BI was just the first step. Big data analytics, say Indian CIOs, has the potential to help enterprises get into their customers’ head and stay ahead of competition.
If BI has put guesswork to rest, big data analytics is set to R-I-P it.
Thanks to trends like mobile and social media that are fuelling the need for advanced analytics. The amount of data created as a result is a treasure trove for organizations that take customer service seriously.
Take the retail sector, for example. Every time you shop, you’re actually sharing your spending pattern with retailers. Today, they have the ability to analyze and find out what you like, what you need, and what products are most likely to be consumed.
"We are making careful investments in the technology space. We need to ensure that our organization is ready to tap into the benefits of big data analytics, bring in the right mindsets, and training programs to leverage big data and help business make informed decisions," says Nat Malupillai, director-technology, Target Corporation.
Making informed decisions takes organizations a few steps closer to beating competition. And that’s true for anyone in the services industry. Ask Avinash Jhangiani, head-IT and digital, BIG Cinemas.
“The end goal is not about tools or technology, but about how do you use the analytics to run this business. It gives you an edge over competition Analytics should give us a 360 degree view of structured and unstructured data. At Big Cinemas, we should be able to engage the end-user and create the next offering which is likely to be a winner,” he says.
The first step to beat competition is to better customer service. And big data analytics helps organizations do just that. Today, organizations have the opportunity to know their customers better than they knew them a decade ago. Various channels such as the Internet, social media and mobile provide enterprises with useful information by combining structured transactional data with the unstructured data.
Even big telecom players have realized the need to understand their customers before they advertise their products. The new Vodafone ads being aired theses days understand the kind of offers needed by their customers are piggybacking on solid research, thanks to the inset of big data analytics.
“A traditional data warehouse model falls short of expectations when it comes to analyzing real-time, unstructured data. Big data analytics will help us understand our customers’ behavior faster and we will be able to make use of it in order to leverage competition,” says Manoj Nigam, VP, CS-IT, Vodafone.
Big data analytics will help us understand our customers’ behavior faster.