Are you getting the most out of your Big Data assets? In a world where the Big Data tsunami continues to make waves across every industry, organisations across all fields of expertise need to ensure that they are harnessing its power to drive smarter business decisions. According to the latest industry predictions, spending on Big Data technology will reach an impressive $40 billion by the end of 2015, while a new Accenture Analytics survey reveals that employees in organisations already using Big Data report overwhelming satisfaction (92%) with the results and see it as a catalyst for digital transformation.
Leverage your assets
Enterprises have access to an increasingly rich plethora of information, both about their customers and their company. This has been fuelled by customer and employee uptake and engagement across social media platforms, and the Internet of Things. For financial organisations, in particular, the ability to leverage Big Data assets represents an array of opportunities. If properly managed, companies can gain much broader view of the factors impacting the financial market, from customers and employees to regulations and competitors. However, with exponential growth in data comes the very real challenge for these businesses to not just collate and manage that data, but to use it fully and capitalise on the insights and information it uncovers.
Big Data is critical for helping businesses achieve a whole host of strategic corporate goals, from generating new revenue and new market development to enhancing the customer experience and improving enterprise-wide performance. For financial institutions, Big Data can help them positively differentiate themselves, and their approach to customer experience and client service in an industry that is known for its competitive nature.
Understand the potential
As financial organisations accumulate masses of data, the task to not only manage it but understand it can appear overwhelming and insurmountable. The key to success lies in breaking the data down into bite-sized, usable chunks, making it easier and much more efficient to analyse. And technology innovations are at the ready to help with the task. Take Customer Relationship Management (CRM) systems for example. These help organisations and every customer-facing employee in the company extract the data they need and put it to work across the entire business.
International accountancy firm, Mazars, implemented such a system to help improve sales and customer service. The CRM system helps Mazars improve processes and effectively manage large quantities of data by providing it with a single data entry point for all client information. Moreover, the system’s process automation saves employees time by providing a complete view of the customer, including all the relevant insights needed to deliver a tailored experience every time. This capability combined with the transparency offered by the solution has ultimately helped the financial firm improve sales and customer service.
Avoiding a Big Data deluge
Big data has the potential to empower businesses not only to build deeper relationships with their current customers and improve retention, but also to convert more prospects into new sales. CRM systems come into play here too. By providing the analytical tools needed to syntheses customer information gathered across channels and platforms, into insights that determine more informed actions, practices and processes, financial organisations can realise their commercial goals sooner.
It’s essential to remember that data assets need to be ‘big enough’ to provide important insights, but simultaneously ‘small enough’ to remain manageable, accessible and relevant. For financial organisations looking to avoid a deluge of Big Data, they should act now to tool themselves up with the skills, solutions and support needed to make the most of their data, rather than drowning in it.
By Daniel Heck, Senior Director of Marketing EMEA, SugarCRM