Introduction
The experience economy refers to the type of economy in which many goods and services are sold by focusing on their effect on people’s lives. Most people in today’s world tend to spend more money on experiences than commodities because experiences are more memorable. Most businesses are now determined to create authentic moments for their customers since these experiences become the product. Therefore, customer-centricity and engagement are encouraged to provide customers with the best services possible. Brands such as Apple have particularly built their business on delivering effortless adventures for people globally. Individuals can easily listen to music, watch movies, and view other content seamlessly throughout a unified ecosystem. The advancement and application of modern technology such as Retlio have been vital in enhancing the experience economy.
Reltio Technology in Experience Economy
Exceptional experience requires a solid foundation of connected customer data that helps businesses stay informed on the rapidly changing consumer and business needs. The data gives insight into their demographics, intent, buying behavior, and preferences. To create concrete customer profiles, data needs to be sourced from external and internal platforms and used in decision-making (Brous & Janssen, 2020). Reltio is a major provider of modern data management and organization tools, and many companies have embraced it. This technology has helped to address organizations’ analytical, operational, and compliance aspects since it is based on a more advanced cloud (Kraus et al., 2021). Highly demanding and digitally sophisticated customers require convenience and speed merged with a sense of personal engagement. Meeting these high expectations from customers to make them loyal is achieved through positive customer interaction (Bejakovic & Mrnjavac, 2020). The associations between customers, places, services, products, and transaction and interaction data are analyzed and shared across all customer-facing channels and cloud environments through this new technology.
Benefits of Using Reltio Cloud
The connectivity options in the new Reltio Cloud 2019.3 have significantly enabled business owners to make informed decisions that entail the continuous engagement of customers. It has become easier to access required data in a short time due to the securely built customer databases (Fischer et al., 2020). The cloud has enhancements that include the data loader, modeler, and workflow inbox that keep organizations well-equipped (Verona et al., 2018). Reltio has helped boost productivity and save costs by making data available in real time.
The effective use of Retlio has enabled employees in organizations to be more diligent in providing excellent customer experience, which in turn helps the organization achieve its objectives. Moreover, there is a reduction in compliance and security risks since this modern master data management trend has made the backing up of records simpler. Operations have been made more efficient by breaking down business silos, and there is a better visualization of the supply chain (Haddud & Bienhaus, 2018). However, the biggest drawback of this technology is that it is expensive to implement and maintain, thus some companies struggle to sustain it.
Conclusion
Retlio is working with several clients in various market structures to reduce data fragmentation and improve performance. The technology was especially useful during the recent pandemic period as it kept the experiences in most consumption categories alive (Baiyere et al., 2020). Therefore, a well-developed and connected customer data strategy is no longer optional. It should be the top priority for significant and long-term success for business owners.
References
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Bejakovic, P., & Mrnjavac, Z. (2020). The importance of digital literacy on the labor market. Employee Relations. 42(4), 921-932.
Brous, P., & Janssen, M. (2020). Trusted decision-making: Data governance for creating trust in data science decision outcomes. Administrative Sciences. 10(4), 81.
Fischer, M., Imgrund, C., Janiesch, C., & Winkelmann, A. (2020). Strategy archetypes for digital transformation: Defining meta objectives using business process management. Information and Management Articles. 57(5), 1.
Haddud, A., & Bienhaus, F. (2018). Factors influencing the digitization of procurement and supply chains. Business Project Management Journal. 24(4), 965-984.
Kraus, S., Bouncken, R., & Roig-Tierno, N. (2021). Knowledge-and innovation-based business models for future growth: Digitalized business models and portfolio considerations. Review of Managerial Science. 15(1), 1-14.
Verona, G., Cozzolino, A., & Rothaermel, F. (2018). Unpacking the disruption process: New technology, business models, and incumbent adaptation. Journal of Management Studies. 55(7), 1166-1202.