Stop to think about how – and how often – your business interacts with customers. Every day, with each interaction, data is created. What percentage of the data generated by these interactions are you using? There are so many channels for interaction, like social media, call centers, sales staff, help and support resources, marketing and campaigns.
Typically, organizations believe that they are using only a small fraction of it effectively – at best, upwards of 10 percent of all the available data. Why? One reason relates to the difficulties in collecting all this data. This limitation is beginning to wane as commodity hardware becomes increasingly popular for big data storage. But another major inhibitor to examining all customer data has been the inability to examine millions, or even billions, of data points that constitute the customer picture. And much of this is now in the form of unstructured text inputs.