Imagine an analytics tool that records every transaction that courses through your digital assets in real time and lets you scroll through scores of them to gain insights about your business. If such a tool -- let's call it a TiVo for your digital business -- existed it would prove incredibly valuable in helping you quantify the performance and value of technology initiatives designed to serve customers.
TIAA Chief Digital Officer Scott Blandford has created such a system for the financial services firm. The custom-built THOR (TIAA Hyperdata Online Repository) churns through data streams running through the company's websites, applications and other customer channels. The tool, which Blandford calls the "operating console for our digital business," helps TIAA glean insights about how the company can improve the software services that help consumers manage their retirement wealth and pursue financial advice.
"I'm inspecting 200 million data points an hour that are whizzing by me and we're creating a customer session on it," Blandford says, adding that he uses data THOR collects to show CEO Roger Ferguson the as-is state of TIAA's digital business. "These are important corporate measures because our CEO wants to know how we're making progress digitally."
A real-time pulse of customer engagement
It's a crucial undertaking at a time when CIOs are struggling to explain the value of their digital efforts to their CEOs. Most IT leaders lack reliable ways to measure the impact of their digital efforts and many more admit they're unsure how to go about it, according to Gartner research.
Scott Blandford, Chief Digital Office, TIAA. Credit: TIAA
CIOs are mulling questions such as what exactly constitutes digital and whether a CIO should measure digital services provided by the CMO or other business leaders who are consuming cloud or other technology services to serve customers. CIOs who have cracked this quandary are using the customer as their North Star.
DBS CIO David Gledhill is one such IT boss, as he recently told CIO.com, “Digital engagement drives business and revenue volumes and so just the metric of how many times a customer touches you is important.”
Customer engagement is also at the heart of TIAA's efforts with THOR, Blandford says. Traditionally, TIAA tracked customer interactions by checking web logs weekly or monthly. But this static approach -- measuring what happened at a point of time rather than up-to-the-minute -- is a poor reflection of a digital business in which transactions are conducted in real time -- or close to it. "Customers expect Web pages to be fast," Blandford says. "If they're not, then they question the value of your firm."
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