Everybody knows that, Big Data comes with its data cleaning and labeling issues prior to revealing its magic, you have to properly feed the Big Data visualization tools with the right data. That’s for Big Data.
But what about enterprises, what’s their excuses for not making the most of their data and not acting upon priceless customer insights provided by their, who knows, BI experts, Dashboards Metrics, IT Consulting Firm, CRMs, Databases drilling, etc.? None really, considering the incredible technology budgets CMOs have been granted in the last decade or so… because, let’s be honest, the responsibility mostly falls on the shoulders of CMOs, they’re the ones that should be looking for such valuable data to enhance the customer experience and better understand the customer journey.
But the fact is: “only 28% of businesses believe they are generating strategic value from the data they collect,” based on numbers from Business News Daily. Blame it on the CMOs. Well, that’s what C-suite’s have been doing, grading them only “C” in 2015, in terms of efficiency. (source: VisionEdge Marketing)
So, the pressure is on for CMOs to get good at data… very good and very fast!
But, before CMOs magically turn into behavioral scientists maybe they need a little help. And who is, within the enterprise, well acquainted with data, which some even call data scientists? That’s right, IT people; CTOs, CIOs or your friendly neighbour, the IT Consulting Firm that’s been doing wonders with data for you, for years.
We know when the Big Data magic happens; by adding unstructured data on top of structured data. But before you jump on the Big Data wagon and start investing big money into Big Data tools, maybe you can start by evaluating what you can do with what you already have… with the help of the CMO’s best friend: the CTO, CIO or IT Consulting Firm.
So let’s see what data landscape the digital age has got us accustomed to in recent years, where does the data originate from; here are six typical digital-age sources of meaningful data for the enterprise:
- Market & Business & Customer Activity Data (structured data)
- Social Media & Comments & Reviews (unstructured data)
- Transactional data (structured data)
- Website data (both data)
- Telecom & Call Center data (both data)
- Images & Graphics (unstructured data)
And here are a few suggestions of data models you can start creating to turn data into priceless insights and food for Big Data . One must take notice that some of these data models are already provided in some ways by major digital players, software and digital services suppliers, such as Google, Amazon, Microsoft, Apple, Facebook, etc.:
- Journey Maps
- Touch Point Allocation
- Pricing & Portfolio Management
- Opportunity Scoring
- Marketing Campaign Impact
- Purchase Intent (Likelihood)
- Defect / Customer Risk
- Customer Value
(source: VisionEdge Marketing)
CMOs must start working together with their CTOs and IT Consulting Firms to create data models to improve the Customer Experience and, eventually, feed the Big Data monster. As for data, that’s the BIG deal. And it can start right there, within your walls.
Denis Paul & Michel
Cover Image: iStockphoto / Jirsak