When it comes to the European General Data Protection Regulation (GDPR), many companies appear to be paralyzed. Although the regulation comes into force in May 2018, many have not yet even begun to implement the new guidelines. It appears that the requirements are too great and too far-reaching, and it’s therefore very difficult to take the first step. The GDPR sets out fundamental changes in the management of personal data: Its primary focus is the storage and use of data, as well as consent from the individual. In future, every company that manages or stores personal data of EU citizens must know what data is stored where and how exactly it is used. In addition, the consent of the data owner (the person affected) for precisely this storage and use must be verifiable and the data correct.
Anyone not fulfilling the requirements can expect staggeringly high fines of up to 4% of the company’s turnover or 20 million euros.
Poor data quality causes costs in various business divisions.
Digitisation is all around us and it happens in every industry. The choice companies have to make is a rather simple one: You can either drive the business as a leader or desperately try to catch up. On the EMEA MDM 360 SummitInformatica encouraged the attendees to be a disrupter, be ambitious and to rethink their businesses. For those who are afraid Ron Matusof, VP Advanced Customer Engineering, recommends: The thing about innovation is, that your idea never existed before so you cannot make the perfect plan. Just make the best decision you can with the information you have and stay flexible.
Some of you know our company since it was founded in the autumn of 2013. Our colleagues and we are grateful for the encouragement and support we have received from you over the past few years. When we decided, in summer 2013, to set up a company, we could not possibly have imagined that, only three years later, we would be employing more than 60 people at different locations. But we were confident that with our focus on processes to support digitisation we had found an issue that would be very important to our customers at home and abroad.
Today, parsionate is one of the fastest growing companies with this kind of portfolio in Europe. And we will continue to accelerate our growth: As part of a management buyout, parsionate’s management team and two commercial investors acquired RS Media Group AG’s shares of our company. In addition, the parsionate Group GmbH was founded as a holding company.
After “Big Data”, the new success factor in e-commerce that is being hyped up is “Customer Centricity”. In fact, this is not a new concept, but rather the next, logical step in e-commerce. Customer centricity is an approach to doing business that focuses on the customer’s wishes and expectations. Rather than just reacting to customers’ wishes, customer-centric businesses – retailers as well as manufacturers – rely on anticipating these needs and wants in order to be successful. Luckily, there are already enough technical solutions to enhance the buying process and to meet the expectations of digital natives; nevertheless, the implementation still represents a huge challenge for most companies. Customer centricity presupposes a suitable IT structure, high-quality master data and efficient processes in place. Therefore, customer centricity (as a general approach or a goal) is closely linked to the “digital transformation” of companies and usually entails considerable investments and extensive restructuring.
Engelhorn, a premium fashion retailer, believes in the importance of customer centricity and digital transformation. We have asked Thorsten Huth, Head of the Technical e-Commerce Department at engelhorn and data expert, what really matters.
Our team can look back on two exciting and successful days on the Internet World 2017. Our conclusion: The new concept of the trade fair is beneficial. Most of all the various lectures and numerous exhibitors convinced and caused a new record number of visitors.
The interactive future of digital commerce and its master data requirements
Interactive shopping – on the internet. Two things that, at first glance, are difficult to combine. E-commerce platforms and users/customers usually interact “statelessly”.
Many websites are already offering their customers ways to interact with a customer service team and ask questions through hotlines and live chats. These services are usually labour and cost-intensive. Thus, they are often limited to very expensive and complex products and services. Bots are going to change that.
The last two days showed once again, how fast E-Commerce is evolving. And that it is still far away from being grown up, as the title of the event ”Coming Of Age” already indicated. The insight reports of the speakers rather gave the impression of a young teenager trying to find himself. And this is a good thing, as only the companies who dare to try out new trends, to evolve and are also ready to fail, will be sustainably successful in E-Commerce.
Euronics is both a wholesaler and a retailer and offers a wide range of electrical goods as well as other products: from the latest generation of TVs, cameras and home cinema systems to mixers, coffee machines and GPS devices. Since Euronics’ product range is so vast, their maintenance structure comprises more than 200 structure nodes.
Why neuromarketing is a real challenge for your PIM
Christmas is in the air! It’s the best time to give your products or brands an emotional appeal. Many companies are investing in neuromarketing: shop windows that look like something out of a fairy tale, festively decorated web shops, glittering packages and touching Christmas commercials are all meant to appeal to customers’ emotions. It’s not mere facts that drive your customers to buy. The idea of the “homo economicus” – someone entirely focused on his economic well-being – has become obsolete and most people won’t shed any tears over it. Findings in neuroscience suggest that there are no purely rational processes in the brain. The image of the well-informed and critical consumer is a delusion. Neuromarketing is becoming a major trend.
“The winds of digital change blow through all industries and sectors. And everything that can be digitised will be digitised.“ Kay Julius Evers, Managing Partner at Eversfrank Group, summarized the main challenges of the digital age in his opening remarks at the Port of Thoughts Retail Summit: “You have to destroy and reinvent yourself.”