4 Ways Leveraging Big Data will Improve Performance

Every organization, irrespective of size and scale of business is capturing large volumes of information, often generating terabytes of complex information – big data. This information can be details from multi-channel devices related to internet downloads, social media, online purchases, credit card usage and much more for thousands and sometimes millions of people.

Analysis of “big data” so to speak, is gradually becoming the foundation to innovate, successfully battle competition and underpin growth of productivity and crucial consumer information. Adopting a CRM system is an effective way to display the key takeaways and display this information across the organization in a palpable format. Additionally, the existing data can be built upon through customer facing teams to further identify customer needs and organizational loopholes.

The primary functions of CRM solutions are to reduce costs by automating customer oriented processes - collection and analysis of customer information in order to live up to customer expectations, thereby elevating customer satisfaction levels. However, visible results and pay-offs that justify the investments made in these systems is a must - profitability and productivity need to tangibly improve.

As trends come and go, particular channels gain exponential popularity, businesses need to ensure they can capitalize on these opportunities. For example, collating and analyzing data related to mobile phone usage – type of phone, popular downloads, average call time, no. of text messages, etc. can lead to optimal product and service offerings, thereby increasing sales volumes and reducing customer churn.

The bottom-line is that data is multiplying in quantity and increasing in complexity and organizations need to understand and incorporate this within their systems. It is imperative to form new strategies on how this information capture can be fruitful, so as to successfully translate into organizational triumph coupled with superlative customer experience.

Insights into spot-on data usage
The conventional factors of production, capital and labour, now have a new ally – and that is data. Data explosion has seeped into every industry, each business, all functions. 

A recent business research brought to surface the fact that companies could encounter huge savings in operational efficiency by sensibly using key information. Intelligent use of data enables error and fraud minimization and gives an upward push to profits and revenues.

Surveys indicate that roughly 200 tera bytes of data is stored in each company spanning across approximately 1100 employees, in America. India is not far behind.

Data analytics – The contributions
  • To begin with, correct usage of accumulated data can lead to significant value creation, and also bring about both transparency as well as usability of information at higher levels and frequencies. 
  • Next, when companies gather and store variable data in digital form, it becomes easier to gain accuracy and detail about performance data – starting from production and inventory information progressing to all the subsequent levels. As a result, volatility of situations can be comprehended and performance levels witness a considerable boost too. 
  • Several well known organizations are conducting experiments with the help of collected and analyzed data to help them make better management decisions and improve overall decision making. Some others are making use of organized information for low as well as high frequency forecasting exercises, so as to enable them to make necessary business adjustments on time. 
  • The most obvious and vital function of CRM data is its contribution in effective customer segmentation, thereby leading to tailoring products and services exactly as per customer preferences.
Customer feedback – A jewel in the crown
The value of customer feedback for an organization is undisputed. But, how this information is put to use can make or break an organization.

Various channels of communication like web transactions, phone calls, meetings, social conversations, social media, e-mail, contact center interactions etc. enable customers to interact with companies and put forth their ideas, thoughts and overall feedback. Such feedback can be extremely insightful and empower organizations to make productive and meaningful decisions to heighten customer satisfaction, thereby offering an outstanding customer experience.

A huge contribution that big data makes is the role it plays in improvising on the development of next generation services and products. Proactive product maintenance is one such aspect which basically means sensors built into products - which indicate ‘probable’ failures before they are even noticed by the consumer. This ultimately translates to timely and innovative after sales service.

It is therefore of cardinal significance for companies to put in their best efforts to ensure that crucial data does not sit motionless in data banks and ‘customer feedback’ should not remain just another unused file.

To institute real customer-centric change, prolific usage of customer feedback is essential.

Data Mountains – Value enhancement and productivity upsurge
The scope and scale of data accumulation by firms is increasing at astonishing speed. As a consequence, the collection, access and productive use of data is rapidly changing the way companies conduct business.

From the competition and potential-value-capture angle, every organization has to take big data with utmost seriousness and absolute drive. This is because data alone will eventually turn out to be the key infrastructure for growth and expansion of firms and also help face competition with confidence.

In almost every industry, new entrants as well as established players employ data driven strategies for innovation, to compete with rivals, and most importantly, to soak in the best and maximum value from abysmal, updated and real time data.

This holds true for almost every sector and industry. For example, retailers making optimum data use have the full potential to elevate their operating margins by over 65%. Even companies and consumers encounter several important benefits.

However, it is seen that though the deployment of big data will make a difference across various sectors, some sectors stand to gain more. Challenges, advantages and opportunities will differ between sectors. Broadly speaking, banking, finance, insurance, electronics, IT, and government are the sectors which will benefit the most from the optimum usage of big data.


The discussions so far make an obvious and strong indication that simply having oceans of data sitting idle in repositories is not enough. Only effective and productive use of accumulated information brings forth a plethora of benefits as discussed above. Implications of smart utilization of big data are many – and data oriented leaders and managers across all sectors and levels have to grapple with the same.

A string of issues have to be given due attention in order to capitalize on the complete potential of big data in totality. Policies and issues concerning security, liabilities, privacy and the likes have to be addressed. It is also crucial to ensure that important information is easily accessible and in order to achieve this, organizations will have to ascertain that data from multiple and varied sources (including third parties) are seamlessly integrated with existing company systems and data.

The right technology and appropriate talent have to be amalgamated with well structured workflows and appropriate incentives in order to bring about optimization of big data, and this in turn will tantamount to big opportunities.