Data Lab - Data Analysis and Exploration Made Simple SHARE THE ARTICLE ON Table of Contents Introduction With 2.5 quintillion bytes of data generat ...
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We know that companies now pay more attention to data management and warehousing. In fact for the same reason, almost all of them have a single source of truth in place. This allows all the cross-functional teams in an organization to access the single version of the truth that is unitedly decided to be true correct data that best represents the organization’s position.
But when we narrow down the context of a single source of truth, to just customer data, we call it a customer 360. Customer 360 is nothing but a whole 360-degree view of the customer data that is accessed from all the teams in an organization. This customer data consists of all the communication the customer had with the company, their product and website engagements and their reviews and opinions on social media platforms.
Conducting exploratory research seems tricky but an effective guide can help.
Social media platforms and entertainment sectors rely heavily on the data. Users all over the world are active on social media platforms through messaging, posting pictures and stories, shopping from e-commerce sites.
The people behind those screens make use of the data that come from the users including their demographics, activities, all the content they see and post on the platforms. By using the customer 360 views, these platforms can build their content in a way that appeals to most of the customers by providing them with the content that they are interested in.
Travel sites can power their customer experiences by providing them with the right suggestions and ads based on their travel history that was captured when they logged on to various travel agency sites for the trip.
From the data collected by the web and mobile applications, travel sector businesses can increase their marketing strategies and sales by matching their offers to what the customers are expecting.
Healthcare industries have benefitted most due to customer 360 view. Keeping medical records of the patients and their treatments, recording their progress has never been so easy. Along with the healthcare facilities, many healthcare applications are acing the markets due to an increase in awareness for health among the people.
Similarly, healthcare supplies and diagnoses are being made easily available without any fuss.
Many financial sectors like banking, loans, stock markets, bitcoins, etc. Run wholly on the data that customers put through all the channels. Financial sectors have been able to easily detect the frauds through the customer data flowing around the systems and are able to keep the logs up to date in one place.
Customer 360 view helps financial services to be able to track the customers in real-time and maintain their individual portfolios. They can use this to provide any new schemes and solutions to the customers individually based on their data.