Discover the customer behind the data
In this day and age it is getting easier and less expensive to collect all kinds of data. But what matters is not how much data you can amass but what you do with this data. How can you use the data of past, present and future to gain insight and drive strategies and tactics? How can you use this data to strengthen and differentiate your competitive advantage and improve your profitability?
That’s where Analytics holds the key to the use and understanding of Big Data. Analytics helps us understand the individual customer and his/her needs. Gaining a better understanding of customers can provide organizations with valuable information about how to better serve their customers and foster greater brand loyalty. Today, companies have access to data unlike ever before from internal systems and external media.
Let’s look at some examples of how IBM is helping them gain more from their data.
Reduce Customer Churn
XO Communications is a US-based national communications service provider of VoIP, voice, network, carrier, wholesale, and hosted services. One of the biggest business challenges for telecommunications companies is managing customer churn. Using an IBM Big Data & Analytics Solution, the company was able to create a predictive model where customers are scored on their propensity to churn on a monthly basis. This solution helped XO Communications:
A smarter health system for patients
As a world-class academic and health care system, Duke University Health System recognized the need for a new level of patient engagement for health care transformation initiatives to achieve their full potential. With IBM Big Data & Analytics, Duke was able to drill down into its millions of clinical records and develop a predictive model for identifying high-risk scenarios, which ultimately improves training and patient safety. Some benefits of the improved system are:
- Increase in patient engagement and satisfaction through proactive health management
- Improved clinical outcomes and increased patient safety through the ability to define best clinical practices
- Improved ability for patients to manage chronic diseases through personalized health coaching
Being available for customers
Security First Insurance is one of the largest homeowners’ insurance companies in Florida. In the aftermath of natural calamities, people reach out to their insurance companies in whatever means available and rely on them to have the information they need to help them get their lives back in order as quickly as possible.
Using an IBM Big Data & Analytics solution - the insurer enhances service to policyholders no matter which communication channels they use to get in touch, while also integrating its social media responses into the claims process to comply with regulations. With this new approach the insurer was able to:
- Turn social media into an actionable communications channel during a major disaster
- Speed claims processes by initiating claims with information from email and social media posts
- Facilitate prioritizing urgent cases by analyzing social media content for keywords
Data-driven insights are generating a currency of relevance for organizations, allowing them to tailor offers, track relationships, and identify where their customers reside within the purchase funnel. Today, almost every business is sitting on a wealth of data, and it is only with the right tools and knowledge that one will be able to attain more meaning out of everyday consumer data.