Collecting data: A trend that is almost as common in the digital age as the collection of ink cartridge beads in the 1990s. The result of the general enthusiasm for collecting data in e-business are huge mountains of data, which accompany many companies through the daily business like a brick on their feet.
In the digital age, data is pure gold if you derive data-driven business models from it. For many technologies, raw material data is irreplaceable. In this article, we'll show you how to turn your data mountains into smart gold!
Companies sit on their data
According to an IDC study, global data volumes are expected to rise to a proud 175 zettabytes (175 with 21 zeros) by 2025. To make it clear: If this amount of data were stored on conventional DVDs and stacked, it would be possible to exceed the distance between Earth and Moon 23 times! These dimensions are not least due to the disproportionate growth rate of many e-businesses, which can collect massive amounts of data every second.
Companies hope to gain an insight into current trends, their performance and growth. In addition, they want to optimize customer satisfaction, increase sales, win new customers and improve processes through extensive information. This is quite a lot for them to do. To gain such extensive insights, you need the right methods that can prepare and process all the data accordingly.
So far so good, many managing directors of large online companies are thinking about implementing the latest Business Intelligence (BI) solution. But watch out: They reach their limits far too quickly in the face of the above-mentioned demands of the companies and do not produce the results that were initially hoped for. This is because BI only focuses on the past and could only answer the question, for example, "Which trends used to be current? Future-oriented use of data looks different!
This is where Continuous Intelligence comes into play, which sounds similar, but acts better, faster and with a view to the future. This allows data-driven decisions to be made in real time. Such measures fully meet the modern requirements for speed and agility. Instead of making tactical and strategic decisions like BI, Continuous Intelligence supports operational decisions with valuable insights.
Activate your data treasures with situationalization
Inspiring and memorable customer experiences are just as important in e-business as an Internet connection to online shopping. But it is not as easy as it feels for the user to realize these experiences.
A promising solution here is situationalization. This goes hand in hand with Continuous Intelligence and ensures that your data treasure can be used for an outstanding, individual and tailor-made customer experience in every situation!
In the context of situationalization, automated decisions about the display of content and elements of digital channels are made and implemented in real time - i.e. within a few milliseconds while loading a page. This is made possible by ODOSCOPE's platform for situationalization. It imports all available raw data from all silos of the online shop and merges them. This creates the historical database for the situationalization.
As soon as a user calls up the digital touchpoint (e.g. website, app or a screen at the point of sale), his relevant situation data is transmitted. These are recorded and compared with the existing database. Using correlation-based real-time analyses, the so-called statistical siblings of the current visitor can be determined for each individual page element - i.e. the historical users who are most similar to the current visitor (real-time clustering). In this way, a user is perceived in all its versatility and addressed perfectly. For this address it is calculated in real time which page elements have the highest relevance for the current user. This so-called relevance scoring incorporates situation data (e.g. time of week, terminal, referrer) and, if desired, also existing personal data from past visits by the user. The page elements with the highest conversion probability are then automatically played to the user in less than 20 ms.
All reactions of the user to these contents are then stored anonymously and integrated into the database. Thus, the analysis can be continuously refined and optimized - and also the database is constantly updated and improved.
It does not matter which identity a user has. With this method, your online shop or your website itself is tailored for anonymous users and "first timers" even before the first click.