Use Big Data and Customer Experience Analytics to Increase Revenue and Much More

The big data market is massive in today’s corporate environment. The sourcing of projects, within the global big data industry, has grown to a 42-billion-dollar market. Big data and business intelligence give companies the missing puzzle pieces to complete a cohesive past, present and future strategic vision. While the power of big data can be harnessed for a multitude of things, my favorite by far is using disparate data to measure, manage and enhance customer experience.

If you hadn’t already heard, customer experience is extremely important. But why, you ask?

A study published by Forrester Research reported that company experience leaders grow revenue 14 percent faster than companies who are customer experience laggards.1 A study by Walker projects by the year 2020 customer experience will reign above price and product as a key decision factor when purchasing a product.2

Customer experience has become so important, in fact, Gartner predicts that more than 50 percent of organizations will redirect their investments to customer experience innovations. By 2020, more than 40 percent of implemented projects for data analytics will revolve around customer experience.
3

Why has big data and analytics become such a big deal in customer experience?

Business intelligence and disparate data solutions compliment customer experience data well; there is a lot to learn by analyzing customer satisfaction, customer effort and customer retention. These actionable-insights allow companies to make organizational changes with quantifiable data on their side.

So what is the catch?

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 parts in measuring customer experience.

Customer effort relates to tasks and actions performed by a company’s employees that directly affect the customer. Take a contact center for instance; an employee is 20 minutes late to their shift and the contact center is experiencing an abnormal serge in call volume, now consumers have a longer wait time because the center is short staffed. Customer effort can have a direct impact on your customer experience.
Read more: https://is.gd/F7Rb86