The state of big data
Thanks to the advancement of technology and the Internet of Things, in 2020, there were 1.7 MB of data being generated by each person every second, about 143 Gb per day. If a company has 1,000 customers to support, there will be 143,000 GB of data being produced a day. Such an enormous amount of data generation requires a complex computational system as well as advanced analytical methods and algorithms to dig in and extract meaningful values out of it.
* (Sources: Big Data statistics in 2021)
The key challenge for most businesses nowadays is to pick up suitable data, harness only relevant information, and analyze and extract actionable insights in a very small window of time available to present to stakeholders. The very tech tools and data management systems that many organizations use have pushed them into data silos.
95% of businesses cite the need to manage unstructured data as a problem for their business.
Less than 50% of the structured data collected from IoT is used in decision-making.
63% of employees report they cannot gather insights in their required timeframe
1 in 4 business experts has given up on getting the answer they needed because the data analysis took too long.
Under 4% of customers makes a complaint when they are unhappy. All the remainder churn without saying a word or providing customer feedback.
Big Data can be your greatest ally
Big data can be extremely valuable to your company but, what data is good data? Data quality is the foundation of analytic forecasting. In short, if you don’t have sufficient data quality, you can’t do anything with data. For this reason, it is important to optimise your data sources and processes to make sure the data you store and analyse is relevant to your company. If you are unsure about this step, you should consult with a professional to help you cleanse your data from your different data sources.
Once you have been able to gather quality data, what can you do with it?
360 view of the customer
Today, companies use on average 13 cloud-based apps for their everyday operation, and different departments tend to use different technology solutions such as spreadsheets, accounting software, or a CRM. It is key to combine and correlate every data source to generate a complete and transparent 360 view of every customer’s interaction with the operator. Once you obtain this view, you will be able to provide a more agile and overall better customer experience.
The predictive analysis applied by companies uses historical data to predict future behaviours and get valuable insights into customer data. With gathered insights, companies can become faster, more efficient, and, simply, better. It also helps with making data-driven decisions.
Customer churn prevention
Engaging customers for a long time is a difficult job. Therefore, companies need to take necessary actions to prevent customer churn. Using Big Data enables companies to analyse the customer’s behaviour. Gathered insights combined with AI help predict the customer’s thoughts on a particular service. As a result, companies can address the satisfaction issues immediately or even before they happen and, in effect, prevent churn.
** (Sources: Netflix | Amazon | Customer churn)
At Micado we have the tools to make a significant difference in your company. Our Customer 360 software provides a single view of the customer and Next Best Action recommends relevant and curated actions to reduce churn and grow customer loyalty. Get in touch with our team if you would like to learn more about what Micado can do for you and your company.
When used in the right way, data can be your greatest ally.