Handling the Big Data Deluge
“Our ability to collect data is still outpacing our ability to derive meaning from it.”
— Mark Madsen, CEO at Third Nature
Business leaders must have their eyes wide open for opportunities to:
1. Take advantage of the growing customer data available,
2. Mine this data, analyze it; and
3. Leverage the data into a “double-whammy” of new profitable insights where CRM becomes symbiotic with enhancing the customer experience.
Maybe easier said than done
In the world of retail data sources — POS, e-commerce, customer loyalty monitoring, etc. — tend to serve more as subjective barometers than objective analytics resources. The data isn’t necessarily harmonious and can sometimes throw more heat than light on the effort to balance efficiency with customer satisfaction.
That would be because…
The barrage of incoming data — sales trends, marketing campaign feedback, social media buzz, etc is voluminous, messy and defies categorizing into neat columns and rows. All that Big Data is not amenable to the quick processing needed for fast decisions.
Nevertheless, concealed in Big Data are what managers need to know about leveraging inventory, improving the quality of business processes and keeping up with customer perceptions and preferences.
Corralling the hoard of data
The data is there, but often resides in untapped silos or is not collected in a meaningful way. The data silos tend to be proprietary and leak proof, and there is just too much of everything else and no time — or practical way to use it on a real-time basis.
You need a new data platform approach
Answer the following questions:
1. Does your existing data platform have problems in doing what it was originally designed to do because of issues of poor response times?
2. Are you experiencing roadblocks growing your data infrastructure so that more users can help you add and mine more data?
3. Are you unable to do something innovative with your data — data mining, obtaining insight, or simply leveraging timely process support?
If the answers to the above are yes, yes and yes, you need a new data platform. It is all about getting a handle on Big Data.
Keeping the baby after throwing out the bathwater
Legacy data — customer lists, sales analytics, etc. — reside in the aforementioned silos and must be preserved as the proprietary lifeblood of any business.
According to David Dorf, a senior Oracle Technology Strategy Director:
“Imagine collecting everything uttered by your customers on (social media) and combining it with all the data you can find about the products you sell… Assuming you could process all that data, you could then personalize offers to specific customers … ensure prices are competitive, and implement better local assortments.”
According to McKinsey & Company, “We estimate that a retailer using big data to the fullest has the potential to increase its operating margin by more than 60 percent.”
How Credo closes the loop
Credo leverages a quarter century of business retail experience with unsurpassed expertise and proven successes. Contact us and see how we can help you break down the barriers between collecting Big Data and using it to its fullest potential – to enhance the customer experience and the bottom line.
Michele La Fleur
Director of Business Development
CREDO Technology Solutions