Here is my take on the kind of ecosystem that businesses need to create in order to become more competitive and win big in customer experience:
1. Creating data lakes that are real-time and predictive saving time and money
Today's information generation expects more from the organisations they interact with - real-time engagement and personalised experience becoming the new business norm. To keep up with the growth of data and leverage it to glean more business intelligence, businesses must relook at their IT infrastructure and big data strategy.
Businesses must create an ecosystem of information center around the customer and invest in a secure business data lake that is both real-time and predictive. This will allow customer facing teams to drive more relevant customer conversations through a combination of past interactions with the customer, real-time updates on the situation at hand and today's business needs. For a business this would essentially enable substantial improvement in service response and the overall experience, which in turn leads to greater customer satisfaction and retention.
Not only that, by leveraging real-time predictive insights, businesses would be able to save time and costs by anticipating customer demands, concerns and issues ahead of time and being prepared in advance for them.
2. Building a single 'source of truth' across all lines of business
Customers today expect all of their data across different channels of communications (past and present) to work together to serve their goal. They expect businesses to have a real-time update on the conversations that happens in every step of their customer experience journey - from lead generation, initial consideration, engagement, evaluation to moment of purchase, delivery, usage and finally to post purchase feedback - no matter which platform they choose to use.
In order to meet these demands, cross-functional teams will need to collaborate and contribute to the data ecosystem and establish comprehensive rules and governance to create a single "source of truth" about each customer and ensure service delivery consistency. This will help internal functional and external teams to take personalised actions while ensuring data integrity and consistency. It will also allow business leaders and C-suite level executives to make better, more informed business decisions based on consistent and real-time data-driven intelligence - empowering the business with the agility needed to survive.
3. Empowering internal teams to trust and act on big data
Processes, governance and data visualisations tools alone are not enough to win big in customer experience. To succeed, businesses must build analytic skills that match data insights with business outcomes. It is the collaboration between data the scientist and business analyst to share data insights to solve customer issues that will propel businesses forward. By doing this, businesses will be able to improve customer service employee efficiency while improving the quality of customer experience through smarter insights, a single view of the customer that tracks past interactions and reducing hand-offs between teams.
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