In my previous blog, I advocated about the importance of an upfront blueprint to focus Big Data efforts in areas that lead to valuable insights. Taking actions on these insights is ultimately how you glean value from your big data.
The fifth "V"
Strangely, many who espouse the virtues of Big Data rarely start by describing the value that comes from it, but instead they pontificate about its attributes: Volume, Velocity, Variety, and sometimes a fourth “V” – Veracity. Let’s also talk about the fifth “V” – Value.
Lasting value is created when a positive exchange takes place between you and your customer. If you sell something that doesn’t meet their needs, however, you create the illusion of value, only to see it wiped out later. Conversely, discovering and acting on activity patterns can lead to explicit and latent needs being met, resulting in customer satisfaction and long-term value. Tracking big data effectively can lead to these discoveries.
To illustrate, if I observe a customer’s repetitious buying patterns, and then offer to sell products in bundles, bulk ship for less, or proactively send products, value is created – and you ensure a future purchase stream.
Consider some of these examples for how companies are using sensors, streaming Big Data, finding actionable insights, and creating value for their customers and their enterprises:
- A leading automotive manufacturer that installs numerous sensors in high-end vehicles which gather driver data. Specifically, predictive analytics warn drivers when they might be getting fatigued.
- Farmers place wearables on cows to help improve fertility and birthing success rates.
- A major online retailer uses purchase history to predict what products customers are likely to buy, then stages those closer to the customer so as to reduce shipping time.
- A travel site monitors real-time flight activity, anticipates delays, and notifies travelers – often before the airline does.
What should I do? Ask yourself two simple questions:
- Is my company using modern data collection, streaming Big Data in real-time and using predictive intelligence to understand the patterns?
- Are we taking immediate action on these insights to enhance the customer experience?
If you answered yes to the first question, but not to the second, you have the infrastructure, but without action will get no benefits. If neither is true, you are falling behind more and more each day. But it’s not too late. Act now for value.
You’ll need a unified system that can ingest structured and streaming unstructured data, perform real-time analytics that monitor for patterns, decision strategies that arbitrate and trigger the right actions when unusual opportunity or risk is detected – and a system that can also automatically kick off processes to alert personnel, open a case, or notify customers. Make sure to find a system that does this in one platform. Otherwise, you will waste significant and valuable time implementing, integrating, and adjusting various pieces when you could have been creating value.
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