While I continued my roles and responsibilities of managing a portfolio of projects on the New Application Capabilities within the ITS department of ING Belgium, my love for Big Data and Cloud Computing was too much to let it take a backseat! The role of Privacy and Big Data is a hot topic of discussion and even ING was inadvertently forced to play in parley here. Nevertheless, with more announcements from Oracle and Adobe, for instance, on the Marketing Cloud I thought of highlighting the importance of leveraging Big Data by the CMO, given how we will have the convergence of Social Media, Cloud, Big Data Analytics and Mobile!
I chanced upon this art by Mari Pack and was relating it to an article from Michele Nemschoff I recently read. Interestingly I noticed she was the Marketing VP at MapR. Having had a chance to meet and interact with Inge Ampe, ING Marketing Head I noticed even more the influence Marketing and the new technological disruptions have on each other.
In this post I would like to highlight three things worth bringing our attention to that are happening in the Big Data enterprise world.
1) Increased number of Web based channels to generate greater online footprint;
2) Availability of the channels and content Anytime and Anywhere meaning device and location independent access thru applications;
3) Tightly coupled backend for a Secured single channel throughput, meaning a strong infra backbone of one way output to different web based channels;
It’s interesting to see how each of these points relate time and again to the 3 V’s of Big Data – the fundamentals i.e., Velocity, Variety and Volume!
Given the above scenario there are couple of strategies (especially banks) could take to approach Big Data. I wouldn’t want to list the strategies I have in mind, but I see three main areas they could exploit Big Data, and especially leverage the CMO significantly more –
Product Analytics – This would be the typical financial analytics on transactions going on in the bank. This is what banks have been doing for ages, the difference is to use advanced predictive analytics and real-time in-memory databases to process existing information. Not under the purview so-to-say of the CMO but dashboards from here will be critical to understand!
Customer Analytics – Adding `Social´ to re-engineer existing offers and present new offers. This is where the real work of the CMO will be and in my next post I deep dive into this topic.
Macro Analytics – This would involve looking at the markets and external ecosystem. Integrating all these three points would help come up with various new insights and offers, least of all, observe the “false positives”!
The role of the CMO is by no means limited anymore to just some campaigns randomly made and in the next post I will look to see how Big Data, Customer Centricity and the Chief Marketing Officer all come together making it an exciting time in the industry and those in the field of marketing!
While we look to marketing big brands and have consumerism in fast foods, I hope more people take a moment to globalize wisdom! The talk about Big Data seems endless these days, I wonder of the times for tens of thousands of years there is knowledge that is bigger than big data!
Until next time then