Sateesh Seetharamiah, CEO, Edge Platforms, EdgeVerve
In today’s increasingly digitised society, developing customer intimacy through delivering personalised interactions is vital in generating revenue growth. However, despite its potential returns, more than half of marketers globally lack confidence in their data and analytics. Organisations need to utilise data-backed and connected platforms that formulate actionable insights. Using these digital platforms results in a business that can effectively understand and deliver on customer experience needs.
With digitisation accelerating at break-neck speed, more and more data is moving from the smorgasbord of our digital lives to enterprise analytics engines. But while the widespread digital transformation initiatives of the past two decades have led to a tremendous increase in structured business data, the vast majority of digital information remains unrefined and fragmented. However, this hasn’t deterred organisations from harnessing unstructured data to impact their bottom line positively. In fact, among the world’s most valued companies, a solid 70% have adopted data-driven strategies as the driving force of their business growth plans . But today, being a data-driven, connected enterprise means more than just using an analytics suite to power your insights. It means leveraging every scrap of data available to create larger, richer, more detailed views of your customers, processes, workforce, and success roadmaps.
The Value of a Data-Driven Mindset.The value of a data-driven, connected enterprise lies in the ability to respond faster to changing market conditions, innovate more rapidly, and deliver experiences that are a ‘win-win’ for every stakeholder. It means leveraging every scrap of data available to create larger, richer, more detailed views of your customers, processes, workforce, and success roadmaps.
Understanding Customer Journey by leveraging data and insights. Businesses need to understand the customer journey to cater to the customer experience truly. By mapping out customer touchpoints across all channels, data-driven enterprises can better understand customer experiences. By collecting and analysing data at each touchpoint, they can identify pain points and areas for improvement. Armed with this knowledge, businesses can make informed decisions to improve the overall customer experience, resulting in increased customer loyalty and revenue growth.
Rapid Deployment. Connected enterprises can quickly deploy a workforce trained to use AI and data tools to rapidly solve challenges that would take months or even years via traditional methods. The ability to automate over 200+ processes using thousands of bots, as seen with British Telecom Openreach, can help reduce customer handling time by over 65%.
Simulating Business Outcomes. Using AI & machine learning (ML) alongside automated data extraction and processing platforms can simulate business outcomes and operational processes under different conditions. This allows enterprises to create value networks to improve supply resilience and maximise value for customers and ecosystem participants.
Successful Transformations. British Telecom Openreach, Royal Philip, and Mars have harnessed the power of transformation through process automation, saving time and money, which they redirect towards more client-centric activities to provide greater value to their customers. They analysed the data captured from these transformations to gain insights into customer needs and preferences, which they use to tailor their products and services more effectively. Royal Philip, for example, saved over $16 million and 770,000 hours by automating its entire finance and accounting function, which it then used to enhance its customer experience. The captured data from these transformations provide valuable insights into customer behavior and preferences, enabling companies to offer solutions tailored to their needs. This approach improves customer satisfaction and leads to increased revenue and growth. In today’s increasingly digitised society, delivering personalised interactions and enhancing customer intimacy is vital in generating revenue growth.
Getting Started. For enterprises, the race to tap into data-driven differentiation is well and truly underway. To start the journey, businesses must recognise that the data extracted from AI-driven cognitive operations are at the core of future processes and productivity optimisation. They should also invest in technology that enables better customer engagement and experience while improving operational efficiency.
In conclusion, utilising data to cater to the customer experience is essential in today’s digital society. With a data-driven mindset, connected enterprises can better respond to changing market conditions, innovate more rapidly, and deliver personalised experiences that meet customer needs. Enterprises can achieve significant market growth and differentiation by leveraging data and insights, rapidly deploying workforces, and simulating business outcomes. Businesses that can leap from digitally enabled to data-driven will reap the rewards of understanding their customer journey, delivering customised solutions, and driving revenue growth.