Banking / Finance

3 big data opportunities for CRM strategy

04th Mar `14, 11:15 AM in Banking / Finance

1. Real Time analytics Increased velocity of information is one of the three major characteristics of big data,…

BDMS
Guest Contributor
 

1. Real Time analytics

Increased velocity of information is one of the three major characteristics of big data, the other two being massive volumes and greater variety of content. “If we take into account the velocity of big data, we can see there’s a [missed] opportunity of doing more real-time analytics,” Diener said.

Businesses, unfortunately, often don’t use this velocity to their advantage. “We get data minute by minute, second by second, and if we have systems set up that can process that data in real time, it can be very powerful from a CRM perspective,” Diener said. By not doing so, “we’re losing the opportunity to connect with our customers more immediately.”

One problem is that a business might lack the necessary technology or expertise to process data in real time. “Maybe they don’t have the skills on hand to set up algorithms in the machine-learning genre: self-learning, self-healing, self-adjusting kinds of algorithms,” said Diener.

Another problem: CRM departments in large corporations might be constrained by inflexible, indifferent or just plain bad management. “They may be managed so tightly that they don’t feel the freedom to advocate a different kind of solution,” Diener said. “In a corporate hierarchy, you can be assigned a fairly narrow silo of ‘you do this,’ and feel like you don’t have the freedom to explore or advocate a different approach.”

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