Customers in the digital era are more than simply their own preferences, choices, and experiences. They are all part of a network. Businesses have been discussing the 360-degree customer view for years. Digital transformation has now amassed data from various sources including sensors and social media, thus offering enterprises a huge opportunity for actionable insights into understanding customer behaviors. A move towards customer centricity depends on providing better customer experience across all channels and delivering value across the customer experience life cycle. Big Data and analytics are emerging as key coordinator in companies by identifying never before discoverable insights for increasing the accuracy of decision making. To respond effectively and provide customer-centric experiences, organizations need a 720-degree view of each customer based on deep analytics that provides an inclusive understanding of each customer’s needs and level of influence.
Organizations today need insights into markets and their own internal processes to stay ahead of the competition and to deliver sustainable business performance, improve sales productivity, accelerate growth and reduce customer care costs. For instance, customers visiting a bank branch get irritated with slow-moving queues. The bank, in an effort to remain customer-centric, responds by encouraging its customers to conduct their transaction online but fails to recognize that there are distinct clusters of customers who are not Internet-savvy or fails to extend the necessary services to the online platform. Understanding product related information, insights, and foresight along with comprehensive Big Data analytical solutions prevent errors and fraud at the point of transaction, increases the speed of marketing process, secures connection of devices for sharing product information in real-time. Consumer engagement articulates on consumer ownership and responsibility to drive sustainable behavior change, thereby developing a 720-degree view of every consumer for expanding a culture of consumer empathy and a consumer-centric mindset.
The addition of these next-generation Big Data analytical capabilities ensures monitoring and tracking of all after-sales service related processes and ensures practical as well as precautionary maintenance, planned at the effective management of technology usage towards customer satisfaction. Collecting data from both internal and external sources for a customer, combined with an almost incessant data stream from increasingly universal smart meters, Big Data analytics helps to retain and design specific products targeted to these segments. The benefits of utilizing Big Data for effective business decision making lies beyond just customer segmentation. It can enable better fault prediction, asset utilization, better regulation and compliance and also bring inefficiencies in the deployment of field forces. There is a definite shift in mindset already happening in a lot of major utilities to do more with Big Data. Businesses now have a clear understanding of the use cases where efficient use of Big Data will help to define a clear defined roadmap for this initiative stand to benefit the most.
Scalable Systems RainMaker CRM analytics tool design and deploy scalable, high-impact solutions to drive sales, marketing, and customer service. We help you find all the information you need in one place and use it to make better-informed, data-driven and in-time business decisions. Our CRM analytics will help you understand what matters most to your customers and make right strategic decisions for increasing bottom-line profitability and customer satisfaction.