Customer behaviour today is driven by high expectations. The room for compromises and make-do attitudes is fast-shrinking with users wanting businesses to come to them full-way and at their convenience. Today, customer expectations from the brands they use are absolutely fluid and driven solely by one factor – experience. How do you make yourself stand out and be noticed in a highly competitive marketplace of this nature?
Customer experience has long been at the heart of digital transformation that has driven this change. The question now is – how do you work toward constantly improving customer experience, build brand loyalty, and rework your entire work culture to fit into the jigsaw of constantly evolving buyer behaviour. The answer lies in real-time analytics.
A recent study, titled Real-Time Analytics: The Key to Unlocking Customer Insights & Driving the Customer Experience, carried out by Harvard Business Review Analytic Services in collaboration with SAS, Accenture Applied Intelligence, and Intel establishes beyond doubt that customer analytics lie at the core of improving customer experience across all market vectors and channels.
The study that relies on interviews of more than 560 business leaders and a section of readers of the Harvard Business Review makes some stunning revelations vis-a-vis the importance of real-time analytics:
• 70% of businesses increased the budget allocation for real-time customer analytics over the span of last one year
• 60% rely on real-time customer analytics to improve customer experience across the spectrum of buying platforms
• 58% have seen a significant improvement in customer loyalty and retention as a result of real-time customer analytics
• 44% reported a gain in customers and revenue as a result of integrating real-time analytics into their business operations
• 39% business executive look at IoT as an important tool for improving customer experiences
Using Real-Time Analytics for Enhancing Customer Experience
The survey also predicts that the number of businesses relying on real-time analytics for improving the customer experience will grow exponentially in the foreseeable future, going from 60% to 79% by 2020. The personalisation of services to fine-tune every aspect of product marketing and sales to suit individual customer persona in real-time is the ultimate goal of real-time analytics.
Some of the top reaching organisations have already started working with advanced machine learning algorithms to understand buying behaviour and offer customers with product recommendations based on that understanding, often tweaking the prices of products and services on the basis of demand and relying on competitive pricing strategies to drive up sales.
Enterprises are also working with the cross-functional application of real-time analytics, using this data to create real-time marketing technologies, thus, driving sales. Contributing business drivers in this entire process include formulating and strengthening contextual engagements with customers, improving the accuracy of services/product deliveries, and responding to pressures of a competitive, regulatory market. Fulfilling the objective of building customer-centric enterprises has been the driving force behind the incorporation of real-time analytics into the fabric of large-scale businesses.
The Roadmap Ahead
While a lot is already being done to tap the potential of real-time customer analytics for expanding business operations, there is scope to scale up these efforts for driving more compelling results. The first step in this direction would be defining an integrated, cohesive, and goal-driven marketing technology capable of delivering personalisation at a global scale in real time.
Next comes mobilising C-level executives in the workforce to get organisational boulders out of the way of implementation of real-time analytics for delivering results. This section of the workforce exercises immense influence and insight into customer behaviour, and it bodes well for organisations to bring the power of real-time analytics into the hands of this section of the workforce for analytics to deliver sustainable results.
The roadmap for making real-time analytics an integral part of the work culture goes through the process of defining customer touch-points backwards. This helps in overcoming the analysis paralysis and enables organisations to make the most of analytics results while they are still relevant. A truly customer-centric enterprise must have systems in place to reflect the ground reality of customer expectations today and predict their preference for tomorrow using the information gathered through real-time analytics. That is the secret to building an organisational model that can chart a course of sustainable customer retention and revenue growth.
Why choose ACI Infotech as your Data Analytics services partner
Enterprises can exploit its data through real-time analytics and analyze in a well-formatted manner, thus informed and crucial business decisions are taken. This can further help businesses and C-Suite leaders to deliver the best customer experience and be ahead of the competition rather than being left behind.
ACI’s custom-built real-time customer analytics solution will help you to freely explore data, without completely depending on various tools or extensive IT assistance. With the help of ACI Analytics, a huge amount of data can be analyzed at unprecedented speed and its single-stack architecture helps you deal with complex data (database, visualization tools) to win more customers.