Customer Data

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Using Unstructured Data to Tidy Up Credit Reporting

Greg Jones, vice president of Enterprise Data & Analytics at Equifax, says the credit reporting agency is beginning to incorporate unstructured data from sources such as social media to better round out the individual profiles in its database. “My focus is to create a compelling differentiator between us and the other credit reporting companies by enabling our customers to provide the most efficient, the most predictive, and the most accurate experience for their customers,” he says.


Thriving in an Increasingly Digital Ecosystem

Research from MIT Sloan School of Management’s Center for Information Systems Research says that to prepare for a future of digital disruption, companies need to consider which of four business models to adapt. "Given the amount of turmoil digital disruption is causing, it’s time for companies to evaluate these threats and opportunities and start creating new business options for the future — the more connected future of digital ecosystems," write Peter Weill and Stephanie L. Woerner, both of CISR. Companies also need to develop new capabilities in two areas: learning more about their customers and becoming "more of an ecosystem."

Image courtesy of Flickr user Roy Luck.
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Ethnography in Action at Wells Fargo

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How do companies gain value from ethnography — the in-person study of how people actually use a product or service? Wells Fargo Bank commissioned an ethnographic project and found out for itself. The bank was able to determine that customers approach retirement with three styles: they were either Reactors, Poolers or Maximizers. The bank learned, for instance, that the language of customers who were Maximizers would not resonate with Poolers — and so it developed new kinds of messaging for each.


Raising the Bar With Analytics

More than half of managers surveyed strongly agree that their organizations need to step up analytics use, according to a 2013 global survey by MIT Sloan Management Review and SAS Institute. In addition, survey data suggests that in companies where analytics has improved the ability to innovate, managers are more likely to share data with partners and suppliers.


Why Managing Consumer Privacy Can Be an Opportunity

How many privacy policy updates does your credit card company send you each year? Companies often “manage privacy” and “keep consumers informed” by drafting their privacy policies as broadly as possible and consider their job done if they change the policy 10 times a year to fit with changing practices. However, managing privacy should not be seen by businesses as a burden. Instead, it can be a valuable way to generate and maintain a good relationship with your customers.



How to Identify the Best Customers for Your Business

It’s difficult to start a venture that gains traction with paying customers, but it’s even harder to grow beyond certain levels of sales. The original business model must deal with new products or markets. Early leadership behaviors are often no longer viable. Moreover, different customers come with different transaction costs for the seller. This article discusses the importance of customer selection and how intelligent opportunity management can help companies scale their selling initiatives.

Image courtesy of Flickr user kk+.

Location Analytics: Bringing Geography Back

Remember geography lessons in school, painstakingly memorizing the longest rivers, cultures of various regions, the state capitals? For most of us, those lessons are in the past. But in the world of big data analytics, geography is making a comeback. The relatively new market of location analytics is expanding the uses of more traditional geographic information system (GIS) technology to include social, geographic, physical and emotional indicators that help organizations better predict trends


Linking Customer Loyalty to Growth

In recent years, researchers have created a number of metrics to explain the connections between customer behavior and growth. But under the harsh reality of the marketplace, these efforts have generated more smoke than heat. Nevertheless, managers continue to search for insight into how customers feel – and how they will behave.


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