Vitamin A(nalytics): Dose to elevate resilience and relevance

Jun 18, 2020 8:45:42 AM

in Star Bytes

Everyday businesses generate huge amounts of data. While some find it difficult to unlock the potential of the data they have generated, others turn to the savvier approach of leveraging it. They not only use the information to enhance their operations and drive cost reductions but also, more importantly, to strengthen their competitive position and predict future trends. Such businesses operate with a clear vision and roadmap on how to organize the data for successful outcomes.

Today’s customer experience requires a combination of distinctive insights, connected interactions and an agile approach to meet customer needs and their channel of engagement. This requires exploration of customer trends and preferences and for brands to become smarter about responding to these factors. Gone by are the days when customer experience consisted of static, one-dimensional encounters. Now, thanks to the proliferation of channels and big data, analytics and related tech innovation, customer experiences are rich engagements between customers and the organizations with whom they choose to do businesses. That’s why it’s important for organizations to be ready to embrace data- driven CX and here’s how to do it!

Thinking long term- Delivering a successful customer experience requires a broad array of activities and abilities, from data integration to technology implementation, training and even assessing current processes. This isn’t a process that can happen overnight. Superior customer service is an ongoing quest that requires a chain of activities across enterprises to be delivered most effectively.

Providing training, insights, and inspiration to employees- Getting employees to think in terms of data- driven CX requires a change in their mindset. Experts need to understand how employing data to enhance CX makes their jobs more satisfying and how it can help them more easily achieve their business goals.

Measuring results- It is only natural that activities involving the use of data should also be measured with data. Employees need to study how and where data driven CX is delivering the best possible results for their brand. Startek’s engagement with a UK-based BFS company save 8-12% annually in its indirect spend through spend and business analytics

Digital Analytics is a business matter that is critical to brand success, which is why the Chief Data Officer (CDO) and other top executives must be able to clearly articulate its purpose and then translate it into action—not just in an analytics department, but throughout the organization where the insights will be used. CDOs and other data and analytics leaders are on a journey to build and fulfill a strategy for using data and analytics as a key component in the transition to digital business. Moving to digital business is not an incremental change; it is dramatic and touches all areas of a business. Data and analytics capabilities will be embedded in the new digital business models that have begun to emerge, and will continue to mature, over the next three to five years.

The importance of digital analytics and business strategy thrives on improving customer experience and leveraging customer insights. Enterprises are leveraging tools and techniques such as customer journey maps, business model canvassing and persona modeling to illustrate and explore customer and partner experiences. A brand’s success rate is directly related to their expertise using intelligence and analytics for converting their customer insights into strategic business decisions. Case in point is our engagement with US based credit card major, which yielded 20% saving through improved segmentation, customer experience and spend analytics.

Data and analytics leaders are at the heart of digitalization and must act urgently to create information strategy, modernize their infrastructures, and hire data and analytics specialists. Data- driven CX is key for staying ahead of the competition in today’s hyper- competitive global economy. It takes a combination of factors such as organizational keenness, uncluttered data and well- orchestrated integration of people and processes to deliver superior, efficient and highly interactive customer experiences. The pieces are in place: it’s a matter of moving forward.