The world has gotten very good at creating and collecting data. So good, in fact, the term “Big Data” was coined to talk about our ability to make sense of it all. These recent statistics on big data are mind-boggling:
Every two days we create as much information as we did from the beginning of time until 2003.
Over 90% of the world’s data today was created within the last 24 months.
The total amount of data captured and stored by industry doubles every 1.5 years
Though the world’s big data facts still impress, they no longer surprise. Data is commonplace and the race to collect it is on. In fact, many companies consider their data a strategic asset that showcases the depth of the organization. Every customer transaction, complaint, praise, sale and support ticket is being seen as an opportunity to build on the data vault.
Data at Your Fingertips
Much of the information businesses collect falls into these general categories:
External Customer / Marketing data. Customer demographics are collected with the intent to target audiences and segment prospects. Companies digitally follow how people (in groups and on their own) engage with businesses. Every action performed online, every product engagement, every purchase and return is being tracked to help marketers make incremental improvements that increase revenue over time.
Internal Employee Data/Record of Activity. Due to the explosive growth and widespread adoption of SaaS software like Salesforce, Marketo and Zendesk, internal data collection is increasing phenomenally across every industry. These solutions track each interaction and activity from inside the organization as a data point, allowing organizations to get incredible insight on items like which agent is best to take a ticket, which account reps have the highest ROI and what sales reps will be most successful at closing a particular business.
Outcome Data. Outcome data provides a record of what actually happened in the past to help train for the future. The learnings from a particular series of events can be used as data points in and of themselves. Did a particular prospect convert? Did the customer's support request get resolved? How long did the customer stay? These data points can be combined to tie together a complete story about customers and their engagement with the company.
We keep collecting data, now what do we do with it?
Collecting data is the easy part. The challenge is discerning how to turn data collection into tangible results. Businesses need increased intelligence to leverage the full value of this data as it continues to grow. It’s not possible for humans to take advantage of all the data available - and watch how it changes over time - without help from technology.
With advanced analytics, and specifically machine learning, companies can mine these deep data vaults to gain insights. Advanced analytics technology lets companies take advantage of all the data they are capturing to do more than generate reports. With machine learning, businesses can discover patterns in their data to predict what will happen in the future.
Machine learning helps analyze and leverage big data regardless of how “big” it gets. It has the capacity to look at each individual piece of data as an input, connect it to other data points, find patterns, and automatically repeat this process over time. Machine learning provides guidance on what data to pay attention to and what is truly predictive to better business outcomes that support customer success.
Learn how Wise.io can help you use machine learning to leverage big data and predict better outcomes throughout the customer success lifecyle.