Module 5 Discussion

Sarosh Niazi 

Leveraging Big Data Case Study - Initial Research

COLLAPSE

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Hello everyone,

In light of the privacy and security concerns around using customer data in predictive analytics, I came across an interesting article that argues customer data as instead being advantageous to our technologically-driven society today. Just published last month, “Use Your Customer Data to Actually Help Your Customers” by Joe Ucuzoglu and John Hagel III J in the Harvard Business Review, sheds light on the topic.

The article argues that customers would not only be willing, but also eager, to share their data with a company, given that they receive value in doing so (Ucuzoglu, 2020). It’s interesting to note, and I, too, would be willing to eager to share my data, if I see tangible value in the way I, as a customer, interact with the product.

This position then leads in to the idea of “customer-centricity”, or using data to better understand customers and provide products targeted to their needs (Ucuzoglu, 2020). For example, some ways that companies can be competitive in today’s marketplace is by using pre-existing data that could potentially benefit the customer, properly positioning their product based on the customer needs gathered over the entire sales lifecycle, as well as refocusing current operations that ensure products that are specifically tailored to the customer are being developed (Ucuzoglu, 2020).

To ensure you successfully access your customers’ data, you would want them to trust you. If executed successfully, I believe these few strategies could ensure your customers feel heard in the process, and are able to trust you. By effectively delivering targeted, customer-centric products, companies build trust with their customers, ensure their products are successful, and continue to thrive in increasingly demanding markets (Ucuzoglu, 2020).

Looking forward to your suggestions!

Sarosh

 

References

Ucuzoglu, J., & Hagel III, J. (2020, April 24). Use Your Customer Data to Actually Help Your Customers. Retrieved May 3, 2020, from  https://hbr.org/2020/04/use-your-customer-data-to-actually-help-your-customers

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