Key to enriching Extracting value from big data is seen as key to improving customer experience and ultimately business profits, but its use is still limited in EMEA, according to a new study from Experian Decisioning Vision 2020 (DV2020).
The study involved 255 executives from 195 telecommunications and financial services companies in different areas of EMEA, with the aim of exploring the enormous possibilities offered by the hitherto unprecedented possibility of making sense of Big Data at a low cost.
Around 80 percent of EMEA organisations say they believe that leveraging Big Data is essential to enriching the customer experience and say they intend to invest in this area.
Specifically, the survey results reveal that:
- A large majority believes that using Big Data analysis will be essential to evolve over the next five years.
- Four out of five business decision makers consider investments to improve customer experience a priority.
- In turn, 68 percent of respondents said they had acquired new data sources to perform better data analysis and achieve decision automation.
Advanced analytics to improve customer experience
The paper also concludes that decision-making is not usually supported by data, mainly because data science initiatives are not carried out. The uk whatsapp number data of a data science strategy, although in some cases it is a consequence of the lack of technical profiles, is usually motivated by two factors related to business capabilities:
- Lack of available data .
- The use of ineffective tools.
Beyond the relevant information that internal company data sources can provide, Big Data can become a great ally to improve the customer experience . “Organizations that manage to personalize the customer experience are those that are expanding their databases and, ultimately, achieving a deeper understanding of the attitudes, preferences and behaviors of their customers,” says Felipe Fernández Atela, president of Experian in Spain.
In this way, Fernández points out, advantageous interactions are achiev. Which are by being more “relevant, timely, safe and profitable. Than those obtained with traditional methods unrelated to the great opportunities offered by the Big Data universe
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The profitability of actions and the precision of strategies have to. Do with the use of information available to the company. Since it is link building: how to verify links? its transformation into knowledge that a more complete vision of customers. Their habits and their needs can extract.
Achieving the ultimate goal, creating added value for the business. By improving the final customer experience, requires analytical tools and the necessary. Capabilities to carry it out. Therefore, it will not be enough to simply. Have the technology if there are no professionals capable of extracting value from the data.
Using multiple data sources
Having a contact lists view of the key to enriching relationship. Working in real time, leveraging all customer touchpoints through multi-channel automation. Conducting data analytics across the organization are the five areas. Experian says are worth focusing on to improve the final customer experience.
