Given the $billions invested each year in BI & Analytics you may be forgiven the suspicion that existing investments fail to deliver expected returns. Or to quote one of my earlier pieces "Half the money I spend on analytics is wasted!"
Which brings me to the linked article below and heading "Data does not replace insight".
Related to product innovation, customers rarely know what they need in the future. Analysing all the data in the world may offer no answers. In the case described, the need for an "upside down bottle" that, when met, galvanised Heinz Ketchup consumption. It needed the bright inspiration, the cognitive leap from lateral thinking.
That is why self-service analytics/BI receives so much attention. Data Scientists, machine learning and AI didn't find the answer for Heinz. But hidden in the unstructured data stored in letters, emails and social media may have been the hint that getting the last third of tomato ketchup out of the bottle may have been a big issue.
It needed someone with:-
- the hunch that this was a problem requiring a solution.
- The ability to see patterns
- A tool to be able to test that hunch across the unstructured data ( as well as structured of course)
- Without the complexity, cost and time demands of complex solutions
The insurance industry already has such an answer with 360Retrieve and it is equally valuable in other industries. It can be taken further however into CRM & customer self-service.
There is abig black hole where customer UX and product/service delivery meet.
The customer cannot share thoughts, facts, concerns satisfactorily and the service provider cannot understand the UX. Again a common experience in the insurance industry when it comes to vehicle and building/contents damage claims.
They can, however, by digitising the total UX from claim to repair/replacement.
Not just submitting the claim, and providing photo/video data to substantiate the damage and authorising claims faster. But also allowing the insurance claims teams to remotely see the proposed work & materials to repair the vehicle. Streaming video to work with the contractors to ensure they do not overcomplicate and overcharge.
When this added data can be stored, accessed and analysed it gives a complete picture of the claim from submission to happy customer.
This applies equally to digital transformation in:-
- Social housing
- Facilities and Asset Management
- Field Service PPM
- Construction Project Management
Digital transformation of all touch points with the customer and supply chain shines a light on the big black hole and yields a wealth of new data. Analytics & BI are not an end in themselves. Combined with insight and complete data across the whole cycle you can increase Net Promoter Scores, increase customer experience and take a bow before the curtain closes.
Don’t just collect data about your audience, study them. Data doesn’t tell you what to do, insight does, and insight is the responsibility of the innovator not the audience. It’s the lifeblood of both comedy and great design. It can be sweet, crude, or startling, but it is always brutally honest. Why did it take so long for Heinz and its competitors to introduce the "upside down" ketchup bottle? We all knew that getting the last third out of the bottle out was a huge pain, yet it took decades for bottle design to acknowledge this universally held understanding. The data was always there, it just needed to be recognized. The head-slapping "of course!" moment of seeing this bottle is much like hearing the punch line of a joke—it’s as surprising as it is familiar.