Knowing your customer and understanding their needs has taken on a whole new meaning in the ever-evolving age of Big Data. The number of sources of customer data continues to grow at an unprecedented rate as more and more new digital technologies become embedded in our daily lives. For retailers, this presents growing challenges and, at the same time, new opportunities.
Leading customer-centric retailers understand the urgency to harness Big Data to understand their customers better and uncover trends that lead to new business opportunities. They also understand the need to empower people across their organizations to make informed, data-driven decisions quickly and confidently.
And, that’s where data lakes come in.
Data lakes provide global storage repositories for all types of data from multiple sources that users can draw on to capture new insights. They help organizations cost-effectively store, manage, classify, and analyze their data.
Not all data lakes are alike, however. To empower your lines of business with access to data and analytics you need a self-serve, low code data analytics platform that does not require deep technical expertise. By putting data insight creation in the hands of business users with a business-user-friendly data lake, your teams can draw new insights and accelerate the development of use cases.
- Marketing teams can quickly build a trusted customer data lake that provides access to all available forms of data. Deep, data-driven customer insights can help marketing teams find answers to questions such as: What promotions are most effective? How can we proactively address churn before customers leave? Which product features drive adoption? How can we acquire more customers at a lower cost?
Marketing teams can be better equipped to tackle challenges like improving customer satisfaction and conversion rates, predicting and avoiding churn, and lowering customer acquisition costs.
- Operations can develop use cases to optimize supply chains to reduce costs and improve the customer experience. Sufficient product availability levels in stores prevents customers from being disappointed when a product is out of stock, leaving them feeling like they wasted their time, and impacting their customer satisfaction rating of the retailer.
- Data about product availability at stores can help avoid stock outs and over stocking. It can also help retailers understand what regions and stores are at higher risk for stock shortages or overstocking so they can make adjustments to maximize inventory turnover and improve the customer experience.
- Customer operations teams can create customer experience improvement programs to enhance in-store experiences, personalize online and in-store experiences, improve cross-selling effectiveness and build deeper customer loyalty. Use cases can be developed to test the impact of marketing and merchandising approaches on customer behavior and sales. Customer browsing and purchase history can help identify interests and needs to improve personalization tactics. In-store customer behavior can also be tracked to deliver contextual offers to drive higher in-store purchases.
Joining structured and unstructured data from a wide array of sources for analysis can reveal new patterns and insights that enable customer operations teams to deliver differentiated customer experiences that boost customer satisfaction and loyalty.
These are just a few of the many possible use cases that business teams can develop to overcome challenges and respond quickly to new opportunities.
Data and customer insights are only valuable if they can be accessed by the business teams who are directly responsible for improving the customer experience, acquiring new customers, reducing churn, optimizing operations and lowering cost. By putting data insight creation in the hands of business users, organizations gain a competitive edge and improve business performance.
If you’re ready to deploy an easy to use data analytics platform to make Big Data a strategic asset in your organization, TCS can help.
Businesses in every industry are diving into data lakes. TCS Connected Intelligence Data Lake for Business, available in the AWS Marketplace, helps business and IT teams turn raw data into valuable insights and jumpstart digital transformation initiatives. It’s a low code data analytics foundation that enables business users to on-board, manage and prepare data for analytics. Try it out for yourself by signing up for a 30-day Free Trial today.