- A Unified Company Approach
- Customer Experience
- Connected Digital Ecosystem
- New Business Models
Intuition or experienced-based decisions aren't enough. This leads to more failures. In the data-driven era, company leaders need:
- Trustworthy data
- Timely data
- Contextually relevant data
These three items help find a strategic window.
This allows the unthinkable.
Marvin Ellison, new CEO of JC Penney, has taken on the "task of data". He is proving the primacy of customer experience, and more importantly, the primacy of data in driving great customer experience.
Ellison said, "Pure intuition without any data gets you in trouble."
With data, Ellison was able to change JC Penney's chances of surviving and increase sales by 3.9% during the 2015 holidays. This data-driven influence helped with customer loyalty. Data helped place clothing in the stores' floor plans. He learned women do 80% of the buying in the stores, so clothing was arranged so women could easily shop for men's' apparel. There was also data for appliance shopping.
These decisions were made from data.