According to the authors of Big Data – A Revolution that Will Transform How we Live, Work, and Think, big data is about accomplishing major feats that could not be accomplished with less data available. Big data is about creating value with data and metrics that will transform markets and open the doors for the public and private sectors as well as citizens. The information gathered is capable of predicting and forecasting trends using resources like Google and CDC.
Whenever a customer interacts with an organisation, it is vital that the richness of information available on that customer informs and guides the processes that will help to maximise their experience, while simultaneously making the interaction as effective and efficient as possible. This includes everything from avoiding repetition or rekeying of information, to viewing customer history, establishing context and initiating desired actions.
Big data formula for retail sector success “connect the right customers to the right products at the right time, at the right location and always at the right price.”
This is exactly where a 360-degree view of the customer helps, A true 360-degree view needs to include views of the past, present, and future:
The past means providing a meaningful view of the customer’s history across all channels.
The present requires presenting key information about customers and their interest in the store.
The future relates to predictive actions that can be initiated to guide the future of the relationship.