Modern businesses all need learn how to swim at the sea of big data, to ride the wave, or avoid obstacles, after being through 5 Ws + 1H Big Data Navigation, some Olympic level data champions may gain the insights others can not perceive:
1. Customer Insight
- Know What Customers Need Before They know Themselves
Big Data allows businesses to see customers’ behavior pattern they have never seen before, it also uncovers the interdependence and connections that will lead to a new way of doing business, or engaging customers’ feedback, do sentimental analysis or research on knowing what customers need before they even know themselves, and develop next generation of product, service or business model accordingly.
- Optimize Customer Experience Life Cycle
Big Data also lets us see the “real-time” cause and effect of business’s actions and customers’ responses, Organizations that do so will be able to monitor customer behaviors and market conditions with greater certainty, and react with speed and effectiveness to differentiate from their competition. It will lead service innovation which can optimize customer experience life cycle based on personalization, targeted interactions & preferences and 360 degree view of customers, ultimately increasing customer loyalty by following 3 “I”s: Insight, Interaction, and improvement.
2. Decision Making Insight
- Operational Excellence: Businesses explore the power of big or small data to drive business decisions to create transparency in organizational activities that can be used to increase efficiency. Big Data analytics also improves the quality of business decision-making requiring organizations to adopt new and more effective methods to obtain the most meaningful results from the data that generate value.
- Business Governance & Risk Management: Big Data can also help business to predict or detect fraud or bad behavior, breakdown functional silos to manage data more holistically, to converge IT governance with business governance, and enforce
3. Talent Insight
- Make sure the right talent at the Bus: It will always take long term journey for identifying, attracting, developing and retaining the right people with the right capabilities at the right position, via Big Data, talent manager can recognize thought leaders, social influencers or domain expert more easily; data analysis of employee and talent performances also allow experiments and feedbacks, make sure right talent at the bus at the right time;
- From Talent Controller to Talent Multiplier: Talent managers start using data not just to monitor employees’ behavior, but to ask& answer some hard questions that are at the heart of how employees contribute to business performance, predict employee preferences and behaviors and tailor next practices to attract and retain talent. Develop predictive models and identify leading indicators to forecast business requirements and staffing requirements, track skills and performance, and maximize human capital investment.
Big Data is Big part of “the Internet of Things”, human and machine analysis of large data sets will also provide big insight beyond commercial value, it will have broad touch including social, political and economic intelligence, and has huge positive impact for society at many perspectives in the futre.
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