In an increasingly uncertain and complex environment, one factor sets successful companies apart - ‘intelligence’.
Every day, enterprises across the world are involved in two major activities - delivering effective outcomes and making decisions that create impact. If you are in the business of building enterprises that will be more valuable tomorrow than today, your decisions need to be faster and smarter.
Organisations today are witnessing a huge explosion in data availability - 90% of the world’s data was created in the last two years. Structured, semi- structured and unstructured data across internal business systems and external sources like social media, market data and syndicated research are creating a tremendous opportunity to establish more complete, accurate and timely business insights - leading to smarter decisions. However, as much of this data is available to an enterprise’s competitors, only those who have the ability to capture, assess, act and execute against that data at an unprecedented pace will out-compete others.
Therefore, organisations must be able to effectively convert information into insights, insights into actions, and actions into positive outcomes.
By embedding analytics into core processes and delivering targeted, refined intelligence to each business function, enterprises can make truly insight driven decisions at scale – essentially ‘Industrialising Analytics’.
Nowhere is this approach more applicable than in creating profitable customer relationships. To engage increasingly empowered, digital consumers and turn them into loyal customers, companies must move beyond traditional approaches that focus on ‘brand’, to the delivery of the ‘outcomes’ consumers are seeking. This is achieved through a coordinated, and intelligence driven customer experience. Increasingly, delivering a superior service is as important as creating an attractive product. Engaging with consumers consistently throughout the relationship lifecycle in both analogue and digital channels is essential.
The customer experience is the sum total of all the interactions a customer has with an organisation - day in and day out - through every channel. When institutions deliver consistently positive experiences, that connect the emotional, economic, aspirational and functional needs of the customer, there are significant improvements in the strength, value and tenure of the relationship. It is here where industrialised analytics can provide the insights to deliver better customer journeys - ones that show the customer that as an organisation you understand them, make decisions that are right for them and do that over the long term.
Today’s customers are sharing more and more personal data in the hope they will get better, more relevant products and services. Smart enterprises are piecing these data elements together to create complete, up to date views of their customers that then feed their operational business processes. Such companies are using an increasingly abundant flow of real time information such as location, activity and sentiment to identify purchasing trends and anticipate service needs, as well as proactively engaging customers before issues can escalate. In short, by combining technology, data and analytics to drive their business process they are able to put the customer at the heart of their operation.
By focusing on intelligent customer service and investing in multi-channel operations capability, an organisation can turn its operations into a revenue generator. A multi-channel approach has the advantage of meeting customers’ needs through the channels they most favour, at times they want and in the context of their location and intent. In addition – in many cases it can reduce the overall cost to serve.
Intelligent customer operations goes a long way towards creating empathy and trust between the customer and the enterprise – creating longer and more dynamic relationships.
Customers that feel they have a trusted relationship with a supplier not only spend more but they stay longer and recommend other customers. They are also more willing to work with the company to overcome problems when they do happen. Critically, loyal customers represent an average 23% premium in terms of share of wallet, profitability, revenues and relationship growth compared to the average customer.
Profitable customer relationships require a shift change across an organisation to an approach that employs industrialised analytics. As the data opportunity grows, it will be the organisation that can rapidly interpret that data, be decisive in what to do next and then execute flawlessly who will succeed.
By Alasdair Macdonald, Vice President of Analytics Europe at Genpact.
PrivSec Conferences will bring together leading speakers and experts from privacy and security to deliver compelling content via solo presentations, panel discussions, debates, roundtables and workshops.
For more information on upcoming events, visit the website.
comments powered by Disqus