Big Data is the term for massive data sets that can be mined with analytics software to produce information about your potential customers’ habits, preferences, likes and dislikes, needs and wants.
This knowledge allows you to predict the types of marketing, advertising and customer service to extend to them to produce the most sales, satisfaction and loyalty.
Skilled use of Big Data produces a larger clientele, and that is a good thing. However, having more customers means you must also have an effective means of keeping track of them, managing your contacts and appointments with them and providing them with care and service that has a personal feel to it rather than making them feel like a “number.”
That’s where CRM software becomes an essential tool for profiting from growth in your base of customers and potential customers. Good CRM software does exactly what the name implies – offers outstanding Customer Relationship Management with the goal of fattening your bottom line.
With that brief primer behind us, let’s look at five ways that the integration of Big Data and CRM is shaping today’s marketing campaigns.
Big Data has been one of the most significant and influential aspects of the Information Age as it relates to the enterprise world. Essentially, Big Data is the massive collection, indexing, mining, and implementation of information that emanates from just about any activity that can be monitored and managed electronically. Some of the uses of Big Data include: marketing intelligence, sales automation, strategizing, productivity improvement, and efficient management.
Enhancement of the workforce is one of the exciting and meaningful benefits of Big Data for the business sphere. Recently, human resource managers and analysts have been researching the implementation of Big Data as it relates to employees, and the following trends have emerged:
For many decades, companies and organizations have tried various methods to gain knowledge about what their employees are really like. The productivity that workers can contribute to their employers is based on personal needs as they are balanced against the performance of their duties. With Big Data solutions, both personal needs and performance can be diluted into metrics for efficient analysis.
Modern workplace analytics originates from tracking employee records as well as metrics on their performance, interactions and collaboration. The idea is to focus on the right metrics to create a climate of positive engagement.
Early uses of big data were concentrated in two areas: customer segmentation/marketing effectiveness, and financial services, particularly in trading. Recently, supply chain has become the “next big thing.”
Why? A company’s supply chain is rich with data, and it’s also a large cost component. Combined, those facts mean that advanced analytics can become a strategic weapon for optimizing the supply chain.
However, many companies can’t see the forest for the trees. They are optimizing, but not strategically. When applying data to supply chain, it’s critical to step back and look at what truly drives business value.
“They’re Digging in the Wrong Place”
As every fan of “Raiders of the Lost Ark” knows, Indiana Jones found the Ark of the Covenant first. The Germans had far greater manpower and resources and they were more efficient, but they were competently digging a hole in the wrong place. The same goes for using big data in supply chain optimization. You could have the most efficient process in the world, but if you’re making the wrong amount of the wrong product, it will hurt your business.
An interesting article in Forbes.com entitled, “Why Top Of The Funnel BI Will Drive The Next Wave Of Adoption”, written by Dan Woods, sparked some great conversations about bottom of the funnel users (20-30% wanting specific business information), and Top of Funnel Users (or TOFU) that want to interact with information in a personalized way and express their interests. I was fortunate to have Matt Milella, Director of Product Development for Oracle Business Intelligence Mobile Apps, and Jacques Vigeant, Product Strategy Director for Oracle Business Intelligence & Enterprise Performance Management, join me for a podcast to discuss their opinions about “The TOFU approach to business intelligence (BI)”.
Jacques explained that the article is basically about how BI has historically focused on what we refer to as the ‘business analyst’ or the ‘power user’. That’s the person in a company that has the unenviable task of analyzing data, finding trends, and synthesizing data into dashboards that he/she then shares with management. The common thinking, in BI companies, is that roughly 20% of the users prepare data that the ‘rest of us’ consume. There are many practical and technical reasons why BI started using this model 30 years ago, but the world of technology has come a long way since then. Today, the average user can do much more with much less help from IT.
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