According to the dictionary, to call yourself a Champion means to have surpassed all rivals in a competition. This year, OVO has done just that, setting itself apart to win the Data Champions category at our 2020 Data Impact Awards. This category recognizes organizations whose IT administration provides the agility a business requires, without putting the business at risk, and embraces a pattern of technology adoption that prioritizes speed.
Judge of the Data Champions category, Bob Gorley, co-founder and Chief Technology Officer of technology research and advisory firm, OODA LLC shared his views about the category and nominees on the night, saying: ‘Every nominee we saw had fielded a great solution that we all ought to take note of and learn lessons from. The Data Champions category is for those solutions that are bringing the best of both agility and risk mitigation together, to support multiple use cases. When judging this category, the questions I wanted answered were; how are they able to be agile and innovative, yet still have enterprise governance and solid security throughout? How are they able to be resilient in the face of extreme conditions? The answer was by leveraging best practices, using best of breed technology and learning from others, and it’s really a testament to the maturity of the overall category that we had so many incredible nominees doing just that.”
OVO, officially PT Visionet International, is a digital payment service based in Jakarta, Indonesia. It is a digital platform for simple payment and smart financial services, with affiliated merchants, business partners, and members in its ecosystem. Over the past year, OVO took a bold approach to data management in order to better connect with its customers. The results garnered in the first 6 months, alone, were enough to impress the judges and crown them Champions. Read on to learn more about the project that won OVO this award.
Using data to better connect with its customers
OVO is available on 115M devices in Indonesia and these devices collectively generate tens of millions of data points every day. As the volume of products within OVO’s ecosystem increases, the ability to ensure marketing effectiveness is critical to avoid an unnecessary waste of time and resources. Unlike competitor banks, which use traditional mass marketing to reach customers, OVO decided to embark on a bold, new approach to connect with customers via ultra-personalized marketing.
This meant building its first contextual offer engine — one that could enable access to customer data in real-time using advanced, intelligent data analytics and machine learning to personalize the customer product interaction experience. Every day, the contextual offer engine, OVO UnCover, processes large-scale volumes of data generated by its customers. It identifies individual customer needs and helps OVO to personalize the products customers see, delivered through push notifications and banner spaces within the app.
Knowing more about its customer’s needs reduces wasteful marketing spend on irrelevant products, and allows OVO partners to design stronger marketing campaigns, using messaging that’s personalized to their target customers. OVO’s underlying principle is to improve the financial literacy of Indonesians and provide them with the opportunity to be financially included, as many do not have bank accounts, or have limited knowledge about finances and insurances. An additional benefit to OVO UnCover is its ability to securely guide its customers to financial products that will provide them with greater financial security.
Financial Inclusion for all Indonesians
OVO has set itself an impressive goal of enabling financial inclusion for all Indonesians. Although it’s only been six months since launch, OVO UnCover has already made significant progress in improving the way OVO and its partners get the right products to the right people, at the right time.
In its first six months of operation, the sales funnel uplift achieved using OVO UnCover has proven to be 7.9 times more effective than traditional mass marketing. OVO has also achieved an impressive 15% increase in revenue, thanks to the project. Through automation and elimination of the chance for human error, engineers’ workloads have been reduced by 30%.
The judges were blown away by OVO’s achievements and the stellar results that it was able to showcase in just 6 months. Its goal of financial inclusion for all Indonesians is commendable and Cloudera is proud to play a part in making this a reality. Congrats again to OVO!
If you’ve been inspired by OVO and think your company deserves recognition for how it is utilizing data to improve its customer service, we’d love for you to enter next year’s Data Impact Awards. The title of ‘Champion’ could be yours! Speak to your account manager to find out how to enter.
To learn more about the Data Impact Awards, our judging panel, and winners please visit: https://www.cloudera.com/about/customers/data-impact-awards.html
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