Use data products to get a 360 degree customer view | VanillaMore

Digital transformation initiatives have a new focus to align with Web 3.0 and stay ahead. Businesses don’t want to miss this. They create products that provide customers with instant, personalized experiences. As we know, says Yash MehtaA specialist in Internet of Things (IoT) and big data science, users produce and share data across multiple platforms such as messaging apps, social apps, and more.

We actually produce 2.5 quintillion bytes of data every day. With the advent of IoT, this will only grow. Therefore, it is imperative to ensure seamless interoperability across platforms and enable data models with a 360 degree view of customer data in one place.

To put it simply, Customer 360 refers to a centralized and integrated data set that contains all relevant customer information for a business. Data services make accurate and up-to-date information instantly accessible to all authorized consumers and other stakeholders.

It provides a single point to access basic customer data such as name, address, contact, etc., and interaction center (IC) data such as emails, reviews, comments, phone conversations, website forms, etc. There is also transaction data which includes orders, invoices, refunds and cancellations, payments, etc.

Now, that sounds like a regular sight that most organizations should have. In reality, however, most companies tend to ignore it. According to the Cross-Functional Customer Data Survey 2021 conducted by Gartner, only 14% of business leaders said they got a 360° customer view. These figures are far from positive for a year as crucial as 2021 for digital transformation.

Expectations of a 360 degree customer data model

To ensure that only relevant datasets are available, it is important to enable federal control at the domain level. Next, it’s important to set quality expectations for data processing deduplication and cleansing.

It must also support the integration and unification of all data, be it transactional data, reference data, or interaction data collected from different sources.

In addition, it must support dynamic data masking, encryption, and tokenization at the client level for optimal data protection. This can be done by implementing data privacy policies and procedures.

Reach the 360 ​​customer with a data product

Now, as we know, using data as products is a very successful data management technique and most platforms support it. Since a customer data product provides access to a set of data to authorized consumers in real time and by any method, it is a great way to refresh a 360 degree customer view. .

Additionally, the data quality, privacy, definition, and expectations of a 360 client differ from field to field. This is where data products can help achieve exclusivity in implementation.

Current limits

Before we continue, let’s discuss the limitations of existing client 360 degrees.

Most of the existing solutions around the 360 ​​client are centralized. This limits their ability to meet the needs of different business areas where everyone has their expectations for time to value, flexibility and agility. Here’s more:

  • The CRM system has limited scope for the sales, marketing, and service verticals. Businesses today manage customer data for a multitude of systems and verticals.
  • Data management platforms do not support transactional data as well as customer interaction data. They are limited to metadata only.
  • Customer data platforms are ineffective in ensuring data integration, data privacy, governance, and quality.
  • Data lakes are normally intended for analytical workloads. This limits their operational capability and governance across use cases.

Innovation – Use of micro-database technology

As mentioned above, a data product for the 360 ​​client addresses the unique business needs of data consumers. It can do this by federating control to the respective business domains. However, to fully meet the expectations as discussed, the existing data product platforms are bound with pitfalls and other shortcomings.

Overcoming these shortcomings requires a different contemporary approach to data products, such as the use of micro-database technology. For example, K2View’s data product platform implements a micro-DB technique across its entire data factory platform.

It performs all functions of a data management landscape such as discovery, integration, orchestration, enrichment, governance and data storage for each customer, in a single micro-DB. The tissue retains millions of these micro-DBS.

Holistic view

Their solution can provide a holistic, 360-degree view of customer data, in real time, supported by continuous provisioning and transformation. It ensures transparent accessibility of customer data to all authorized stakeholders.

It ensures agility, thus delivering rapid value to data consumers. Additionally, since each domain owns its 360° definition of customer needs, there is no need for cross-company contracts.

Not to be missed, data consumers can easily discover and access customer products.

Ultimately, the approach is cost-effective because it allows businesses to leverage investments with minimal replacement.

And after?

Yash Mehta

Huge improvements in internet bandwidths will digitize more processes and thus create more data. Subsequently, this would challenge data models to match expectations and provide momentary insights. So far, we have discussed how Client 360 with the support of a client data product offers at par. We’ve also highlighted the key benefits of using contemporary technologies such as a micro-database to unlock peak performance.

What are your thoughts on using data products to get a 360 degree customer view?.

The author is Yash Mehta, a specialist in IoT and big data science.

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