Big Data Solutions May Improve Customer Experience, Survey Finds
A recent Tech Pro Research survey revealed that although most companies are collecting data to gain business insights, only 39 percent of them have made investments in big data solutions, such as Hadoop, Spark or NoSQL. However, utilizing big data platforms may allow companies to improve customer experience and stay ahead of the competition.
Optimizing Consumer Experience
“Big data isn’t just a buzzword or a passing fad — it is a fundamental, increasingly table-stakes capability for companies in all sectors,” said Matt Zisow, director of product at Wayfair, in an interview with ZDNet. “If you’re not actively investing in your company’s ability to gather and harness your data in ways that matter to your customers, you’re almost certainly falling behind your competition, even if you don’t know it.”
However, the majority of companies in the Tech Pro Research survey are generally content with their current data collection method and its ease of use. In fact, 45 percent of respondents rated their current system as good, 13 percent as very good and 6 percent as excellent at generating business insights. Moreover, almost half of respondents found that acting on insights from data collection is of average difficulty, and nearly one-third rated the collection process as easy or very easy.
Retailers Leverage Big Data Solutions
But retailers in particular are utilizing big data solutions to optimize consumer experience, according to Rob Holston, leader of the Global Consumer Products and Retail Data and Analytics group at EY Consulting.
“Today, we are seeing many retailers begin to pivot from exploratory technology pilots and experiments in big data to making permanent investments and changes to organizational structures and capabilities,” Holston told ZDNet.
“Increasingly, the customer experience is the brand versus the product, and companies have been making changes to their business model and adding new capabilities to create a differentiated experience,” Holston said. “Data and analytics are central capabilities to defining, unlocking and sustaining value through differentiated customer experiences. Retailers know that data and analytics is an investment in relevance and survival.”
In fact, he finds that leveraging big data and analytics can drive over 60 percent improvement in profitability, ZDNet reports. In light of all this, companies that harness big data solution providers may be able to better gauge consumer preferences and deliver a differentiated experience, thus improving their bottom line.