Software solutions

To stay ahead in this digital race, businesses need to better understand their customer to respond faster than their competition. Big data is the wealth that businesses have accumulated over years from recording customer interactions and behavior. Various departments collect data and create good analytics but cannot collate this data in the right ways to help all the stakeholders/business users to make informed decisions.

Enterprises like Google, Amazon and Netflix can analyze their data in milliseconds and have automated processes in place that respond to customers based on intelligence.

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Even though a good amount of past data is available, the present competition demands all stakeholders/business users to have a 360 degree view of customer interactions by analyzing relevant data. Having big data is not enough anymore, you need relevant data. Break the data silos with a unified data source to extract relevant data. With relevant data, businesses can maximize up-sell and cross-sell from existing clientele.

Replace your legacy technology that handles big data and move to a more integrated, responsive and data-driven automation.

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Our enterprise software products are used globally by Fortune 500s for digitalization of customer experience life-cycle, resulting in greater customer-centricity and reduced operational expenses

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Today’s competitive market is reducing margins and driving enterprises from customer acquisition to customer retention approach. The need of the hour is customer centricity, to create products around customer needs.

Telecom service providers, unlike online industries like Amazon, Apple, Google and eBay, store customer data in silos due to the inherent complexities in the service portfolio. This in turn impedes 360 degree view of the customer and adversely impacts customer loyalty.

“There were 5 exabytes of information created between the dawn of civilization through 2003, but that much information is now created every 2 days, and the pace is increasing …”

Eric Schmidt, Google CEO, at Techonomy Conference 2010

The first step towards customer centricity is to break these silos and transform them to a unified platform that gives a 360 degree view of customer data and then pool all customer data into a central warehouse that maps different lines of businesses to a customer.

“The teams merged but the systems didn’t, so from the outside it looks like a merged company, but from the inside we see a mobile customer, a TV customer, an Internet customer, but sometimes they can all be the same person.”

Martin Péronnet, Monaco Telecom CEO, from www.totaltele.com

The second step is to use this unified platform to deliver customer knowledge that will be used by marketing to send relevant offers for up-sell and cross-sell. Further, you will have to move into interactive operations by identifying customers (based on daily usage)who are prone to move to another operator. These customers are given personalized and relevant offers to retain them. The final step is to align all departments in using the consolidated customer data in their day to day operations to provide a superior customer experience.

Customer centricity is not about replacing your existing systems, but it is simply a realignment of your processes for business agility and operational efficiency.

Reference
What customers really want. (n.d.). Retrieved January 27, 2015, from www.rolandberger.com

In10stech

Our enterprise software products are used globally by Fortune 500s for digitalization of customer experience life-cycle, resulting in greater customer-centricity and reduced operational expenses

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Przyklenk, senior manager, digital insights, for TDBank Group talks on why relevant data should be used for marketing rather than big data.

“You don’t need a lot of data to make decisions, just the right data” says Przyklenk.

TDBank Group, the second largest financial institution in Canada, began re-evaluating their customer data when branch traffic declined without a significant increase in digital transactions. Przyklenk talks about the challenges referred to 5 S’s the bank is facing while data analysis.

  • Siloed: multiple systems for different lines of business to connect to customers
  • Structured: several layers of data ownership, governance and access levels, requires vast institutional knowledge
  • Super-expensive: internal cost structures including chargeback models for processing time and bandwidth
  • Strange: systems are older than the analysts using them and the information generated is difficult to understand
  • Speed: financial institution mainframes offer faster processing speed but without structured data analysis cannot be effective.

A huge amount of unstructured data from multiple sources is dirty and data analytics cannot make sense of it. Prospects and customers expect personalized and relevant offers based on behavioral and relationship data, which cannot be achieved with the above challenges.

Przyklenk said among customer data collection and analysis, enterprise should invest in centralized data warehouse, data management platform and customer journey mapping.

Centralized data warehouse will consolidate all the customer data which in turn will help marketers spend more time on launching campaigns rather than consolidating data. This consolidated warehouse can also be integrated with other applications like CRM to make customer data available to all stakeholders. A data management platform and customer journey mapping will provide a single customer relationship across different lines of business with a personalized communication. Finally these changes in an organization will provide a 360 degree view of your customer.

 

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In10stech

Our enterprise software products are used globally by Fortune 500s for digitalization of customer experience life-cycle, resulting in greater customer-centricity and reduced operational expenses

More Posts - Website

Read more