How are companies using big data to develop customer centricity?
Learn about big data and how it influences customer centricity
Big data provides a lot of insights on how customers think and take decisions regarding a product or service. This has a huge impact on customer-centricity. But, before we get into how big data influences customer experience, let's retract on the basics of big data.
What is big data?
Forbes state big data as "a collection of data from traditional and digital sources inside and outside your company that represents a source for ongoing discovery and analysis". Being in the digital world has a lot of advantages and disadvantages. When it comes to understanding large chunk of information, big data offers a lot of data insights.
Big Data and Customer Centricity
Here are some examples where companies are using big data to understand their customers better.
1. Mint.com and LearnVest
Sites like Mint.com and LearnVest allow consumers to review their spending by category and see where their money went in a given week, month or year. User’s spending data is continuously monitored and analyzed to find a pattern which may help user in saving money and spending smartly.
The food diary platform MyFitnessPal gives people not only detail of how many calories they’ve consumed each day but also breaks down protein, fat and carbs. These companies perform analytics on huge data generated by the user’s mobile and they show the information extracted from customer’s raw data.
3. Southwest Airlines
Southwest Airlines is using speech analytics to extract data-rich info from live-recorded interactions between customers and personnel to get a better understanding of their customers. Speech analytics help the airline to have maximum information about the customer beforehand. Whenever the customer calls his voice is organized by speech engine and his recent queries and important data is displayed which help in improving the interaction.