Customer experience is at the crux of every successful business.
Over the past two decades, digitisation has redefined and elevated customer experience through data-driven insights.
Every enterprise collects massive amounts of data about a customer’s behaviours, patterns, and decisions, achieving customer intimacy that wasn’t possible before.
While enterprises are sitting on a goldmine of data, less than half are utilising it to generate revenue.
The fact is, even today, most marketers across the globe lack confidence in their data and analytics. The only way to leverage insights from such rich data is to utilise data-backed and connected platforms.
Challenges with unrefined and fragmented data
Enterprise analytics engines have played a vital role in structuring an increasing amount of data, but even today, an astounding amount of digital information is lost in translation.
Unrefined and fragmented data prevents enterprises from unlocking the true potential of data; however, this hasn’t deterred them from mobilising unstructured data to impact their bottom line positively.
70% of the world’s most valued companies have adopted data-driven strategies to accelerate business growth.
As with any trend, we must step back and observe the bigger picture. Making the most of an analytics suite to comprehend data and gain insight is just a step in the right direction.
The future of connected enterprises is leveraging every scrap of data to create a richer and more meaningful relationship with customers.
Changing the mindset, inculcating a data-driven approach
In such a fast-paced market, keeping up with trends isn’t enough; as an enterprise, predicting trends and being a trailblazer is pivotal.
Being a data-driven, connected enterprise empowers businesses with the right resources to respond to changing market conditions and innovate ahead of the game. They can leverage every scrap of data to create a more extensive and detailed depiction of customer behaviour, processes, and success roadmaps.
Leveraging data to create a seamless customer journey
Knowing your customers is just the surface; to create a holistic experience for consumers, it’s vital to understand their experience at different touch points across channels.
Being data-driven can harness insights to identify areas of improvement and aim to create a seamless experience for customers, ensuring loyalty and revenue growth.
Achieving results with a competitive TAT
A connected enterprise can react quickly to changes that would otherwise require months or even years or arduous effort through traditional methods.
One such enterprise, British Telecom Openreach, achieved an otherwise impossible feat through AI and data tools. They automated 200+ processes by employing thousands of bots and reduced customer handling time by over 65%.
Facilitating business outcomes through AI & machine learning (ML)
Data-driven connected enterprises can enhance supply resilience and maximise value for customers and ecosystem participants by leveraging AI and ML alongside automated data extraction and processing platforms. This approach enables them to simulate business outcomes and operational processes under various conditions.
Capitalising on the power of transformation
An essential aspect of being data-driven is automation, and it saves a wealth of resources and generates insights into customer behaviour and preferences.
Enterprises such as British Telecom Openreach, Royal Philip, and Mars have adopted automation, resulting in time and cost savings that are better employed towards more important business goals.
Now their resources are redirected toward customer-centric activities that keep consumers engaged.
How did they achieve this?
Let’s look at Royal Philip as an example. They saved over $16 million and 770,000 resource hours by automating their entire finance and accounting function, which was then used to enhance customer experience.
The data from these transformations enables companies to offer solutions tailored more effectively toward their customers, positively impacting revenue growth.
Embarking on the journey of customer engagement
The future of customer engagement is deeply rooted in AI-driven cognitive operations, and it’s become the need of the hour to join the ranks of enterprises that are well on their way toward a data-driven tomorrow.
The first step towards establishing yourself as a connected enterprise is investing in technology that enhances customer engagement and operational efficiency to achieve optimal productivity.
In conclusion, with a data-driven mindset, enterprises can power towards an ideal customer experience by leveraging data to gain insights into consumer behaviour, uncover consumer journeys and act on these insights by personalising interactions and creating solutions to fit their consumer’s needs.
While your data might look scattered now, these measures can help you transform it into the solution that could carry your business towards a new era.
About the Author: Sateesh Seetharamiah is the CEO of EdgeVerve.