The era of Big Data is upon us.
Today, most organizations are still struggling to unlock the full value of this Big data that is available to them. From internet to mobile and social, the amount of customer data is continuously growing.
Company’s ability to extract value from big data through smart analytics will be the key to their business success.
Big data by definition is:
- Volume - Unmanageable volumes by traditional databases
- Variety - Combination of all the internal structured business data (CRM, ERP, POS and all the internal system data) and external unstructured data ( Social media data, feedback surveys, Audios, Videos, streaming data, Call center data, images)
- Velocity - enormous speed at which it comes into the organization.
Channel based marketing is a least priority now. The increased amount of data available at individual customer level has allowed companies to do a personal marketing. But all this customer data out there is worthless if you can’t process it & turn it into actionable intelligence.
With Big data platforms helping in collection, integration, and transformation of large volumes of data, companies can conduct complex and varied analysis on much larger data sets and reduce the time to action and reaction to customer needs.
Organizations can now impact the entire customer life cycle and every interaction by being well prepared for each interaction, shaping the interaction in real time as it happens and driving the huge improvements across all the channels for next interaction.
By listening to the data as a signal from customers and working to personalize the experience for the customer, creates the value for the customer as well as business.
Some examples of enhancing the customer experience using Big data Analytics:
- Retail giants are using Big data to personalize the offers to enhance customer experience
- Healthcare companies are using it for improving the patient care in hospitals
- Banks are using it for cross-up selling and bringing the new products to market
- Insurance companies are making tailor made policies for their customers in real time
- Manufacturing companies are using Big data to improve their products, predict the failures in their product lines ahead of time to make every customer interaction very smooth
Using Big data to address customer inputs before they become problems is extremely important to ensure they stay loyal and more profitable to the company.
Customers expect to have the best possible experience from their vendors/service providers. They want to be recognized as individuals and not as a part of a segment.