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Last Updated : Jun 14, 2018 12:57 PM IST | Source: Moneycontrol.com

Digital transformation and data strategy in a 'participative consumer' world

If products and services are tailored to consumers’ needs, they expect to have a say in how things should go

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Manoj Karanth

Today, digital is business for most organisations across the world. The engagement with consumers, external stakeholders and employees has changed tremendously.

Customers crave for an experience which is connected across every touch point, increasing collaboration and service.

Businesses are looking to service this expectation to acquire new consumers, increase the lifetime of sales per consumer, shape customer advocacy while engaging customers in new paradigms. If products

and services are tailored to consumers’ needs, they expect to have a say in how things should go.

These users want to give input, feedback, and they expect to be heard; servicing them effectively is a great way to turn them into advocates for the brand.

From consumers to participants: How customers are engaging in product creation

Understanding the journey of the consumer through the lens of a business is key to achieving this vision of connecting the consumer to the right context with the right experience.

Doing so correctly requires one to combine aspects of data management, process optimisation, applied data science and – most

importantly – business context.

From considering consumers as a target group with a ‘common, tribe’ mentality, brands are now focusing on micro-targeted marketing strategies. cutting-edge tech solutions help them in this quest,

sifting through gigabytes of data to not only predict the product need of a consumer, but also help manufacturers create products based on historical data analysis.

Consumers today, then, are not only being facilitated in making purchase decisions through digital tools but are also contributing to the type

of products and services that will become available in the future through their present transactions.

In short, the ingredients of a data strategy need to be implemented in the right proportion with a continuous feedback loop to learn and act on the insights also summarized as the fourth Industrial Revolution.

Identifying micro-patterns: Filtering the data to develop context for individual customer engagement

Business users define the possible core journeys their consumers can begin with, and those journey definitions are validated against real experience data. Using these journeys, we modify and filter the deluge of detailed data to provide critical business context.

This context provides deeper meaning to the business teams while making the consumer’s story understandable. Better understanding allows the
business unit to set better goals and to make intelligent, informed changes to the way the organisation interacts with consumers.

Simply connecting the consumer’s event data, seeing the consumer experience in its entirety, is valuable. Mathematically, you can analyze the events and learn something about the consumer and the underlying business processes.

You can predict outcomes based on this data, even make recommendations to improve the processes. But we find the successes limited because the data is too granular and too unique for patterns to emerge.

The data needs to be shaped, spliced and filtered – in reference to the journey definitions – to expose broader patterns or smaller more detailed patterns.

Now consider what we at Mindtree did for a major video game company. We built a next generation business intelligence and analytics platform that gives them a 360-view of their customers. This platform allows them to generate and deliver personalized, dynamic recommendations to games and shoppers, while improving the gamer lifetime. The analytics also helped improve customer service.

By analyzing patterns and statistics from previous games, such as queries from gamers that went to customer service agents, we helped them better predict these issues and pre-empt them within the game, or by creating

better tutorials and FAQs.

From engagement to product development: How to utilise specific data to develop tailor-made products

This experience should deliver not just customer service, but also product development. The same analytics platform has helped this company develop new games that they are more confident of appealing to a large number of buyers, and they have helped with reducing the cost of developing new games.

So the data can tell them:
- Here are 5 concepts to build a new game around
- Here are 5 things you should do to improve the customer experience for that game

- And here are 5 things that should reduce the cost of developing this game

We have observed similar effects in other areas as well, whether it is an airline, hotel chain, FMCG major or insurance and banking products. In summary, having the right data strategy is crucial to creating a

conscious view of the consumer or product (i.e. 360 view) and servicing them across channels and touchpoints.

This is the most crucial foundation before artificial intelligence interventions can be planned at scale to serve the key objectives expected of any digital transformation initiative.

(The author is  Associate Vice President, Digital, Mindtree)
First Published on Jun 14, 2018 12:57 pm
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