Data is accessable everywhere. However, the focus is no longer on who owns the most data, but how to turn these data into smart insight and utilize it as a competitive solution for businesses.
Most companies only focus on small portion of their data. According to a recent study by KPMG, 69% of companies are considering to be more focus on looking for better ways to use and analyse big data.
Important findings regarding these as below:
• 56% respondents say they have changed their business strategy to meet big data challenges. • 42% considers integrating data technology to their existing systems and / or business models, to be the company's biggest challenge in dealing with data challenges. • 85% says that one of their biggest challenges with analysis is in implementation of the right solutions in accurate data analsis and interpretation. • 75% states that difficulties found in data analysis process.
Benefits in efficiency improvement in using data anlysis is identified as below:
• 69% – Identify of missed insights. • 87% – Faster analisis. • 77% – More sophisticated in granular insight. • 51% – Cost savings due to improved efficiency.
When most companies understand the benefits of data and analysis, the problem lays on how to implement effective strategies. Many companies still suffer from data siloes or "legacy systems". In which most companies have a lot of data has grown and multiplied into several systems.
Gap Bridging and Breaking Down Siloes
Many companies may argue that they have handled data for several years and that their marketing department has work with different set of data for this period. Department has access to a certain (limited) set of data and performed analysis on it.
However, today's consumers have more power, more choices, and expect to be known in all channels. Companies that works with old fashion strategies will not get anything less than personal communication and offer targeted matches. And just as important, if they do not receive cross-channel experience, they will be in "competition".
It is almost impossible to provide good experiences when customer data is spread across multiple systems. Without an integrated 360-degree view, data cannot be properly analyzed for insights such as customer preferences, lifestyle, purchasing behavior, channel preferences, and more.
All customer data source must be pulled together into a data warehouse or marketing database to understand what should we do to customers. After a 360-degree view is established, companies can identify new opportunities to cross-sell, up-sell, and maximize customer value.
Analytics Implementation to Enrich Insight
Business intelligent solutions are designed to help companies to gain insight of their data. These set of tools is available assist business to enhance their service, such as customer service, market analysis, inventory, customer profile, and ad management. Company needs to ensure that the right employees to be granted access to the up-to-date information.
By using business intelligent tools, various customer characteristics can be analyzed; such as demographics, purchase history, lifestyle, hobbies, etc. Customers can then be divided according to behavior hence new opportunities can be identified.
Predictive analysis can also be applied to see what consumers are doing today and predict what they might do tomorrow. By analyzing certain behavior patterns, a company can predict the possibility of customer to leave the company, which product suits or the customer market, or to offer promotion that might interest a specific customer.
Most companies have not realized the potential and the magnitude of the opportunities that is provided by data. After all, companies need investment and research for new effective ways for help then to find best business decision.
Komang Budi Aryasa
Currently Big Data Project Director with PT Telekomunikasi Indonesia Tbk. He successfully established Telkom Multimedia in Batam, was one of the initiators of plasa.com web portal, initiated Telkom’s venture into digital music (resulting in the Melon join venture), successfully setup an end-to-end system of over the top TV of TELKOM Group (now called USeeTV) and setting up development services in Telcomcel Timor Leste.