Author: Mark Micallef, Vice President, Asia Pacific & Japan, Cloudera
In today’s digital economy, consumers are spoilt for choice and expect personalized experiences across touchpoints. Forrester believes that today’s customers will shift their brand preferences based on a single positive or negative experience, increasing the risk of revenue loss by up to 50%. Creating positive customer experiences is an art – supported by the science of big data.
Customers should always be at the core of a good business strategy, but in today’s competitive landscape, simply knowing your customer is not enough. Companies need to understand the unique needs of each customer and learn how to deliver products to them exactly when and where they want it.
Organizations today are faced with the challenge of up-keeping, managing and utilising the large amounts of consumer data collected daily. Business leaders across industries are tackling this by turning to data to target (and re-target) the right customers, personalize experiences, and solve problems or build products suited to customers’ needs.
There is no doubt around the potential of big data, but some business leaders are still sceptical of whether these new technologies can ensure a good return on investment. The real question is, how does a company ingest data from multiple sources with high quality and speed, while keeping costs low?
The answer is in the robustness of your data management architecture. The ideal big data platform is one that ingests increasing volumes of data from different sources, channels it into a centralized data hub and makes it available to all employees across the organization in real-time with full fidelity and security. With a streamlined data integration process, businesses are empowered to make information-driven decisions efficiently.
Let’s take a look at how companies today are using big data to improve customer experiences. One of Cloudera’s customers, Globe Telecom, has 60 million subscribers in the Philippines and experienced a mobile data traffic growth of 85 percent in just a year. Globe adopted Cloudera’s big data solutions, to harness the large amounts of data into one centralized location and apply real-time analytics to gain valuable insights. This enabled Globe to make accurate business decisions faster, resulting in the delivery of targeted marketing campaigns and offers that enhance customers’ experiences.
In the Financial Services industry, Cloudera is working with Bank Danamon, one of Indonesia’s largest financial institutions, serving a diverse customer base ranging from consumers, Small to Medium Enterprises (SMEs) to corporate and delivering a variety of banking products and services. These customer transactions create an unprecedented volume of data that requires efficient storage, processing, and analytics. After adopting Cloudera’s modern data management platform, Bank Danamon was able to achieve their digitalization goals at a lower capital expenditure per terabyte compared to traditional data management mechanisms. This also gave them the ability to serve their customers better and remain competitive, while managing overall costs.
Once you have the right tools to strategically manage and monetize information while managing the expense of these efforts, you have greater knowledge of your customers and the power to bring your business to success. To be at the forefront of any industry, businesses need to start applying data science to derive deeper customer insights that will drive customer loyalty, business growth and an increase in revenues.