The data opportunity
When it comes to knowing your customer, service providers are in the box seat. When we compare our industry to any other, the amount of data shared by customers (directly and indirectly) is huge.
Conceivably, this significant data can be directed both into serving those clients, just as developing your business. However, the large information open door can likewise be overpowering. It even risks settling on the choice of how to manage this data an asset devouring activity in itself.
The key is that big data isn’t about the amount. Or maybe, it’s about the capacity to get to a total, top-notch dataset progressively, so you can more readily comprehend your clients, their necessities and purposes – and afterward utilizing this data to improve your commitment, items, and administrations.
Basically, there are three stages to separating the greatest influence out your data:
Understand what data is available in which applications and systems, and from which internal and external sources
Pool this data together, bridging multiple data silos that are scattered across complex, often geographically-dispersed systems
Ensure data-consistency and quality with real-time ingestion and processing
But there’s a downside too. Without the proper tools, any attempt to aggregate and leverage all this data can result in:
Latency
Poor data quality
Analytics that take too long to perform
Reports that are difficult to produce, and which are sometimes inaccurate
In addition, moving large volumes of data to a central location for analysis is time-consuming, expensive, and prone to error. And if for any reason you need to access your entire dataset, the complexity is even greater…
