Wednesday, December 7, 2022

Maximizing Cloud Investment to Gain Competitive Advantage

By Prangya Pandab - November 23, 2022 4 Mins Read

Enterprises can accelerate data innovation, streamline transformative digital operations, and reduce time to value from the cloud by maximizing their cloud investment.

There is no doubt that migrating to the cloud has improved operational and marketing efficiency, but as businesses try to recession-proof their operations, issues persist about how to streamline cloud initiatives. Business leaders are under pressure to find technology that will deliver the best return on their investment, with economic forecasts uncertain.

Businesses have invested a lot of money and resources in implementing cloud tools and services to store their data, but the cloud strategy should not stop there.

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It is essential to take steps that maximize cloud investment because better utilization of cloud spending will be a crucial component of sound data architecture in the future. 

Enterprises must be able to derive business value from this data, optimize its potential through privacy-first partner engagement, and granularly assess results if they want to scale and stay competitive.

Align the Cloud and Business Strategy

Businesses have found that data is a source of great value, but managing it can be difficult and intimidating. Disjointed IT stacks and disorganized data are often to blame for inefficiencies across the company. Departments within a company can easily become isolated from business goals in the absence of alignment between data collection, use, and collaboration.

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Brands must ensure that the tech stack of each business unit ties back to the entire organization to help bridge business strategy with the cloud strategy. Businesses can start aligning their internal teams by sharing ownership of the cloud strategy and asking all stakeholders to identify the cloud-based features required to provide positive outcomes.

Utilize a People-based Foundational Identity

For the purpose of creating seamless omnichannel experiences and a unified customer view, cloud environments require a robust foundation of identity that can integrate diverse data from across the company. Without the right identification solutions in place, executing integrated omnichannel campaigns and measuring their success becomes nearly difficult, leading to more waste and less profit.

Finding people-based identifiers—which are first-party insights that are privacy-first by virtue of being consented to—that can securely connect consumer data is the objective as companies assess which identifiers they should embed in their cloud. Identity has long relied on tools that are invasive and lack granularity, such as device identifiers and third-party cookies. Category identifiers that are encrypted or encoded have emerged as the preferred option. Encrypted IDs enable secure transmission to only intended parties. By capturing consumer touchpoints outside of browser-based ecosystems, they have also demonstrated effectiveness in translating across various identity solutions and authenticating audiences, giving a complete view of customers.

Enterprises can establish and improve customer data architecture and safeguard consumer privacy by removing Personal Identifiable Information (PII) from the equation by incorporating people-based identity into their cloud environment.

Increase Value with Data Collaboration

Data collaboration tools can advance efforts after a people-first identity framework is set up. To eliminate silos inside the organization and link disparate data sources, several businesses have already begun to use data collaboration internally. These collaboration strategies utilize untapped resources to enhance customer profiles and also show forward-thinking business leaders what is possible when working with reliable outside partners.

By engaging audiences seamlessly across partners without the need to send raw or hashed PII downstream, businesses that have already tried external collaboration, placing first-party data in clean data rooms and other strategies, have improved campaign planning, data measurement, and activation processes.

External data collaboration can only be successful if the underlying technology respects consumer privacy and maintain the non-movement of data. This explains why there is an increase in the adoption of Privacy-Enhancing Technologies (PETs) that provide permissioned teams access to data without the data changing hands or being moved from its original location.

Businesses can access consumer intelligence and move from aggregate to person-level measurement once they embrace the right collaboration features for their cloud.

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AUTHOR

Prangya Pandab

Prangya Pandab is an Associate Editor with OnDot Media. She is a seasoned journalist with almost seven years of experience in the business news sector. Before joining ODM, she was a journalist with CNBC-TV18 for four years. She also had a brief stint with an infrastructure finance company working for their communications and branding vertical.

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