Big data is an evolving term which, refers to a large volume of unstructured, semi-structured and structured, having the potential to be mined to gather more coherent and meaningful information. In fact the sheer volume of data puts it behind the processing capability of traditional databases and software techniques. In majority of enterprise scenarios the magnitude of the data or its superfast moving capacity makes it impossible to process traditionally. Also, big data is generally characterized by 3Vs: large volume of data, the extensive variety of data and the velocity at which the data must be processed to derive meaningful information from it. The volume of data is huge and though there is no specific metric for its measurement, big data is usually a term used to define data that is in terabytes and petabytes of data.
Organizations can get in possession of such huge amount of data from different sources such as business sales record, customer interaction, research studies, etc. Big data is rich in potential as it can help organizations make better and faster decisions and enhance the overall quality of their products and services to measure up to customers’ expectations. Big data when captured, stored, analyzed and manipulated can help organizations gain meaningful insight into their business operations and behavior of their target audience. This puts them in a better position to build their brand, generate customer loyalty and enhance their revenue.
Big data is now an integral part of all business domains and there is no reason as to why customer industry should be an exception to it. This is one area where the impacts are direct, measurable and clearly visible. In the following paragraphs we shall deal in some detail as to how the value and effectiveness can be best maximized and how can it help organizations up their customer relationship and service by several notches.
Customer service—where does it really pinch?
We all are well aware of the fact that a business’s survival is directly linked to its customer. If there are no customers there is no business. Period. A business in order to be successful in a highly demanding business environment must be acutely aware about the needs, wants and expectations of its clients. Unfortunately, many businesses crash and burn as they fail to fully assess as to what their customers really want and as such find it extremely difficult to provide them with the requisite products or services. Lack of proper communication is also a major hindrance as sometimes fail to accurately convey the important features and benefits of their offerings. This often spells doom for businesses as frustrated customers turn their attention towards the firm’s competitors. If an organization has an IT infrastructure in place which fails to properly identify the problematic areas, it is a major drawback.
For a business to win the trust of its customers and flourish in the market, it is important that the factors troubling the business be identified and subsequently rectified. This is where big data analytics and digital information has a major role to play.
What needs to be done?
An organization to win customers and retain them need to work on several front simultaneously. One important way to achieve its objective is to embrace digital transformation whole heartedly. Organizations will find it hard to connect with its target audience in absence of digital transformation and big data. Failure to comprehend a customer’s past behavior and purchasing pattern invariably means that the organization will fail to live up to the customers’ expectations. Also, smaller organizations which lack the resources and the capabilities to develop and maintain a well-structured IT infrastructure will find themselves unable to compete in a modern business environment.
This is the reason experts suggest that digital transformation is imperative to make these organizations digitally self-reliant which in turn will allow them to be better equipped to understand, and efficiently respond to their customer's needs. A better customer service will eventually translate into customer loyalty which will positively reflect in an organization’s balance sheet.
What assistance can Big Data and Analytics Provide?
Big data and analytics have proved their significance in improving customer's service. Businesses making efficient use of them can gain competitive advantage in the marketplace. Organizations as such making significant investment in big data and analytics can reap rich dividends as they can base their future strategies on previous insights into consumer's pattern and behavior. A firm possessing the ability to collect, structure and analyze this data coming from multitude sources can built precise models of doing business.
Using big data and analytics, businesses will able to break down things and more clearly understand the likes and dislikes of their customers. This will provide them with meaningful insight about their target customers wants and requirements, and in the process vastly improve their customer service model.