Using Data to Add Value for Customers

Dateline: September 16, 2016

Welcome to our Friday WRAP – one thought-provoking idea to think about over the weekend.

Using big data to understand our customers is increasingly commonplace, but using it to add value to the actual product or service is less common.  Recently Ivey Professor Niraj Dawar published a blog at Harvard Business Review titled, Use Big Data to Create Value for Customers, not Just Target Them. He suggests,

Big data can help design information to augment products and services, and create entirely new ones. Simple examples include recommendation engines that create value for customers by reducing their search and evaluation costs, as Amazon and Netflix do; or augmenting commodity utilities with customized usage information, as Opower does. More intriguing examples include crowd-sourced data that can give customers answers to important questions such as “what can I learn from other consumers?” or “how do I compare with other consumers?”

How can your big data add value to your products and services?

That’s a WRAP!  Have a great weekend!

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