A Customer Data Platform (CDP) is the magic formula to boost omnichannel efforts and to keep up with rapidly changing customer expectations. But what exactly is a Customer Data Platform and why should companies consider investing in it? Are CDPs for real or are they just overhyped technology? What is the balance between financial risk and mandatory investment?
There are a lot of questions circulating around the hot topic CDP that’s on everyone’s lips right now. To get one thing straight: they are more than real. According to the CDP Institute, the CDP market is a $1 billion market with around 100 vendors.
We define the Customer Data Platform as a platform that supports companies in recognizing the context of the customer at any given moment, across all touchpoints, and in actively managing this context. Data and insights are collected, unified, and utilized in real-time to create and display hyper-relevant content. It brings together people, processes, and platforms.
An experience-driven digital platform approach supports companies of all sizes to eliminate fragmented processes and data silos, one of the biggest obstacles to seamless experiences. State-of-the-art technology links all customer data from the digital world and offline channels to create a holistic impression of the customer expectations.
By putting the customer data at the core of your enterprise, future business opportunities and capabilities needed can be identified. Data management platforms will bring you into the driver’s seat to keep up with the rapid change of customer expectations. That’s the purpose of a Customer Data Platform.
“CDPs do not replace a holistic data management strategy. Brands must consider how a CDP intersects with – or enhances, duplicates, or abstracts – existing data collection, data management, and hygiene processes, and the identity resolution strategy.”
Even though a CDP is a sustainable and efficient solution, it is not suitable for every business. Costs, risks, and benefits should be well considered and evaluated individually for each company.
Find out more about our Experience Driven Digital Platform approach and our technology partners’ Customer Data Platform solutions such as the Adobe Experience Platform. We are here to find the best possible solution for your data management strategy and technical solution.
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