Having large data-sets gives businesses an opportunity to understand their users , and then enhance customer experience , thereby boosting satisfaction from a scientific point of view .”
Data , scientific approaches and technical sophistication are all potentially linked to human wellbeing . “ For example , from existing AXA user-insights , we may offer customers personalised recommendations that could explicitly fulfil a particular individual user ’ s needs , ultimately increasing customer conversion rates and driving revenue growth ,” Ho explains .
“ But of course , achieving this is no easy task ,” he acknowledges . “ First and foremost , a solid data foundation is crucial to this journey . Without it , it ’ s almost impossible for any organisation to turn their data into an asset . “
“ Second , while there is a tremendous amount of data distributed in several data warehouses , not all data is clean nor is it all correct . We could see some of that data as dirty or noisy – which would potentially impact the data model accuracy and the final prediction results . As it turns out , we might spend much more time and effort on data cleansing and pre-processing than expected . “
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