Superhero wanted


Good news! We have four special heroes just for your help. Which one would you choose, if you had the chance?
We all need heroes… in business life as well. In today’s “customer first” world you have to do your best to meet the highly growing demands of your clients. The online community wants to be treated as individuals and expect to be reached with personalized contents and tailored messages. However, how do you touch your customers?

Let me introduce our ARCHAEOLOGIST hero first, who always want to know: WHAT HAPPENED? In business life understanding the past” means learning from past behaviors and understand how it might influence the future outcomes. It could be useful when someone wants to summarize and describe different aspects of the business. A lot of energy (human resources) needed to do data aggregations and data mining to get insight and sadly all have to be done by using single source of data. In this stage /descriptive/, you invest a lot of human input with less automation.



Our EXPLORER hero is someone who is also good at data  aggregation and data mining but he is lucky enough to use  more data from multiple data sets. For companies having  a diagnostic power in place means having multiple data sources and some channels are already connected but the on-line and  digital channels are not integrated with off-line (internal and  external) data. Yet, there is still a need for human input.

Let’s see what our FUTURIST’s offer is: The power to perceive future events before they happen /prediction/. It is seeing relationships among many factors, various data sets to assess risk with a particular set of conditions, to guide decision making for candidate transactions.

In the office, this can be replaced by statistical models to exploit patterns and by forecasting techniques; some automation is also applicable to do so. All done is by using historical and transactional data found in ERP, CRM, HR and POS systems. Your sales manager would be grateful if you could be able to forecast customer behavior (what items customers will purchase together) and identify trends in sales activities.

And finally, the "SUPEREST HERO" goes beyond the „understand the future” and the „predictive power” and he/she is able to recommend one or more possible courses of future action. This power is based on optimization and simulation algorithms, integrates cross-border data and even uses artificial intelligence.

In practice, prediction accuracy and provision of better decision options are getting better and better as more input comesPrescriptive tools are perfect to optimize production, customer experience and cross-channel personalization opportunities all to improve conversions. Next, best actions are automatically triggered based on the insight. 

Our four heroes represented the method of how customer data can be processed. The Customer Intelligence (CI) is the process of gathering and analyzing information regarding customers’ digital activities; their details and their activities, in order to build deeper and more effective customer relationships and improve strategic decision making.


Moreover, the four mentioned heroes, if taken in the same order, are the steps of the customer intelligence journey. The ultimate form of this maturity model is the prescriptive level and only a few companies have reached it. 

The Hungarian market is somewhere between the Diagnostic and Predictive stages as were said during our visits in Hungarian banks' and insurance companies. If one has online behavioral data that data most of the time stays at on aggregated level and there is no integration with existing data of the customers. The biggest challenge is to enable connected data sources to uncover new relationships. It is common that even when real time data is available there is no real time interaction because of the lack of real time synthesizing and understanding data for getting business insights.

The truth is, that every single company has its own superhero that it was established with and might lies dormant within it. It just takes some recognition and a strong dose of energy to perfect it. To put a superpower to good use is also a learning process where it is good to know where the company would like to get.

 

If you need to boost your SUPERHERO, please contact us!

 

Sources:

http://www.datascienceassn.org/content/descriptive-predictive-prescriptive-analytics

https://www.visioncritical.com/what-is-customer-intelligence/

https://halobi.com/blog/descriptive-predictive-and-prescriptive-analytics-explained/

https://www.linkedin.com/pulse/4-stages-data-analytics-maturity-challenging-gartners-taras-kaduk/

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