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It's astounding how all of us are fascinating by "size & scale". There is so much talk of "Big data" nowadays, that it almost seems that data becomes useful only when it is humongous.
We could not be further from the truth. It is not the "size of the data" that matters but the "ability to use it for decision making" that is far more important. I believe that it is easier to embed "data based decision making" for an organization when it is small rather than waiting till you have a "data explosion".
Tesco, for instance, generates more than 1.5 billion new items of data every month. Wal-Mart's warehouse now includes some 2.5 petabytes of information, the equivalent of roughly half of all the letters delivered by the US Postal Service in 2010.
Who values Analytics more? Some industries seem to believe in the power of analytics & actually base decisions on this. A bank decides whether to give a loan or not basis an Application score card or a credit card company spots a fraudulent activity basis analytics & stops the card usage.
A lot of other industries use Analytics for insight generation but are they as good as the Banking & Financial services industry (BFSI) in linking the analytics to action.
But do analytics professionals care about the decision or are they happy just doing the sexy "insight" oriented stuff!
After all Analytics should help in "Making decisions"!! And wherever one does this, the interesting thing is how the Data & technology expertise is combined with Analytics & effective engagement vehicles (Call centres, Mobile apps, websites) to make this happen.
Mr Ajay Kelkar has extensive experience in business &marketing across consumer goods, retail and the banking sector. He has a combined business experience of over 20 years across Procter & Gamble, PepsiCo, Shopper's Stop, and HDFC Bank.
Ajay is the Chief Operating Officer of Hansa Cequity, a company that helps its client’s build empowered customer relationships. Hansa Cequity helps design engaging customer experiences by leveraging customer information using analytics, technology & marketing communication solutions.
In his stint as Head of Marketing for Shoppers' Stop(one of India’s leading Department store chains), Ajay was responsible for creating a unique & vibrant loyalty program called First Citizen which is a unique Indian case study on loyalty marketing. Ajay was also responsible for creating a hugely successful Customer Experience strategy for Shoppers' Stop.
Post that for about 5 years, Ajay was Senior VP & Chief Marketing Officer at HDFC Bank, where he led the bank's marketing team on the pioneering path of data-led marketing analytics. The bank executed a unique data based strategy based on automating the bank's marketing environment and this led to huge improvements & ROI in cross sell and up sell rates. HDFC Bank was in fact the first bank in India to automate its entire Marketing processes.
Ajay holds Bachelors in Chemical engineering from UDCT with additional qualifications in MBA from IIFT, one of India’s premier schools.Ajay is a regular blogger & regularly writes about Analytics & data led marketing.
You can go to his blog at http://blog.cequitysolutions.com/. Ajay has an active social media presence & you can know more about him at: http://in.linkedin.com/in/ajaykelkar1to1marketing