Managing and using your company data correctly can make or break your business. According to analyst firm IDC, the world’s data is doubling every two years and with this rate of data production, some of it is inevitably falling through the cracks and becoming what many in the industry call “Dark Data”.
But when data goes dark it means a missed opportunity for business, and it leaves a hole in any business strategy when it comes to obtaining valuable, actionable information on consumers. Dark Data is different for each organisation, but simply put, it is data that is not being used to get a 360 degree view of a customer.
So for example, a bank or retailer that only looks at transactional information or CRM database information to determine the target market for a promotion, loses out on highly valuable data. When data like what customers are saying on social media, how they feel about brands, what they are looking for, where they shop or their personal network, is left dark, then companies are also in the dark when it comes to their customers. For majority of companies that most common types of underused data include social media, website and mobile data.
It is this data that is being harnessed by giant companies like Google and Amazon to gain a strong handle on consumer intelligence. Here are some tips on how to avoid leaving data in the dark:
- Look to invest in a consumer intelligence solution that sits on top of your Big Data solution to search, index and provide real-time assessments of consumer activity.
- If mobile data isn’t feeding into your company’s overall business intelligence on the consumer, make it happen.
- Embrace transactions from operational systems and your web traffic as valuable data.
With these tips, consumer-centric organisations will have a better sense of how to achieve a true 360 degree view of the customer and the ability to deliver service and offers that are more personalised. Companies that want to stay a step ahead need to make use of their Dark Data as part of their business strategies.
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