What is a 360-degree view of the customer?
Businesses today have to take care of a new generation of hyper-connected, hyper-aware customers. This new generation of customers is driven by the Internet, mobile devices, and social media. They have instant access to product information, independent evaluations and reviews from both experts and through crowdsourcing websites, and price options from multiple vendors.
When customers are so well informed and hyper-connected, businesses need to be ready to cater to customers. The 360-degree view of the customer is a holistic approach that takes into account all available and meaningful information about the customer. It presents a combination of data access, integration, and analytics in an accessible form. All this can only be delivered in an IT solution that harnesses the volume, velocity, and variety of big data.
A retail chain which offers layaway services can sell items like hot cakes with such an IT solution.
Companies collect massive amounts of information about customers. But this data from different communication channels can only be used when it is integrated and made available for analytics. Often this data is stored in different silos across complex storage systems. To get all the meaningful data in one place, it requires planning, resources and time. The data scientist will have to gather data from hundreds of diverse data sources before starting to analyze it. The whole process can take up to a year or more to implement.
How can OvalEdge change the game?
We bring all the required data to a central place – an enterprise data lake or data lake at Google Bigquery. OvalEdge automatically analyzes all structured and unstructured data, summarizes it and establishes the relationships between the data. This gives tremendous speed and ease to the business user/data analyst to work with all the meaningful data that is available. Using OvalEdge, they can scan through hundreds of datasets within a day to get a sense of how data can be mapped and what data can be joined. Moreover, all the frequently asked questions are answered automatically.
Customer Acquisition and Retention
A 360-degree view of customers can be used to create more personalized customer experiences and support customer retention programs such as loyalty programs. A well-managed data lake enables organizations to pull all data into a unified platform and provide marketers controlled access to the data needed for customer targeting.
Finding aberrant customer behavior
For retail businesses, the key to operate effectively is to access data analysis in real time. An occurrence of a sudden drop in the sale of a high selling commodity can quickly be detected and causes can be looked into in real time. Often issues which can cause huge losses, don’t get attention as they go undetected for a long time.