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Big Data for Humans: Harnessing the Power of Data Science
With an unbridled surge in data across various industries, nascent technologies and business models are mushrooming to deliver greater customer engagement. As Big Data and A.I. become a mainstay, the role of data in unraveling more profound insights brings to the fore new ideas to achieve improved customer experiences. Big Data for Humans, initiated in 2014 by a team of highly experienced retailers, caters to this need, enabling retail and travel companies to decipher profound insights for an improved customer experience. It places the power of data science and exceedingly granular customer insights instantly into the hands of in-house marketers, thereby increasing revenue without the need for expensive and lengthy data projects.
The firm’s Software-as-a-Service platform, The Customer Graph, automates customer insights, enabling retailers and travel business users to better understand their customers and perceive who their most valuable ones are. Large volumes of data that come in through stores and online applications are tacitly understood, and therefore, the platform is made flexible for users. Instead of recruiting specialist data analysts and data scientists, the platform automates complex data, creating and generating actionable insights and prescriptive guidance for retailers.
“The primary reason we launched The Customer Graph was to help connect the dots between data science and revenue generation from customer marketing programs” states Emma Mourad, Managing Director APAC, Big Data for Humans. “Our mission is to harness the power of big data to bring an unprecedented depth of insight into customers – not just as lines on a spreadsheet but as groups of ‘humans’ with unique tastes, needs and spending habits”.
Due to the speed and highly competitive nature of the retail sector, understanding the true value of a customer and communicating with them at the right time is an increasing challenge. The Customer Graph solves this. Customers are grouped based on the similarity of the products they purchase, rather than forcing them into broad segments or the top 5 per cent of spenders. This allows retailers to drive personalized communications across channels and markets, and as the platform can be highly prescriptive, Big Data for Humans’ solution ensures it gets done quickly. A typical client will be generating additional revenue from the platform within just four weeks.
“We take anywhere between 100,000 and 60 million unique customers’ raw data and unify it into a single source for clients, making it accessible and quickly identifying the overall opportunity,” says Emma. The Customer Graph ensures raw data subscribes very ‘actionable activity’, permitting retailers to quickly execute campaigns across all channels to the right customers.
The platform understands customers based on the particular types of products they purchase from businesses, then groups them based on similar purchases they have made. Secondly, it observes unique customer behavior and purchase habits and unites that customer with a similar customer who approaches similar products. This process enables an understanding of a customer’s purchase history with brands, their lifecycle and frequency of purchase, thus, guiding retailers with prescriptive insights for better customer engagement.
Big Data for Humans’ was recently appointed by The Arcadia Group to deliver smarter, more targeted marketing activity across their Topshop, Topman and Wallis retail brands. The business was impressed by The Customer Graph’s retailer-friendly interface and its ability to dynamically understand overall customer behavior and lifecycles, as well as deploy at speed and focus on cross-channel measurement. Big Data for Humans also recently won a ‘Drum Digital Trading Awards Apac’ for another client, 7-Eleven Philippines, where at risk customers were identified and targeted with personalized promotions relevant to their own product purchases.
With headquarters in Singapore, London and Glasgow, Big Data for Humans plans to expand across Hong Kong, Singapore, Malaysia, and the Philippines. The firm also envisions partnering with the best partners and retailer clients for better customer engagement. “There are a lot of activities and events that we will running and attending in the year ahead to help educate retailers about the power of data science and AI for their business,” concludes Emma Mourad.