Data as the new currency
A French fast food restaurant company is implementing a connected customer-centric digital strategy that integrates its physical and digital sales channels. Customers can order in advance using their smartphones and have their food ready to collect on their arrival. This creates a unified, personalized and attractive experience for customers – and gives the company new insight, control and long-term business benefit in a competitive market.
The connected customer creates innovative new digital shopping experiences, with smart-mobile payments, loyalty programs and omni-channel communication. This generates data to fuel the new data economy, with multi-sided markets that define and offer new personalized customer services.
A new ecosystem
Car manufacturers are not only improving the driving experience for customers but also developing services that monetize the data they gather through new multi-sided markets. Vehicle telematics, geo-location and driver data are gathered in real time and shared with selected partners to offer new services, like ‘pay-as-you-drive’ insurance, preventive maintenance offers and ‘click-and-collect’ shopping. These services then fund investment in advanced car electronics, with car manufacturers’ selling a mobility service based on long-term customer engagement.
As consumers, we are by choice part of an ecosystem of retailers and service providers who offer us goods and services based on data we share. As citizens, we can expect a similar way of interacting with public services. The data economy impacts not only the commercial world; it enables governments to save on operational costs, improve and personalize public services, and create cities that are attractive to new investors and support local economic development. Mobility, for example, is a key issue for governments; adapting to the connected driving experience offers opportunities to interact with drivers and cars to optimize traffic-flow and reduce congestion.
Cities must unleash the power of data as the new currency to finance the city of the future. Data that is analyzed and turned into information presented at the right time in the right format will help citizens to adjust our daily routines and adapt to new conditions. It will create new experiences and change the relationship between governments and the citizens they serve.