Digital Feedback Loop – a new buzzword or necessity?
The Digital Feedback Loop helps you to use the generated data.
Various surveys – also in Switzerland – show that companies use more than 70% of the collected data insufficiently. Therefore we no longer have a lack of data, because data is generated everywhere. Every product, every single transaction and every interaction with customers provides data. If the data is only stored in isolation, it can provide a deeper insight into the individual areas, but this is of limited use. The real added value lies in combining the data into a data network.
One example of this is “predictive maintenance”. The telemetry in the machines continuously supplies data that is checked for irregularities in order to detect possible damage at an early stage. If an irregularity is detected, a service process is automatically started. The relevant service staff are provided with the background and maintenance information. This enables them to carry out the repair or replacement quickly and also more cost-effectively. This is only possible if the various “feedbacks” from the sensors, the operational systems and the service staff are linked together.
Another important feedback loop is customer interaction. Only if the data from the various contacts, whether personal contact, contact via the Internet or contacts from support requests or service cases are linked together, we will gain a better understanding of our customers and be able to better serve our customers and offer new services.
Setting up and managing these Digital Feedback Loops is essential to realize the potential of digitization and Digital Feedback Loops are an important part of any data governance plan.
Contact one of our experts, to learn more about implementing a Digital Feedback Loop!
Image source: Microsoft