Do you really know your clients?
What’s the use of knowing the number of products you’ve sold if you don’t know what your customers bought them with, what the purchase context was or what they did after using the product?
Technology fusion means that it’s now possible to map this data in real time. Fifty percent of the products Amazon sells are presented to customers by its recommendation engine, which knows how to suggest complementary articles and create surprises. This figure should persuade you to organize your data to ensure you have in-depth knowledge about your customers!
At the same time, the right data is still too often siloed – a problem datagraph technology can solve. This concept works in the same way as the social networks, consolidating and visually representing all the data linked to the act of purchase: where the client was, who they were with, what they were doing just before and just after, and so forth. The algorithm analyzes the data captured in real time, and helps make increasingly personalized recommendations using the growing volume of information that creates a network effect.
Datagraphs are used primarily by digital technology heavyweights. Although you might not have their resources, you can still start leveraging more value from customer data captured in real time.
“The Next Great Digital Advantage”
by Vijay Govindarajan and Venkat Venkatraman (Harvard Business Review, May-June 2022).
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