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Megatrends: Why data is the ‘new oil’

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A leading business expert says companies will have greater success in retaining customers if they are able to draw meaningful conclusions from the data they collect.

It comes as businesses around the globe increasingly focus on gaining insight into those who interact with their products, with some describing the personal data being collected as the “new oil”.

However, as John Moran, Area Vice President for Industries with Salesforce says, what’s even more valuable is “data analytics”.

“The challenge most companies have with data is not so much getting it, they often have too much of it, the problem is turning it into meaningful action and meaningful engagement with their customers,” he said on Megatrends.

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Part of the challenge for businesses is data does not come from one source, meaning they require technology to bring it together.

“The Salesforce Customer 360 is really designed to surround the customer, and be an aggregation point to pull together data,” Mr Moran said.

“It’s never going to be true that every piece of data you need to know about a customer is going to automatically find itself in a single place.

“So integrating it, and pulling it together, and having technologies to do that is a key part of the answer.”

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