Of all the ways in which companies can gain a competitive advantage, the development of a granular understanding of their customers is among the most valuable.
This level of understanding includes generating accurate, deep and actionable content on the main determining factors that generate commercial value, such as the individual profile of customers, their buying habits, their preferences in the use of channels and their expected response to changes in our own tastes and that of the competition. Advanced analysis, using techniques to apply statistical and mathematical modeling on customer data (Customer Analytics), is a powerful market lever that is here to stay.
DATA, A STRATEGIC OPPORTUNITY
Every day more than 2.5 trillion bytes are generated (that is equivalent to 2.5 followed by the exorbitant amount of 18 zeroes!). This is not only information generated by transactional and operating systems that are already fully established into mature solutions as basic support to modern businesses (ERP, SCM, CRM, etc.). They also come from other sources external to the company, both structured (built into directly-analyzable databases) and unstructured (such as sound, video, open text), and oftentimes they even come directly from the customer and his interaction with other existing or potential customers (such as through Internet social networks).
If the companies want to not only stay in business, but grow and do so efficiently and steadily, generating profitability and creating opportunities for the future, they must be able to combine science and expertise, data and intuition, analysis and execution, creativity and technology in a single dynamic; in a lever of Customer Analytics