Transform Your Applications to Drive Business Innovation & Growth (Part 3)
Harnessing the power of Big Interaction Data
By: Adam Wilson
Apr. 16, 2012 09:30 AM
Businesses can be transformed, sometimes through new leadership, sometimes through new market realities or business relationships. But perhaps the easiest way, for IT at least, to transform the business is by enabling the business to evolve from a data silo'd organization to a data-centric enterprise and by unleashing the power of data in new ways.
Of course, easy is a relative term, and there are substantial challenges to truly transforming a business environment and proactively supporting business needs through the use of data. These include:
Why Master Data Management Hinges on Data Quality
Data quality is the lynchpin of master data management, and for obvious reasons. You do not put new wine into bad barrels unless you like expensive vinegar, and neither do you put dirty fuel into a race car unless you like losing. The very idea of having a source of "truth" hinges on its contents being high quality, thus the ability to match, cleanse and profile data as part of the master data management process is critical to the success of any master data management initiative.
Three Levels of Visibility to Transform the Business
After achieving this single view, you can move to the second level of visibility: obtaining an extended or 360 degree customer view. This will enable you to understand your customer's key relationships such as family and business relationships and how those relationships impact your business - do I have an opportunity to cross-sell or create special offers based on these relationships?
Finally, you can progress to the third level of visibility: the complete customer view, which adds all interactions your organization has had with the customer.
Delivered in real time or near-real time, the transformative power of such views is immense. Customers can be wooed with genuinely meaningful, real time offers. Up-selling and cross-selling activities can be based on complete and up-to-the-minute customer information. The number of companies that are doing this today is not huge, but it is within the reach of most organizations and the number of empowered ones is growing fast.
Harnessing the Power of Big Interaction Data
Already, there are organizations in just about every industry sector, including the public sector, out in front of the pack in leveraging Big Interaction Data to attract and retain customers, more deeply and quickly understand their markets, and identify and influence their markets' influencers.
In order to gain business value from Big Interactive Data, organizations need... well, they need the "same old same old," but much, much more of it. In other words, you must have the facility to:
This means investing in solutions that deliver trusted data on any scale, leveraging adaptive data services to meet the business needs of all projects as well as self-service integration that empowers users to obtain the information they need while IT remains in control.
While this sounds like a big order, the solutions to meet it are available. They have been for years, handling more conventional (by current standards) data management tasks, but ready and proven to scale to handle today's and tomorrow's non-conventional opportunities for maximizing the return on data.
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