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By Jodie Reed, Strategic Solutions Executive

 

Every day, mountains of customer data of all types are created through numerous channels… business, home, online – you name it. Simply put, there is a lot of data and even more coming our way every second. It’s no surprise that enterprises want to leverage this large volume of data to provide meaningful customer interactions that will drive and grow revenue.

The pace of data generation is skyrocketing with the rapidly growing use of connected devices – the world creates 2.5 quintillion bytes of data each day. Of course, most of that data has nothing to do with enriching experiences for customers – but shouldn’t it? Cue a need to focus on data that matters.

The ultimate goal is to harness the data and leverage its power to enhance customer experiences, improving loyalty through relevant and meaningful interaction. Unfortunately, most companies still lack the technology to optimize this data and therefore the opportunity to drive revenue and reduce risk.

The reality is the customer has the ultimate control over their digital destiny. With one click, they can move away from a site, an interaction, or a chat and, within seconds, seek out a competitor. While this power shift from seller to buyer was first observed in 2000, most companies have yet to truly integrate customer-centric thinking with their collection of customer data.

Like with the example above, customer data is coming from transactions, behavior, social media, customer service, internal supply chain and inventory systems, and third-party systems and interactions. In order to successfully be customer-centric, organizations must harness these types of data for an intelligent 360° view of their clients. This in turn will enable intelligent and predictive views of a customer and their relationships, making each company-customer interaction more meaningful.

The ultimate goal is to connect and correlate this data to spot trends, reveal actionable insights, and foster emotional connections, making every touchpoint relevant and timely – thus enabling organizations to increase satisfaction, build loyalty, and expand relationships to drive revenue and reduce risk.