Whose responsibility is it to take charge of the Big Data strategy and how does it impact the various functions – is it the role of a CMO/CIO/CTO or…?
Big Data as a term is being expounded in a big way today by the major IT and integration partners (this includes the other functions within the organisation). That is why is it is mistakenly taken as an IT project for data crunching and business analysis. This is far from the truth.
Analytics and its usage have been in existence for a long time now across multiple verticals in organisations albeit in a standalone, silo based architecture. The difference today is that the customer, partner, regulator has a lot more avenues for transacting or engaging in dialogues privately or publicly. This is where the need for capturing these interactions to create insight arises. Thanks to its sophisticated computational algorithms, Big Data enables the organisation to use consumer insights to create foresight for their next line of offerings.
Kayzad Hiramanek, Chief Operating Officer at Avantha Ergo Life Insurance shared his views on the personnel who should be responsible for Big Data.
Big Data is an organisation resource and can be put to use by multiple parties such as:
- CMOs for product offerings
- CSOs for process and service offerings
- CFOs for partner/ supplier offerings and regulatory controls
- CIOs can use it to consolidate multiple mini databases running across different silo applications into one analytics and business intelligence engine
As such, a Big Data strategy is no longer a role of a sole warrior – the key functions abovementioned have to work together to determine how the customer insights can be captured and mined so as to create more targeted promotions and offers to their customers.
Kayzad is one of our esteemed speakers at Asia’s leading customer strategy show taking place next month in Singapore – Asia’s Customer Festival 2014. He will be speaking on how brands can connect and carry consistent conversations with their customers on Day 1 of the premium conference and will lead a roundtable discussion on Day 2 on how to identify the most effective channel to reach customers. For more information on his speaking topics and to view other A-list speakers you can hear and learn from, download the brochure here.