The world has become progressively data driven with data being the crude oil necessary to drive any organization. To keep up with the changing market needs, use of Big Data and Analytics has become demandingly high for organizations to maintain their product relevance. With the ever-changing member needs in Saccos, having access to reams of information which give insight into the dynamic demands and experience of members is necessary. Access to information detailing member behaviors, preferences and dislikes assist Saccos to predict market change and member satisfaction, allowing them to mitigate possible risks.
Three(3) Differentiation Strategies in Members Experience:
1. PERSONALIZED SERVICES
When members initiate communication with their Saccos for any inquiry, that point of interaction defines the Sacco’s brand. Personal data gathered through the conversations can be maximized by leveraging Big Data and Analytics. Saccos can get detailed personalized information of their members and get insight into their world and thus customize their communication and services to fit their needs. This enhances the brand image and member capacity of the Sacco.
Business Context: Do you Sacco members get personalized service experience?
2. DIFFERENTIATED SERVICES
Given the diversity in members and their needs, segmenting them according to their demand helps tailor services specialized for them. Big Data and Analytics can be integrated in the processes and different platforms used by the members to gather data and dynamically analyze their changing needs. This promotes flexibility where members can comfortably choose services that best work for them.
Business Context: Do you Sacco members get differentiated experience?
3. ON-DEMAND SERVICES
With the progressive nature of on demand services, Saccos are bound to adopt a more flexible and effective strategy that will help align their services with the changing needs of their members. Big Data and Analytics helps analyze large amounts of unstructured data from these services to use them innovatively in introducing new features for better services..
Business Context: Do you Sacco members get On Demand Service experience?
WHATS NEXT? BIGDATA ANALYTICS LITERACY FOR SACCOS PROFESSIONALS
In leveraging Big Data and Analytics, Saccos position themselves competitively in the market giving them a competitive player in the diversified financial inclusion services space for social impact.
Besides investing in Business Intelligence Technologies such as Oracle BI, Ms. PowerBI, Tableau among others, the foremost baseline strategy for Saccos towards embracing data and evidence based decision making culture is by promoting data literacy amongst her human capital. Retooling in available Data Analytics Tools such as Advanced Ms. Excel, Excel PowerSuite is a great investment for Saccos to embrace data culture. Data & Analytics For Sacco Professionals can be a great competency investment for every Sacco professional.
Article published as part of the InQuest Consult curated Market insights and industry thought leadership content.
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