If you have stumbled upon this article it means that you are curious about Big Data and its credibility into businesses. Well, the good thing is you hit the right blog post.
Technology is continuously changing how customers get in touch with brands. The customers today demand an experience which is nothing short of a great one. With the help of the internet, phones and even emails- people today are more informed than ever in the digital age.
It is more convenient than ever to quickly research a company and the products that are on offer by browsing and social media. It is also important to note that bad customer experiences spread more quickly to tarnish the image of a brand. A negative image also makes it difficult for companies to compete in this cluttered environment.
Customers are a more significant force than ever in determining the success of any business. Most executives agree that companies that succeed in delivering a great customer experience are ahead as they have a competitive advantage.
Big Data is the key to ensure a great customer experience for most of the companies. The impact you can have on your customers by being accurate about their behaviors across many touch points is unimaginable. To get to this point, however, a lot of understanding of past, present and future trends is required in the context of consumer behavior, which in turn improves their experience.
Companies have access to a lot of internal and external data of customers. But it has been difficult to interpret the quality of such data. The speed at which this data accumulates through social media, web, and sensors often beats the rate by which businesses absorb it for their operations by data intelligence operations.
Big Data analytics provides a way where insights can be used across the customer experience life cycle to assist businesses in a better understanding of customer segmentation, profitability and the lifetime value of customer experience.
The feature to collect and analyze a massive amount of structured and unstructured data by many sources gives a better look in the behavior and needs of customers. Even specific insights tend to be more powerful like the “next likely purchase” or “next best action” for fields of marketing and customer support respectively.
A lot of companies are closer than ever in getting a full understanding of their customers, which is aided by experimentation which is no longer just stuck in theory. Such companies are seeking to use new analytical tools and methods for testing and enhancing the customer experience in every aspect of an organization.
The use of Big Data to customize customer offers has a direct impact on converting new and existing customers. Tailoring content which offers an insight to customer behavior, profile and their preferences can mostly help marketing teams of companies lead the way for customer experience and boost sales.
As mentioned above, developing a comprehensive view of the customer involves getting as many interactions as possible from a company’s primary system such as systems that support sales, marketing, social media, and others. The next step is to build efficient analytical models to find out relationships hidden within the data.
Once marketers combine traditional database modeling methods with unstructured data, they will get a better understanding of a customer’s intentions. Bringing them together though is a challenge.
Through an examination of both types of data in a non-relational environment, forming and testing hypotheses becomes easier for the companies. It results in newer insights which could have been easily missed. The approach brings adjustments to present processes to get better results.
A common way to integrate unstructured and structured data to make it more accessible for analysis is to merge an existing data warehouse with a platform like Hadoop. The platform supports a relational database as it can store and process a massive amount of non-relational data. It helps companies to create active data archives which make both the structured and unstructured data much more accessible and valuable for a company. In this way, companies can look for new insights and get a competitive advantage.
With more accessible data, teams can take the help of a solution like Oracle Big Data which is powered by Xeon processors to produce sophisticated statistical models that lead a more streamlined segmentation and targeting based on real interests, activities, and behaviors.
Once the insights get captured, it is also imperative to organize them on dashboards which help with the decision making. Oracle Business Intelligence Analytic applications consist of more than 80 industrial segments and more than 800 metrics to assist in fast and regular business intelligence reporting as well as in creating dashboards.
To boost the greater adoption of big data, companies are also looking at applications that feature technology where the database is present inside the memory of the applications itself. They enable quick Google-like searches and make it very easy to understand Big Data by heat map views of customer activity on mobile devices.
Companies and businesses are looking for new ways to enhance customer experience and take in maximum benefits from every single interaction. It is also understandable that getting hold of this value needs better insight and better decision-making as well. Oracle gives many flexible analytical tools which help data scientists use their expertise to make more critically important decisions.
The solutions, both relational and non-relational assist companies derive maximum value from the quickly changing sources of customer data. Companies not only gain more insights from data through such solutions but also drive intelligence at a good pace at the point of impact. To ensure success, companies need to either eliminate or compress the time to a great extent which is lapsed from the data acquisition to the analysis of actions based on these insights.
Thus, Big Data is the edge your business needs to succeed. Let us assist you with customized solutions for your business.
Drop your details here and we will get back to you shortly.