Around us, every single hour and day, huge amount of data are generated – and this is increasing exponentially every year. Here, we are talking about data that from various places – online or offline; data shared and given voluntarily; or it could even be data collected without the knowledge of customers. The latter might not be an ethical move, but that aside, any organisation that is able to take advantage of the huge volume of data collected and be able to analyse it in real time will be a winner.
Speaking from the point of view of a customer, I would be delighted and award brownie points to a company that takes note of my preferences and reward me with a special offer instead of blasting tons of information on all current promotions. It may be a small gesture, but it shows the company's sincerity in providing only the best for its customers. However, it takes effort and time for companies to understand what the preference (s) of each customer is/are; it requires intelligent analysis of unstructured customer data – a combination of the right ERP systems and human business intelligence.
So, how does Big Data come into play when it comes to customer engagement? There could be more than these, but according to this article by Computer Weekly, it suggests the following areas:
1) Social Media drivers – Using Social Media platforms to engage customers and offer tailored products/services
2) Mobile information – Pushing information to customers
3) Gathering sensor data – Using RFID to manage the demand and supply of customers
4) A holistic approach – Big Data initiatives do not belong to the responsibility of the IT department; it requires the support from all internal processes as well as some external ones
5) Architectural considerations – With more and more data collected, businesses need to make good investments in technologies that help to generate valuable insights for leaders to make informed decisions
6) Big Data headaches – The explosion of volumes of data meant more technical challenges to manage, analyse and assess real-time data streams
In Asia, while Big Data projects are still new and few, businesses must be prepared for the challenges that arise when Big Data becomes popularised in the region. Learn how to churn valuable insights from unstructured data and walk away with strategic ideas on how to manage the challenges of implementing Big Data – all these at Big Data World Asia 2013, taking place in a months' time in Singapore.