First-party data is goldmine for businesses

First-party data is a goldmine for businesses, but it can be tricky to get a complete picture of your customers from all that information. First-party data has become a cornerstone for businesses aiming to understand their customers better and deliver more personalized experiences. Yet, the challenge lies in aggregating and analyzing this data comprehensively to build a complete picture of each customer.

The high percentage (85%) shows how valuable businesses consider data collected directly from their customers. This includes website behaviour, purchase history, and feedback. Even with all this data, it can be difficult to see the "big picture" of each customer. There might be information siloed across different departments, or data that's not well-organized.

However, at some time, Raw data often contains errors, duplicates, or inconsistencies. AI techniques such as natural language processing and machine learning can automate data cleaning and pre-processing tasks, ensuring that the data is accurate and ready for analysis.

Artificial intelligence can be a game-changer. It is the need of the hour to enhance your data strategy using AI. AI indeed plays a crucial role, helping streamline the process by efficiently collecting, organizing, and enriching data from various sources. This not only saves time and resources but also enables businesses to extract actionable insights that drive meaningful interactions and better decision-making.

Artificial intelligence can be a game-changer. It can analyze vast amounts of data from various sources, identify patterns, and create a unified customer profile. This allows businesses to understand their customers' needs and preferences better.

The most important thing is to use this customer data for practical applications. AI can help personalize marketing campaigns, improve customer service experiences, and ultimately drive sales.

Overall, while collecting first-party data is crucial, AI is the key to unlocking its true potential for businesses. By incorporating AI into your data strategy across these key areas, you can unlock the full potential of your data assets and drive competitive advantage in today's digital economy.

Dr. Deepak Kumar Sahu, President & CEO, VARINDIA