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The characteristics of an optimal "data hub" to have a single customer view

November 20, 2020 | grandstands

Experian is partner of France FinTech and is involved in the fintech ecosystem. David Zydron, Pre-sales consultant at Experian France, tells us about the characteristics of an optimal “data hub” to have a single customer view through this forum.

95% of companies admit that the lack of data quality impacts their business. Governance of this information was also ranked as the number one priority for CIOs in 2020, according to Gartner. Companies therefore need tools that allow them to manage data quality, governance and even regulation - three issues that often require the use of several distinct management systems. This weakens deployment times, the adoption rate of teams sometimes having to be trained in several tools, but also the level of risk and associated costs. So which solution to choose to meet this challenge, when the volume of data continues to increase? How to transform raw data into real business insights via a single management platform? 

The need to consolidate tools 

There are multiple stages of data processing, ranging from collection to integration, validation, harmonization, deduplication, categorization or analysis. Many companies are therefore multiplying the tools to carry out these different stages and try to exploit the potential of the data collected. But technological advances have not only made it possible to perfect machine learning or artificial intelligence models but also to rethink the connectivity of these different tools. In fact, today there are unique platforms making it possible to manage the entire data processing process. The data services and functions are then brought together in a single “data hub”, thus reducing technical complexity as well as use. 

A simple to deploy and scalable solution 

Resources, both budgetary and human, are certainly the first obstacle to any initiative related to data management. Companies are indeed reluctant to the idea of ​​long, tedious and complex deployments for teams sometimes having no internal IT resources, but also by the costs imposed and the return on investment in the more or less long term.

Solution providers have understood this and are starting to offer more and more easily deployable solutions that do not require any IT support. This is the case with cloud-based solutions allowing very rapid deployment, without IT effort and with immediate availability.

Faced with the explosion in the volume of data; in particular recently observed by the largest retailers having faced the sudden increase in e-commerce linked to the COVID-19 crisis; it is imperative that companies be able to rely on scalable technologies capable of adapting to the development of society without requiring too much additional investment.

 

A single customer view in three steps: collection, enrichment and analysis

The potential of data is infinite and among its ultimate goals is customer knowledge. Having become a real competitive advantage, it also represents a major technological challenge for companies then having to collect data, sometimes crossing several sources, then analyzing them to provide tailor-made offers and services. 

The “data hub” selected by the company must therefore provide a single customer view. To do this, it is important to ensure that you have the following three functionalities: optimal data recovery, validation and harmonization. The company then has a unique view for each customer, allowing them to get to know them better and to follow their development over time. 

The data management suite Aperture Data Studio, powered by Experian, enables users to easily and quickly develop sophisticated workflows using machine learning algorithms for automatic data tagging, and enrich data from global sources recommended by Experian. It makes it possible to transform information into real commercial values, quickly and easily, while ensuring their monitoring in real time via an ergonomic and versatile platform. Companies benefit from data of verified quality that can be directly exploited in an operational manner, thus optimizing efficiency and ultimately activity.