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Big data is more than just a buzz word; it’s a movement where organizations can leverage customer data for personalized, relevant communication for various business objectives. Research says that about 90% of all the data in the world today has been created in the past few years. According to IBM, 2.5 exabytes of data was generated every day in 2012 and about 75% of data is unstructured. Also mobile phone penetration is forecasted to grow from 61% of global population in 2013 to nearly 70% by 2017.This is “BIG” by any standards.

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75% of unstructured data is residing in different formats in different sources. Organizations need to first move to a unified platform by collating all the available data into one place and one format. All organizations store big data but they need relevant data for analyzing and gaining insights of customer, according to EY’s analytics value chain.

Relevant data gives a 360 degree customer view to better understand the customer to provide relevant, timely interactions. Research says that early adopters of 360° view will get competitive advantage over their rivals. This relevant data is small when compared to big data and can be used by all stakeholders of an organization to fulfill different objectives.

In10stech

Our enterprise software products are used globally by Fortune 500s for digitalization of customer experience life-cycle, resulting in greater customer-centricity and reduced operational expenses

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Today’s competitive market is reducing margins and driving enterprises from customer acquisition to customer retention approach. The need of the hour is customer centricity, to create products around customer needs.

Telecom service providers, unlike online industries like Amazon, Apple, Google and eBay, store customer data in silos due to the inherent complexities in the service portfolio. This in turn impedes 360 degree view of the customer and adversely impacts customer loyalty.

“There were 5 exabytes of information created between the dawn of civilization through 2003, but that much information is now created every 2 days, and the pace is increasing …”

Eric Schmidt, Google CEO, at Techonomy Conference 2010

The first step towards customer centricity is to break these silos and transform them to a unified platform that gives a 360 degree view of customer data and then pool all customer data into a central warehouse that maps different lines of businesses to a customer.

“The teams merged but the systems didn’t, so from the outside it looks like a merged company, but from the inside we see a mobile customer, a TV customer, an Internet customer, but sometimes they can all be the same person.”

Martin Péronnet, Monaco Telecom CEO, from www.totaltele.com

The second step is to use this unified platform to deliver customer knowledge that will be used by marketing to send relevant offers for up-sell and cross-sell. Further, you will have to move into interactive operations by identifying customers (based on daily usage)who are prone to move to another operator. These customers are given personalized and relevant offers to retain them. The final step is to align all departments in using the consolidated customer data in their day to day operations to provide a superior customer experience.

Customer centricity is not about replacing your existing systems, but it is simply a realignment of your processes for business agility and operational efficiency.

Reference
What customers really want. (n.d.). Retrieved January 27, 2015, from www.rolandberger.com

In10stech

Our enterprise software products are used globally by Fortune 500s for digitalization of customer experience life-cycle, resulting in greater customer-centricity and reduced operational expenses

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Przyklenk, senior manager, digital insights, for TDBank Group talks on why relevant data should be used for marketing rather than big data.

“You don’t need a lot of data to make decisions, just the right data” says Przyklenk.

TDBank Group, the second largest financial institution in Canada, began re-evaluating their customer data when branch traffic declined without a significant increase in digital transactions. Przyklenk talks about the challenges referred to 5 S’s the bank is facing while data analysis.

  • Siloed: multiple systems for different lines of business to connect to customers
  • Structured: several layers of data ownership, governance and access levels, requires vast institutional knowledge
  • Super-expensive: internal cost structures including chargeback models for processing time and bandwidth
  • Strange: systems are older than the analysts using them and the information generated is difficult to understand
  • Speed: financial institution mainframes offer faster processing speed but without structured data analysis cannot be effective.

A huge amount of unstructured data from multiple sources is dirty and data analytics cannot make sense of it. Prospects and customers expect personalized and relevant offers based on behavioral and relationship data, which cannot be achieved with the above challenges.

Przyklenk said among customer data collection and analysis, enterprise should invest in centralized data warehouse, data management platform and customer journey mapping.

Centralized data warehouse will consolidate all the customer data which in turn will help marketers spend more time on launching campaigns rather than consolidating data. This consolidated warehouse can also be integrated with other applications like CRM to make customer data available to all stakeholders. A data management platform and customer journey mapping will provide a single customer relationship across different lines of business with a personalized communication. Finally these changes in an organization will provide a 360 degree view of your customer.

 

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In10stech

Our enterprise software products are used globally by Fortune 500s for digitalization of customer experience life-cycle, resulting in greater customer-centricity and reduced operational expenses

More Posts - Website

Read more