Big Data - the gift that keeps on giving.
In today’s marketplace, customer experience has become the front line for businesses across the world. 95% of leaders are placing customer experience as a key strategic priority. And especially during peak periods, like the holidays season, when, to be fair, as much as it is a magical time of the year, there’s a great deal of stress and rush. So, customers expect a smooth service, quick replies, and of course, good prices. Topped with an increased demand and strain on resources, things can easily go wrong. Experience has become such an important factor in the buying decision making, that 26% of customers choose a business based on customer experience.
Therefore, there is no secret to anyone how important it is for businesses to understand their customers, from their purchasing habits, their needs, and preferences, to market trends, demand forecasts, and so on.
The amount of data available has been growing over the years, especially through the use of technologies like AI and IoT. Companies do not have to do guess work about their customers anymore, instead they can analyse the data they own to understand who their customers are, what they want, what they need and how they behave.
So how can Big Data improve your customer experience?
1. Strategic decisions.
According to BARC, 69% of businesses using Big Data reported better strategic decisions. Businesses are racing to speed up their operations, rapidly adapt their strategic position and reduce their costs, all through the means of technology. Big data adds a new dimension to the traditional capabilities of a business.
Digitalised organisations use data analytics to optimise production, identify bottlenecks in their supply chain, advance new product offerings, spot different types of customers and understand their needs. To name but a few of the ways Big Data provides business intelligence and a competitive advantage.
Improving operations not only benefits the business, but also the customers, as they can get a quicker service, a wider range of products or services tailored to their needs, and ideally, at better prices.
2. Improved communications
In today’s world, a multi-channel, if not omni-channel is the preferred approach to communications. Customers expect to interact with a business at the touch of a finger. And each interaction counts, as it defines the brand. From a complaint call to an email campaign, all communications strengthen the customer’s perception of the business.
During holidays, more than half of the customers do their shopping online. Therefore, technology plays a crucial role. Just being present on all channels will not make the cut. Whether a website or an app, the user experience must be seamless. From ease of navigation and readability to functionality, all can send a customer away if not satisfied.
However, not all customers prefer the same channels, there is no one-size-fits-all. Especially during holidays, customers tend to change their behaviors. Based on the data from the previous years, businesses can predict which channels will be overloaded and invest their resources and train their staff to handle enquiries, accordingly, therefore maximizing their efforts.
3. Personalised experience.
An average consumer is exposed to approximately 5,000 ads per day. Now, in such a saturated market, with overflowing possibilities and choices to make, it is somewhat obvious why customising the messaging, and the offering of each customer plays such an important role in the overall customer experience. Some companies use predictive models to offer personalised product suggestions, content or offers.
Customer data enables companies to not only predict what a customer wants, but also automate product or service offerings accordingly. Whether it is an email campaign, a telephone call, or an online interaction, addressing people as individuals reinforces the connection they have with the brand. After all, we all like to feel valued.
3. Building loyalty.
Gaining a new customer is 7 times more costly than keeping an existing one. It is understandable why businesses are striving to create loyalty amongst their existing clients. By using Big Data Analytics, companies can address problems efficiently, but more importantly prevent them. 66% of customers turn disloyal due to a bad experience; this only highlights the importance of customer experience in building customer loyalty and retention.
It can be challenging for businesses to manage, structure and analyse enormous sets of data. Failing to do that can be very costly. At the same time, it has been proven to be a key success factor in a digitalized business ecosystem.
Investing in the right technologies and hiring expert Data & Analytics professionals is paramount for every business. At RED Global we have a wealth of specialised talent across the world. If you need to speak to recruiters who speak Data, you’re in the right place. All you need to do is get in touch with one of our expert consultants.
SAP Custom vs Standard - The Big Debate.
SAP standard vs custom is a major consideration faced in every SAP implementation, and with good reason. Both approaches have their pros and cons and can have a dramatic impact on your enterprise.
But just how did those with custom systems fare in the recent pandemic, given how quickly many organisations had to make changes because of it? We surveyed our clients to find out if custom or standard was the better choice.