Sahar Habboub, senior data and insights consultant at Revonic, sheds light on how leveraging data and AI, powered by platforms like Sitecore can enable business growth and market leadership for organizations in the Kingdom. Q: Data and Analytics are not new to us. How did this trend come to life? What is it and how can we benefit from it? Are all business bound to use it and what will happen if they don't? A: Data analytics is based on statistics, which may have started in as far back as Ancient Egypt for building the pyramids! Since then, statistics were basically numbers and figures on a spreadsheet, manually examined to uncover insights or certain patterns in all aspects of life from governmental to financial all the way to the medical or even social field. Data has evolved dramatically in recent years in type, volume, and velocity which led to new ways of collecting and storing this data. Speed and accuracy paved the way for unprecedented methods of data treatment, analysis that could take years or weeks a few years back can now be done in a few hours if not minutes. Aside from structured data that was stored in relational databases in the form of columns in a table, technology, the internet, and mainly social media have spawned data of new nature, "unstructured Data", in the form of texts emails voice calls etc. But is that all? Will business problems be solved if we settle with collecting all the data and information we can and storing it? Of course not! Data is only as good as the insights we can derive from it and that's where data analytics comes into play. Q: What do data and analytics offer to businesses today? A: In a nutshell, data and analytics offer insights that allow businesses to make informed decisions and identify new opportunities. The new benefits that data analytics bring to the table are speed, efficiency, and accuracy. We are talking about real-time insights that can help with instant assessments and quick decisions. From improving the overall customer experience, early identification of risks, marketing insights to monitoring KPIs and trends the offerings of data analytics are endless. Amidst all the competition, businesses need that cutting-edge competitive advantage that data analytics provide to be on top of their game, improving performance and providing solutions for complex problems. Q: Why and how should businesses pay attention to this? A: Historically, big decisions were made based on gut feeling or what people think would work. This strategy has worked for a certain period, but it involved high risk and a vast margin for error and miscalculations. In the era of evolving technologies, fierce competition and digital transformation companies are in a constant battle to survive. There is no room for mistakes nor regrets. Technology and the need for data and analytics are here to stay and growing exponentially. In such circumstances, companies would do anything to sustain, survive and grow in which case only data and analytics can provide. Failing to do so would only lead to the company falling behind and eventually becoming obsolete. Faster and accurate decisions are needed, to drive growth, minimize risk and increase customer satisfaction in such a model. For that reason, companies should be implementing data strategies. Data is as good as the questions asked. You can have all the data in the world but if you don't know what to do with it or the areas you are planning to explore and expand then all the data will be useless. Businesses should identify the type of data they have, how it is collected and stored and the possibility to enrich it in certain cases. Subsequently, they must understand the generated insights and act upon them. Once the business targets are clear, related technologies can be implemented to harness the power of the available data. Q: How can the science of data and analytics transfer into creative campaigning? A: Customers today expect personalized experiences catered to their needs. Brands and businesses can use tools and practices to collect and aggregate data about the customers and their preferences. From gender, engagement, to geolocations and spending patterns all of which will come into play to send the customer targeted offers. For example, from a customer's purchase pattern, a bank can identify their customer segment interested in fitness and sports and send them offers with affiliated gyms. As for geolocation, brands can understand the whereabouts of their customers using their online applications and send them offers on nearby stores based on their locations. They also need to know their audience: their background, age group, online presence, etc. With Tools like Sitecore, marketers are now aware of where they should invest their budget for maximum engagement. Targeting a specific clientele and leading focused marketing campaigns will eventually help businesses with their brand image, minimize their spending on poorly targeted ads and maximize their ROI. Q: What are some of the success stories of analytics and data in the region? A: Emirates NBD has utilized the power of data and insights to drive highly personalized content and product suggestions within their online banking portal. This was made easily feasible by connecting the power of their digital experience platform, Sitecore, with various existing data sources across the bank. Working closely with Meraas, Revonic developed a re-usable E-Commerce framework that facilitates ticketing and online sales, enabling cross-promotion of their leisure and entertainment destinations. Using an adaptive design approach, Revonic added integrated booking engines, payment processes, and products, immediately making a positive impact on sales and website visits. Q: How will this field shape the future of business, particularly regionally and in KSA? A: In recent years, the MENA region and the kingdom of Saudi Arabia, in particular, have put in place many reforms in their attempt to embark on a digital transformation across all sectors. Be it governmental, health care, or tourism, the kingdom is investing heavily in Data and technology to drive a full-fledged digital transformation and reach its vision 2030. Vision 2030 is based on three pillars: a vital society, a thriving economy, and an ambitious nation. At the base of this Vision reside Data and Technology as the main assets in the development of public service sectors such as health, education, infrastructure, recreation, and tourism technology and data combined. The adoption of digital models and data strategies will set the country and the region's economic model of the future which will be mostly driven by technology and innovation. With data being at the center of all digital transformation, the businesses that will sustain are the ones who will be able to leverage their data assets.
