It seems like organizations have been collecting and analyzing vast amounts of complex customer data for ages – there’s a reason we call it ‘Big Data.’ But thanks to the Internet of Things (IoT) and mobile/digital advances, the amount of customer data has been increasing exponentially. According to a fresh Kinsey Global Institute report, the potential economic impact of IoT could be more than $11 trillion annually by 2025. However organizations have not been able to make the data usable until recently because most of them still don’t have the proper tools to take action based on the data they have.
According to Aberdeen’s new study “Big Data in CEM: The Path to Productive Employees & Happy Customers” only four percent of companies are extremely satisfied with their ability to use customer data within Customer Experience Management (CEM) activities. Four percent. That’s a Big Data disappointment. The Aberdeen study demonstrates how Big Data is an opportunity that can only be leveraged through technology.
Aberdeen identified three activities that best-in-class companies use for capitalizing on big data.
- Gather customer insights from employees across all parts of the organization to find opportunities to better sell, market and serve customers.
- Leverage the knowledge in your IT department to streamline technology to a single view of customer data.
- Take action! The data is only useful if you are able to take action on it. For example, analytical tools such as business intelligence and predictive analytics can help convert data into insights.
In addition there are some common strategy changes that top performers have employed to manage big data in CEM.
For all the effort put into collecting data, isn’t it time that the data started working for you?
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