Taking The Big Leap With Big Data
Data is becoming the fresh raw material today and has an economic value nearly equal to that of capital and labor. When stowed, managed and reaped effectively, data can be an asset. As customers’ ability to create new types of valuable data increases, there is a growing need to retain data and maintain visibility and access to it. In the age of the customer, managing customer information is crucial for competitive dominance.
In the age of connectivity, consumers have easy access to information on just about anything real-time. This makes consumers expect businesses to understand their precise needs in their current context. They expect to be served in a manner which is timely, relevant and delivered via the channel that they prefer. Given the vast scope of business, it needs to manage thousands of customer records entering their systems per day. For this reason, enterprises around the world are scrambling to dramatically improve their big data processing and management solutions in an effort to acquire new insights.
For instance, food companies have to ensure that their products are delivered at the right place and the right time; hence to ensure this, records are entered from various touch points as customers place orders online, by phone, or directly from the customer service manager at their doorstep. Recognizing this process presents significant challenges for coordinating orders and scheduling deliveries.
Profitable customers and reducing costs
A blanket marketing strategy is no strategy at all. Sending out generic messages to a broad swath of prospective customer only serves to dilute the brand and doesn’t reach the ideal target customer. However, if you have the data to determine which customers are close to converting to your product or service, you can target the right people and expand your customer base. The investment in data management systems pays off almost immediately.
Big data offers precise, targeted marketing techniques which allow companies to reduce marketing costs by cutting extraneous campaigns and removing unwanted targets. Solution providers should deliver trusted data and insights by allowing organizations to aggregate, cleanse, enrich, and analyze customer data, establish unique views for multiple stakeholders, and ensure that the governance policies for managing customer data are enforced. This in turn will maximize the value of customer information.
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