Leveraging the power of data, enterprises want to go above and beyond certainty to provide an enhanced customer experience. Considering the speed at which data is generated and processed, a broad range of enterprises across multiple domains (retailers, financial institutions, ticketing agencies, telecom operators, ad-tech, manufacturers) are finding it challenging to work with disparate, complex and rapidly changing high velocity of data. Apart from performing historical analysis and batch reports, enterprises have shifted to work on timely actionable data that can be leveraged to achieve higher response for marketing efforts. This in turn has made organisations progress from capturing and storing data to extracting insights from the data warehouse to now realising the benefits of real-time data analytics.The foundation of real-time customer engagement is becoming an increasingly strategic focus for many businesses, with enterprises constantly looking for simpler, lower-risk approach, immediate and easily measured business results. The launch of sophisticated analytical tools and advanced data processing technologies has enterprises aspiring to use every bit of data to streamline processes, increase efficiencies, boost productivity and sell more. Consequently, leading to increasing competition across markets, driving enterprises to harness the available information across various data sources. Streaming analytics is such a tool that involves handling of data, either a sequence of events or set of processes that happen at a given period. The valuable insights derived from the data generated, helps enterprises to act quickly and move ahead of the competition.
By integrating multiple data sources into an application to generate structured information, streaming analytics helps enterprises be in complete control of their business, in real-time. It constantly performs statistical analysis with a live stream of data allowing the management to monitor real-time processes. In case of telecom service providers, it can help increase the reach of marketing campaigns by analysing millions of transactions that takes place every minute. Data generated from the mobile recharges through various sources (online/ offline/ mobile apps) can help to identify the various customer segments, in real-time. Streaming analytics, based on mobile recharges, can identify frequent customers, their recharge patterns, and their source of recharge, and consequently, target specific ads and marketing campaigns towards them. The other potential application of streaming analytics is for financial institutions to detect and respond to attempted fraud, analyse unsuccessful transactions, and understand abandoned transactions. For example, by analysing abandoned transactions, financial service providers can then execute effective marketing campaigns by offering better interest rates and flexible options to specific customers in real-time.
“ 1 According to a Salesforce.com report, 75% of millennials are at least somewhat dependent on mobile banking and 27% are completely reliant on a mobile banking app. Streaming analytics is the key to continuously and algorithmically monitor mobile banking to gamify the experience in real- time, provide a 360-degree view of the banking experience, and monitor for fraudulent behaviour. 1 https://www.linkedin.com/pulse/future-streaming- analytics-financial- services-mark- palmer Architecturally, the ability to apply analytics on streaming mobile data is a key enabler for a real-time CEM”.
Furthermore, Streaming analytics provides the following advantages in real-time marketing context:
- Manage KPIs daily, resulting in instantly optimizing marketing strategies and campaigns by gaining deeper insights through data visualization.
- Identify trends and benchmarks of the industry with effective decision making through real-time information that can help you strengthen the brand.
- Analyse customer behaviour on a real-time basis, allowing enterprises to understand their buying patterns, like, dislikes, and generate new revenue channels.
- Understand customer’s changing requirements and indulge in up-selling and cross-selling.
- Stay ahead of competition: Enhance customer digital buying experience.
Pelatro mViva is a comprehensive platform which provides precision marketing solution to the Telecom industry. The solution is perfectly designed to handle large amounts of live streaming data from multiple data sources to then provide insights in real-time, obtaining effective decisions instantly. Its intuitive interfaces combine graphical and SQL series, allowing non-technical resources to gather, analyse, segment and aggregate data and create actions instantly which are easily deployable. It runs large volumes of data with extensive analytics to microsegment complex data for further action. The solution is specifically designed to handle contextual data to come-up with ads, actions, campaigns, and discounts; targeting specific customer base or just a single customer. MViva is designed around Distributed File Systems, NoSQL, Elastic Cloud and Map Reduce frameworks to handle the ever demanding and ever changing marketing requirements.