- Big Data will increasingly play a key role in assisting organisations differentiate their online offerings, in terms of targeting, engagement and personalisation
- Spurred through the growth of the digital realm, cybercrime is becoming a real threat and businesses need to ensure they implement solutions to cover both themselves and their customers
Digital Change is set to be a key priority for businesses big and small in the new year. Following on from the first part of our series ‘Five key priorities for your 2013 Digital Change agenda’, we delve into the remaining two priorities that organisations must have on their agenda when considering their 2013 business strategies.
Gaining a competitive edge through Big data
Big data will continue to gain prominence for executives as it becomes a recognised source of new value, competitive advantage and a ‘must have’ to enable a valued customer experience. Organisations will seek to tap into the value of big data in a variety of ways:
- Personalising marketing for improved targeting, engagement and acquisition
- Tailoring products and services for improved customer experience and reduced customer effort
- Continuous improvement of products and services through accurate and timely identification of performance issues and understanding of market needs
- Quicker and faster management decisions enabled by real-time insights
The challenge is that with the exponential growth of data in 2013, organisations will increasingly be challenged by data quality issues and overwhelmed by the sheer quantity of data available to them. Leaders will need to demonstrate the ability to not only harness their data, but manage it effectively for quality and relevance.
Cybercrime may place top brands at risk
As commercial activity continues to expand across the digital landscape, the growth and diversity of cybercrime will increasingly perplex organisations. Gone are the days of a hacker working from their basement, with 70% of this activity now classed as organised crime. The RSA 2012 Cybercrime Trends Report notes the following key challenges which will become increasingly important for digital businesses in 2013:
- Monetisation of both financial and non-financial data as cybercriminals seek to identify exposure to new opportunities from identity fraud. To combat this, organisations need to educate consumers on managing their data to minimise risk of fraud.
- Fraud as a Service (FaaS), akin to SaaS specifically for fraud services, will continue to expand making it easier for cybercriminals to leverage common fraud services.
- Increasing use of ‘hacktivism’ as a form of activism against corporations and government entities to fight for a specific cause or concern. Organisations that act unethically or are perceived as unfair may be targeted via digital channels.
To fight these threats, organisations need to evaluate and implement stronger authentication methods, such as biometrics and multi-factor authentication, and develop stronger threat and risk management procedures to protect their businesses and customers.
What other priorities will you have on your 2013 Digital Change agenda?