Big Data is like the minute-to-minute personal diary of everyone and everything.
Firms are gathering more and more data about their customers and how their supply chains operate. Customers are expecting services to be evermore personalised to their individual needs and wants.
The possibilities for using this data for improving services, creating new products and services and meeting customers’ needs are huge, but doing it properly is incredibly challenging.
Customer Journeys are a new way of modelling what customers are interested in – they can be used to turn customer data into actionable insights. Customer Journey models or Process Interest Graphs (PIGs) can help to improve experience and loyalty, innovate services and glue fragmented businesses together. They can be used to produce true multi-channel and multi-device strategies.
Customer Loyalty and CRM strategies increasingly need to work across all channels and all devices. Customers expect seamless service not fragmented databases that forget previous interactions or generate silos.
Servitisation is being used to turn products into services or to generate more services to sell to an installed customer base. Servitisation generates new ways of product and service innovation.
Mobile Apps are revolutionising the relationships between firms and their customers by becoming platforms for life ‘sat-navs’ or real-time personalised guides. Firms can use them to be with their customers before, during and after any transaction – all through the customer buying process and into repeat purchases. A two-way relationship across all channels and devices.
Analytics that are based on Customer Journey models or Process Interest Graphs (PIGs) can personalise any and all aspects of a relationship with any customer so that a product and its associated services become indispensable and unmissable. Then firms do not have to pay off customer with coupons and price reductions to get loyalty.
Personal Data and privacy are increasingly emotive subjects when on the one hand firms are able to understand individual customers’ intimate, detailed and real-time interests and on the other hand more and more firms are suffering data breaches. Customers increasingly refuse to give their data away for free because they know it is worth something. But it is certainly possible to share and maximise the value that data can create at the same time as controlling and reducing the consequences of its loss.
These are the sorts of themes that I write about in my blog.
Learn more about Duncan here.
We are starting a new big data Business Analytics Strategy group at Nottingham University Business School and we are looking for partners, see here.