Advanced Data Analytics-find the blind spots to keep your customers loyal for longer.

There are few organisations that are able to source, optimise and structure data so as to let the data ‘speak for itself’. Traditionally, a firm with a deductive approach will begin with a hypothesis and look for data or evidence to support that hypothesis. A common term is for this approach is known as ‘asking the right question’. This approach also leads to attention being diverted from understanding difficult areas of business to further cementing knowledge of known areas. The result is a blind spot in which information seems to be hidden from plain sight. A better approach to fully understand customers is to combine all data in its raw form from all sources of data assets with external market data. Customer data will then need to be arranged in such a way that all aspects, no matter how trivial, are visible to the business management. The visual that accompanies this arrangement must also be intuitive in the way customers are grouped. 

Graphic: Deloitte Advanced Analytics Customer Map

 

Deloitte has an advanced modelling solution that lets the data ‘speak for itself’, eliminating assumptions or the need to ask ‘the right question’ before gaining insight from data. The approach works well with large data sets so there is no longer any need for sampling. This technique has the advantage of being able to facilitate interpretation with clients through a visual interface. A picture tells a thousand words. What we are doing, is working with data in its raw form, enhanced by external data, to create analytical data sets more capable of providing new insight for a business’ customers.

To find out how Deloitte can identify your blind spots, contact Derek Schraader dschraader@deloitte.co.za

Filed under: Information Technology, Advanced Data Analytics, Customer Loyalty Retention, Data Analytics, Mapping, Profitability, Visual Data