09 Sep FARCon and The Promise of Big Data
I recently had the opportunity to attend a panel discussion that focused on “The Promise of Big Data.”
The panel, which took place at MinneAnalytics’s 2016 FARCon event held at the University of Minnesota, was moderated by Chris Farrell of Minnesota Public Radio and included:
- Craig Dillon, CTO Bluestem Brands
- Bill Hoffman, CAO, U.S. Bank
- Ali Wing, CMO, Maurice’s
- Jamie Thingelstad, CTO, SPS Commerce
All of the panel members commented that the promises of big data revolve around four primary areas:
- Improved Decision Making,
- Improved Processes
- Deeper Customer Intimacy
- Improved Profitability
The real challenge of delivering on the promise of big data is to clearly define how the enterprise can and should harness it to grow sales.
At Axiom, we specialize in serving durables manufacturers and their channel partners in B2C and B2B markets. Most of our clients have more data than they’ll ever be able to deal with. Their real challenge is operational agility so they are able to act on that data by identifying causations and correlations that impact sales.
How do we help our clients do this?
- Use Voice of Customer (VOC) Insights Relating to Key Business Objectives as a Primary Framework for the “House of Data.”
For us, voice of customer provides a foundational “point of view” with which to mine big data using factors such as: customer satisfaction, unmet or underserved needs, repurchase rates, etc. Relating the insights to business objectives is paramount.
- Create Actionable Dashboards Which Integrate BOTH Big Data and VOC.
The most useful dashboards are longitudinal in nature because they help us understand how the customer/market is changing over time. Our goal is to help our clients interpret what’s most important now and what may be important in the future.
- Map and Benchmark the Customer Journey.
Identifying the steps customers take in the purchase process is critical to identifying opportunities that can be harnessed to drive incremental sales and increase profitability. The important thing is to assign meaningful metrics to each step.
For more information, please contact mreiber@axiomcom.com or dgebhard@axiomcom.com.
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