Saturday May 27th 2017

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Next Shift: From Big Data To Deep Data

It’s no secret that today’s consumer looks and acts differently than the consumer of fifteen years ago. While in the past, consumers may have been satisfied with standardized services and solutions that matched those of their neighbors, friends or acquaintances, people now expect products and services that best fit theirindividual needs and interests.
We have already seen this play out in multiple industries, perhaps most visibly in the telecom world. Thanks to smartphones and data networks, that industry has moved from a system of telephone poles and wires that delivered the same services to everyone, to one defined by personalized service and application delivery which allows consumers to use their phones in ways that best fit their lifestyles. Telecom companies actively leverage their consumers’ behavioral, transactional and demographic data to personalize their services and engage customers more deeply than they did just a few years ago. Today, these data-centric approaches to customer engagement are redefining other industries like energy, healthcare and retail – which all rely on good data to stay relevant to their customers.
With the growing presence of big data, businesses are becoming more equipped to handle the tsunami of data about their customers. However, because of a lack of precise knowledge of the value embedded within this huge crush of data, many businesses have been stuck in the “data for data’s sake” trap – capturing every piece of available information, a phenomenon I call the “data hoarding” mentality. With this approach, it’s easy to become overwhelmed by the amount of data available and get stuck focusing on the challenges to collect and store terabytes of information, rather than effectively leverage the information to deliver on the promise of personalized relationships and to add meaningful business value.

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