By Neela Chaudhari on Mar 07, 2014
By Gino Fortunato
Data Management and Big Data: Perfect together!
The 'hot' button around gathering customer insight is Big Data. And justifiably so. Using Big Data is a great way to harness previously unusable data to look for patterns in the data crumbs that customers leave behind. By rapidly processing this data in real time, Big Data allows customer insight that was previously impossible.
Much of this insight is statistical. Customers have similar patterns. They abandon shopping carts when something is out of stock or when they see the final price. At least compared to other points of the buying process. It's just human nature. By using statistical and other techniques, driving insight about what the customer is doing, or might be doing next, can drive a lot of value.
But wouldn't it be great to use that Big Data insight along with what you already know about that customer? That's where MDM comes in. MDM is the spot to operationalize what you already know about the customer. By using what you already know, plus the insight you have gleaned from Big Data, you can make informed decisions about how to react to the customer's next click. And do it in real time. To properly use the insight, it is necessary to properly idenfity the customer. Again, an area that master data management can help. With it's built in identity resolution capabilities, MDM can help in two ways. One is to add to what is being derived based on the Big Data source. The other is to prevent mistakes when the statistical analysis is wrong. For example, the customer surfing the gaming site may be grouped into a category that has a number of traits. One of those traits might be an expected age range. But if the organization knew the birthdate of the person was outside that age range, they can propose different cross sell/ upsell possiblities and perhaps lead to the discovery of a new subcategory to further open the market.
To learn more about the importance of MDM as an underlying technology that
facilitates big data initiatives, read an in-depth Oracle C-Central article, "Masters of the Data: CIOs Tune into the
Importance of Data Quality, Data Governance, and Master Data