Transforming Big Data Into Big Opportunities

Companies that blend structured and unstructured data sources to create a holistic view of the customer can leverage the growing influx of information to their advantage.  No matter which direction we look, it is not until we turn full circle that the entire view comes into focus. This especially applies to gaining a truly holistic view of customer data. With the flood of structured and unstructured information pouring in from a growing number of sources, companies need to look further than they have in the past to gain that 360-degree of the customer. Once organizations determine which sources of data will create the complete customer view they need, they must determine how to bring that information together to enable them to act on it.

This abundance of information encompasses everything from what products customers are searching for to how they prefer to be communicated with to whether they pay on time. In other words, there's more information than ever before on their behaviors, needs, and value or potential value-data that's essential to building a customer experience based not only on what's most important to customers, but also on what will deliver business impact.

"A 360-degree…customer view looks beyond simply providing a consistent experience to the customer," says Doug Cox, general manager, North America, at GMC Software Technology. "It delves deeper, blending CRM data with operational data from a variety of sources including invoices, third-party sites, and contracts to understand what the experience is that the customer actually wants, and what is needed within the company to have the agility to deliver that experience. It's a more holistic approach to customer communication management."

According to Joseph McFadden, director of marketing at Enkata, companies also must understand their customers' interests and intent. Gathering voice of the customer insight is one way organizations are doing this. "Companies have begun to embrace the power of customer opinion and deploy tools to collect, measure, and act on the voice of the customer; surveys, tools to analyze customer calls, tools to track customer patterns on the web, tools to uncover customer commentary on social sites," McFadden says.

This information can provide a deeper level of insight that companies might not get otherwise. For example, because companies can now monitor what customers do online, they can determine key influencers and who consumers trust the most, says Steve Woods, CTO at Eloqua.

Like a conductor who brings myriad instruments together to produce a harmonious symphony, companies must keep track of the many different voices coming from both individual consumers and various customer segments, across all available channels. By layering customers' activities, such as monitoring their webinar attendance, community activity, and social tendencies, onto other behavioral data companies can add depth to their customer knowledge, says Woods. Companies can then use such tracking methods to present relevant information and offers that build customer engagement and bolster customer loyalty.

Build a holistic customer view
Once companies determine which of the myriad data sources available will form a true 360-degree view of their specific customers, those organizations must then combine that often-siloed information in a way that will make it actionable. "You can get a 360-degree view by standing on top of a mountain, but you can't see everything at one time. You have to turn your body around to see all the segments that comprise the complete view," says Blaise Barrelet, founder and CEO of Anametrix. "Technology can put all those segment 'snapshots' together into one panorama."

Some companies are embracing cloud technology to compile multichannel data and make that information available across all departments. According to Eloqua's Woods, putting information in the cloud allows cross-department sharing, pulling together the pieces of a scattered puzzle. Other firms are using tools that layer atop and across existing systems, pulling data from them to a central system that creates a holistic view of the customer and allows for cross-channel analytics.

Creating that panorama often requires more than technology, though. Integrating cross-channel data is a stumbling block for many companies because it also takes collaboration across departments, and often requires new processes. According to Ahmer Inam, senior manager of analytics at Quaero, companies are failing to build links between channels and departments, leaving a disconnect.

Some organizations are solving these issues by created shared goals across functions or channels, or building cross-functional teams that have oversight and authority for collaboration among department. When both data and staff come together, the view of the customer and how best to serve them becomes clearer.

"It's as if you're on a mountain that has a network of roads that converge at the peak. Because there are tall trees everywhere, all you can see is the road you're on and the intersections with other roads as you encounter them," says Barrelet of Anametrix. "If you could only get above the trees, you could see how all the roads intertwine to determine your best route to the top."

Understanding one's customers clears that path to success.