Big Data is Old News: Enter Fast Data
In today's world the demand for instant results finds its way into every corner of our lives. Instant gratification is no longer a desire; it's an expectation. If an Uber ride takes a matter of minutes to arrive, users are already on to Lyft or Sidecar to get the fastest pickup time. Who waits for a receipt anymore after a purchase? Email is faster.
In Gallup's recent State of the American Consumer report, a key finding states that, "fully engaged customers are more loyal and profitable than average customers — in good economic times and in bad." Gallup's findings underscore the importance of how intrinsically connected customer engagement is to a company's bottom line.
In fact, Gallup found that, "a customer who is fully engaged represents an average 23 percent premium in terms of share of wallet, profitability, revenue and relationship growth compared with the average customer."
So, how can businesses effectively engage with their customers? This question hits on a deeper issue around how the modern customer operates. Hint: it's at warp speed.
In what we've come to call the "Era of Immediacy," retailers must recognize that consumers now operate in real time and expect everything instantly. The need for speed has never been so important. In response, if organizations want to engage with their customers, they must do it on their terms, and re-engineer their approach.
At this point, almost all competitive businesses have adopted big data-driven solutions into their offerings, so the only way to stay a step ahead is not only to do it better, but do it faster. Today, it's about giving the customer what they want, when they want it and how they want it, or they'll go someplace else.
The Importance of Fast Data
Fast data, as the name implies, isn't only gathered quickly, but also shared and acted on quickly, before its shelf life expires and the data becomes exhaust, losing any significance that it may have once held. Fast data offers up the information needed to help address specific issues, drive results and propel innovation in the moment.