Singapore – A new customer data platform report by Twilio has found that businesses are increasingly prioritising data quality to maximise the full potential of artificial intelligence and respond to more personalised customer insights.
According to the report, approximately 60% of businesses recognise that high-quality and accurate data are among the key ingredients for growth, indicating the essence of data integrity in achieving meaningful insights, and effective utilisation of AI.
This also underscores the importance of customer data platforms in obtaining AI-driven customer insights and driving business success.
Apart from this, findings observed that the rise of data warehouses signifies a broader shift towards centralising and improving data quality as businesses outgrow the limitations of traditional CRMs.
With data warehouses and lake houses serving as the foundation for storing and analysing extensive data sets, CDPs facilitate real-time data integration, identity resolution, and activation of customer insights across various touchpoints.
This implies the essential role of interoperability in enabling organisations to store and analyse data at scale, as well as activate these insights in real time. It also ensures a flexible and effective data strategy that harnesses the strengths of both CDPs and data warehouses.
Key findings of the report further noted the potential for predictive AI to provide deeper customer insights and forecast customer needs and behaviour. Twilio Segment’s latest feature empowers companies to embrace a proactive customer engagement approach by targeting users with an increased likelihood of performing an event based on their customer data.
Additionally, it also revealed that enterprise solutions continue to show growth, with businesses responsible for gathering data from various digital touchpoints and preparing it for analysis increasingly relying on CDPs to address fragmentation.
Speaking about the report, Kathryn Murphy, SVP of product and design at Twilio, said, “In 2024, more and more brands will turn to AI to deliver better, more personalised experiences for their customers. Our report showcases the essential role customer data plays in maximising AI’s effectiveness.”
“With data warehouses and data lakehouses like Databricks becoming central to customers’ data strategies, it’s crucial for CDPs to support seamless integration with these data warehouses. At Twilio, we’re seeing a significant trend towards leveraging the interconnectedness of AI, data warehouses, and digital communication channels,” continued Kathryn.
“The ability to interoperate with data warehouses is essential, ensuring that CDPs act as a pivotal technology for brands eager to leverage AI and data to forge even stronger relationships with their customers,” she further explained.
Meanwhile, Chris Hecht, SVP, corporate development and product partnerships, at Databricks, also remarked, “As businesses look to break down data silos and rely on a unified data platform to power their analytics and AI initiatives, the importance of data sharing and data quality has never been more apparent.”
“Our collaboration with Twilio Segment signals our dedication to ensuring that organisations leverage the full potential of their data, no matter where it lives, and can effectively bridge the gap from data to insights using cleaned and verified event profile data,” he concluded.
