Does Big Data lead to Big Business?
The availability of Single View of the Customer, combined with advanced real-time analytics, can help banks to create highly tailored offers to significantly improve customer response rate. October 22, 2012 | Vivekanand GopalkrishnanThis article was co-authored by Sutowo, Director, Deloitte Analytics, Deloitte Singapore If you look up the term “Big Data” on Google, you will probably get twice as many hits as compared to the term “Crude Oil”. Has crude oil, which is indispensable in our daily lives, been displaced by Big Data as the engine that drives the world economy? The explosion of data has led to the rise of "data aggregators" that combine data from multiple sources such as shopping behavior from retailers, risk appetite/ financial transactions from banks and location/ contact history from telecommunications companies, to create a 360 degree view of each customer. Aggregators such as Acxiom have even monetised information from about 500 million active consumers worldwide, with about 1,500 data points per person. Single View of Customer – an elusive goal This proliferation of data has led to a revolution driven by the use of data and analytics to guide decision-making. One important enabler of analytics is the Single View of Customers, which is built not only by breaking down departmental silos, but also by integrating data beyond the enterprise. A Single View of Customer integrates external syndicated/ market research data (share of wallet, shopping habits, income level, location, etc), and public sources of data, such as social media, blogs (sentiment, preferences, hobbies, social network, etc). With such an in-depth view of the customer, companies can better tailor their offers and pricing strategies to extract maximum value from each customer. However, despite the prevalence of external data, not many companies have realised the promise of Single View of Customer. DataFlux’s recent chief marketing officer (CMO) survey shows that, even in advanced economies such as in the US and Western Europe, only 17% of companies has successfully achieved a Single View of Customer. Most of those who do have an enterprise view ... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: Data & Analytics, Data Management, FSI Customer Relationship ManagementData & Analytics,Data Management,FSI Customer Relationship Management , Data & Analytics,Data Management,FSI Customer Relationship Management , Keywords:Deloitte, Big Data, Data Aggregators, Single View Of Customer, DataFlux, CRM, Collaborative Analytics, Real-Time Analytics Deloitte, Big Data, Data Aggregators, Single View of Customer, DataFlux, CRM, Collaborative Analytics, Real-Time Analytics
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