Customer experience (CX) is becoming a key differentiator for service providers today.
In fact, a survey by Fifth Quadrant and LogMeIn found that nearly 80 percent of consumers in the South East Asia region would stop doing business with a company after a bad customer experience, while 72 percent would advise family and friends to do the same.
In line, multi-channel engagement is valuable for nearly half of the consumers (48 percent) to create an excellent CX.
With this, how can service providers make sense of data generated by multi-channel platforms and use it to deliver a unique CX?
Big data and analytics might be the answer to this.
Sherie Ng, Managing Director, Strategic Region, NICE
"Organisations leverage big data and analytics to have complete visibility of their business, to drive insight-based decision making, and take real-time action," said Sherie Ng, Managing Director, Strategic Region, NICE, told CIO Asia in an online interview.
"We are seeing customers utilise big data and analytics to drive process and system optimisation; lift customer experience; reduce churn; increase retention; personalise offers to increase sales conversion; draw strategic insight to design strategy (whether it is product, price, promotions, etc.) and drive prescriptive analytics-based coaching and performance improvement of its workforce to bring immediate impact to service delivery," Ng continued.
It is thus not surprising that research firm IDC forecasted that the big data technology and services market to grow at a compound annual growth rate (CAGR) of 23.1 percent from 2014 to 2019, with an annual spending of US$48.6 billion in 2019.
Challenges and opportunities in big data and analytics
As businesses embark on their big data journey, some challenges may emerge such as legacy environments, and organisational silos.
According to Ng, one of the problems faced by organisations when adopting this technology is converting big data into a smart big data. "Technological capabilities of the past would have required organisations to invest a large pool of resources in terms of time, people and capital to get something of this stature moving." As such, with the growing importance of multi-channel platforms, putting up a big data hub can help service providers consolidate data from different sources for multi- and cross-channel analytics.
"This makes it simple and seamless for organisations to start putting in place a big data hub that can be easily evolved - as they add various channels of interactions, while remaining scalable as they expand globally," Ng explained.
Besides working on legacy environments, organisational silos also affect the quality of service delivered to the consumers. To counter this, having a dedicated officer and a consolidated platform to look after the whole journey of customer can help businesses improve the overall experience.
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