When looking at Big Data, the word Big often seems to be emphasised. There's an assumption that Big is beautiful. That size is a measure of success.
Yet after working with clients, it's apparent that data quality and elegant implementation is far more important than the size of the data. Certainly, the explosion in data capture, aggregation and curation is simpler with new Big Data tools and platforms. But crucially, these tools and platforms bring flexibility and speed to the development and delivery of solutions.
Collecting meaningful data with flexible processes and systems can transform data into insights, and deliver those insights to the point of consumption. The point of consumption is any touch point with a customer, and increasingly, with prospects. However, to build a strong and resilient customer base, data has to satisfy three basic demands. It has to be relevant, dynamic and timely.
- 1. Each interaction must be relevant to customers. It has to address their current needs and wants.
- 2. Relevant data can lead to natural conversations and dialogue which will enhance the customer experience. Conversations are also about discovery. Capturing inputs from customers often start to tell the organisation something new.
- 1. Conversations need to be continuous across channels. For example, a conversation in a bank branch may be continued on a mobile device, and resumed later within the internet banking application. Customers use many channels and do not want to repeat themselves on each channel.
- 2. The behavioural models and segmentation that help define relevance must include the current engagement. One great benefit delivered by Big Data tools is the capacity to process enormous amounts of complex data, almost instantly.
- 3. Analysis of an extraordinary range of behavioural data, augmented with the analysis of conversational data, has added the element of intent to segmentation models. While intent adds to segmentation, it is also probably the most volatile.
- 1. Information or insights must be instantly available at any touch point. Decisions are made on information, and conversations are directed by insights. Running segmentation models and updating the customer management system needs to be real time in order to maximise upsell and cross sell opportunities as they arise.
- 2. Getting to the point of the conversation saves everybody time. Because conversations are relevant, customers feel they are understood and valued by the organisation.
Often Big Data is presented as a panacea to resolve any business problem - to grow revenue, reduce operating costs, power innovation. And indeed, data is a necessary part of any solution for these business issues.
But it is more than just the amount of data. It is also about speed, flexibility and analytics, along with the underlying tool sets and platforms as well as the commercial nous to clarify the purpose of the technical development of any solution. This is what really turns Big Data into a game changer in customer and prospect engagement.
RoZetta lives and breathes what makes Big Data valuable and delights in taking a data centric view on your customer centric challenges and opportunities. Come and talk to us.