In today’s corporate environment, the big data market has become massive. With global big data projects being sourced, the industry has grown into a 42-billion-dollar market. Big data and business intelligence offer companies the missing puzzle pieces to complete a cohesive past, present, and future strategic vision. Although big data can be harnessed for a multitude of things, the most significant advantage is using disparate data to measure, manage, and enhance customer experience.
Customer experience has become a crucial aspect for businesses to focus on. Studies have shown that companies who prioritize customer experience grow their revenue 14 percent faster than those who don’t. In fact, customer experience is projected to reign above price and product as a key decision factor by the year 2020. As a result, more than 50 percent of organizations are redirecting their investments to customer experience innovations, and more than 40 percent of implemented data analytics projects will revolve around customer experience by 2020.
So, why has big data and analytics become such a big deal in customer experience? Business intelligence and disparate data solutions complement customer experience data well, offering insights into customer satisfaction, customer effort, and customer retention. These actionable insights allow companies to make organizational changes with quantifiable data on their side.
However, getting the right type and amount of data can be difficult in measuring customer experience. Often companies start to gather customer experience data, but some don’t gather enough, some don’t gather the right data, and some don’t invest in a solution that ties all the data together.
Customer effort, customer satisfaction, and customer retention all play a part in measuring customer experience. Customer effort refers to tasks and actions performed by a company’s employees that directly affect the customer. Customer satisfaction is the overall client appreciation of a company’s solutions and services. Customer retention is the number, or percentage, of clients that come back to repurchase a product or service. To achieve an optimized customer experience, all these metrics should be measured cohesively and collectively. Find a provider that can tie all this customer touch-point data together, offering a full picture before diving into the granular details. By measuring, analyzing, and managing all customer experience data, CFOs can increase profits by increasing customer retention by as little as 5%, which can increase profits up to 95%.
Big data analytics also helps companies reduce cost, increase efficiency, maintain capacity for growth and change, and improve support and service. By driving data decisioning, big data helps in achieving a higher customer satisfaction and retention, thus driving meaningful and impactful results to a company. Although this market is relatively new, big data and business intelligence are here to stay and help organizations measure and manage their customer experience data and much more. The possibilities are truly limitless.
Scott Walker is a highly experienced high-tech executive with more than 24 years of experience. He has worked with various companies such as Apple, Microsoft, Ticketmaster, Nike, and others. In 2009, he established ethosIQ, a software firm that specializes in real-time business intelligence and customer experience. Today, ethosIQ processes and consolidates data for over 183,000 agents worldwide on a daily basis.
EthosIQ™, based in Houston, Texas, has been delivering business intelligence to global corporations and government agencies since 2009 through their cloud and premise-based software. Their award-winning software is capable of collecting, correlating, and presenting data from various systems to help organizations make informed, real-time decisions. EthosIQ™ software solutions provide analysis and actionable insights that enable businesses and government organizations to deliver better customer experiences while ensuring operational efficiencies and maximizing technology investments. Their data-driven approach allows organizations to make decisions in minutes rather than days or weeks.
