products offers companies significant advantages in customer orientation, optimization of supply chain relationships and internal efficiency. By strategically integrating these data products, companies can not only increase their competitiveness but also build sustainable relationships with their customers and suppliers. In an increasingly data-driven world, the ability to effectively use such complementary data products is becoming a critical success factor for companies in all industries.

More articles on related topics:

• The power of data culture
• Processes and data must go hand in hand
• The Hub & Spoke Model: A Roadmap to a Data-Inspired Organization
• The future of data preparation with AI: a revolution in data analysis
• From titles to actions: Why true digital leadership needs more than just a fancy title