| |September 201819BUT TO REALLY BE CUSTOMER-DRIVEN, BUSINESSES MUST FIRST BECOME DATA-DRIVENfirst become data-driven. Context of Data itself has expanded from just Transactions a few years ago to a comprehensive context that supplements transactions with even more important aspects of Observations and Interactions. With this change, traditional da-tabases limit the possibilities to process the sheer volume of data ­ both structured and unstructured - to derive customer insights. Big Data analytics are import-ant for the future success of new and established companies. Big Data enables limitless opportu-nities to unlock value from di-verse set of data to maximize the opportunities for companies to improve customer experience. Big Data along with basket of other digital technologies and techniques like Data Science, Ar-tificial Intelligence, Mobile Com-puting, Cloud, Cognitive, Social, Internet of Things, Augmented and Virtual reality will be really transformative. They allow enter-prises to not only be faster, better and cheaper but also be different. These technologies provide oppor-tunities for businesses to re-imag-ine customer value propositions, reconstruct business models, re-configure supply chains and increase efficiency. Big Data enables enterprises to collect customer data in real time through various conduits, such as customer location, online pres-ence such as social media posts, blogs, photos, online transactions, contact center interactions, web searches, product usage data and a lot more. Various Big Data plat-forms, like Hadoop, provide an evidence base to mine insights, conduct experiments, learn, get feedback and iterate at low costs. Advantages of Big Data analyt-ics include but are not limited to:· Limitless scale and flexi-bility to collect the huge volume of data from connected people, connected devices · Collect and Analyze broader variety of data · Real-time data collection and analysis to aid agile needs of the companies· Analysis of large volume of data generated in call centers com-bined with voice data is pivotal in addressing customer experienceThe best companies in the world are masters of harnessing Big Data technologies for custom-er experience - Amazon in books, Netflix in movies, Google in adver-tising; Uber in Transport, Nike in sportswear. These companies har-ness the full spectrum of digital technologies to deliver great Cus-tomer products, services, experi-ences at superlative margins. They leverage technology not just for ef-ficiency but as a core competitive differentiator. Though these com-panies deal with anything from movies to shoes, a single common trend amongst them is that, they provide great Customer Expe-riences. They win because they anticipate and satisfy their cus-tomers' needs, they sense and re-spond quickly, interact with them and their products or services conveniently, continuously. Advancement in technology coupled with the usage of Big Data to analyze information from var-ious sources, will see the follow-ing take center stage to improve customer experience:· Real-time analytics to en-able companies to have two-way dialogue with customers in the digital world· Companies focusing on spot-ting problems and fixing them be-fore the customer even notices· Artificial Intelligence tak-ing the front seat while com-panies create better customer experience solutions· Chatbots that enable online text conversations fuelled by per-sonalized insights, creating posi-tive experiences for the customer.It is imperative that before an enterprise can become customer driven it has to be data-driven. Big Data is a key in making an enter-prise Data driven. According to Gartner's 2017 executive surveys, Customer experience (CX) contin-ues to be at, or near, the top of the CEOs, CMOs, and CIOs' agendas. We will see increased usage of dig-ital technologies with Big Data and the use of insights to improve Cus-tomer experiences. Without core data infrastructure enterprises will operate on a series of guesses and whims. C I
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