5 items tagged "customer experience"

  • 10 Big Data Trends for 2017

    big-dataInfogix, a leader in helping companies provide end-to-end data analysis across the enterprise, today highlighted the top 10 data trends they foresee will be strategic for most organizations in 2017.
     
    “This year’s trends examine the evolving ways enterprises can realize better business value with big data and how improving business intelligence can help transform organization processes and the customer experience (CX),” said Sumit Nijhawan, CEO and President of Infogix. “Business executives are demanding better data management for compliance and increased confidence to steer the business, more rapid adoption of big data and innovative and transformative data analytic technologies.”
     
    The top 10 data trends for 2017 are assembled by a panel of Infogix senior executives. The key trends include:
     
    1.    The Proliferation of Big Data
        Proliferation of big data has made it crucial to analyze data quickly to gain valuable insight.
        Organizations must turn the terabytes of big data that is not being used, classified as dark data, into useable data.   
        Big data has not yet yielded the substantial results that organizations require to develop new insights for new, innovative offerings to derive a competitive advantage
     
    2.    The Use of Big Data to Improve CX
        Using big data to improve CX by moving from legacy to vendor systems, during M&A, and with core system upgrades.
        Analyzing data with self-service flexibility to quickly harness insights about leading trends, along with competitive insight into new customer acquisition growth opportunities.
        Using big data to better understand customers in order to improve top line revenue through cross-sell/upsell or remove risk of lost revenue by reducing churn.
     
    3.    Wider Adoption of Hadoop
        More and more organizations will be adopting Hadoop and other big data stores, in turn, vendors will rapidly introduce new, innovative Hadoop solutions.
        With Hadoop in place, organizations will be able to crunch large amounts of data using advanced analytics to find nuggets of valuable information for making profitable decisions.
     
    4.    Hello to Predictive Analytics
        Precisely predict future behaviors and events to improve profitability.
        Make a leap in improving fraud detection rapidly to minimize revenue risk exposure and improve operational excellence.
     
    5.    More Focus on Cloud-Based Data Analytics
        Moving data analytics to the cloud accelerates adoption of the latest capabilities to turn data into action.
        Cut costs in ongoing maintenance and operations by moving data analytics to the cloud.
     
    6.    The Move toward Informatics and the Ability to Identify the Value of Data
        Use informatics to help integrate the collection, analysis and visualization of complex data to derive revenue and efficiency value from that data
        Tap an underused resource – data – to increase business performance
     
    7.    Achieving Maximum Business Intelligence with Data Virtualization
        Data virtualization unlocks what is hidden within large data sets.
        Graphic data virtualization allows organizations to retrieve and manipulate data on the fly regardless of how the data is formatted or where it is located.
     
    8.    Convergence of IoT, the Cloud, Big Data, and Cybersecurity
        The convergence of data management technologies such as data quality, data preparation, data analytics, data integration and more.
        As we continue to become more reliant on smart devices, inter-connectivity and machine learning will become even more important to protect these assets from cyber security threats.
     
    9.    Improving Digital Channel Optimization and the Omnichannel Experience
        Delivering the balance of traditional channels with digital channels to connect with the customer in their preferred channel.
        Continuously looking for innovative ways to enhance CX across channels to achieve a competitive advantage.
     
    10.    Self-Service Data Preparation and Analytics to Improve Efficiency
        Self-service data preparation tools boost time to value enabling organizations to prepare data regardless of the type of data, whether structured, semi-structured or unstructured.
        Decreased reliance on development teams to massage the data by introducing more self-service capabilities to give power to the user and, in turn, improve operational efficiency.
     
    “Every year we see more data being generated than ever before and organizations across all industries struggle with its trustworthiness and quality. We believe the technology trends of cloud, predictive analysis and big data will not only help organizations deal with the vast amount of data, but help enterprises address today’s business challenges,” said Nijhawan. “However, before these trends lead to the next wave of business, it’s critical that organizations understand that the success is predicated upon data integrity.”
     
    Source: dzone.com, November 20, 2016
  • 5 Strategies that lead to a better customer understanding

    5 Strategies that lead to a better customer understanding

    Understanding your customers is a crucial component of building a successful customer experience (CX) program. Collecting and analyzing data is the key to unlocking deeper customer understanding, which (in turn) drives better customer experience efforts. Let’s take a look at five foundational customer experience information sources you can use to better understand your customers.

    5 ways to listen to your customers

    There are many ways to listen to your customers, but the most important thing is always that you’re listening at all.

    Let’s walk through five different strategies for building or enhancing your current customer listening program. You don’t need to adopt all five. Rather, implement a few of these strategies and make adjustments until you find the right combination for your business.

    1. Collect effectiveness data

    There are several ways to measure the current effectiveness of your CX efforts. Net Promoter Score (NPS), Customer Satisfaction Score (CSAT), and Customer Effort Score (CES) are among the most popular. By incorporating these measures into customer surveys, you can better understand your customers’ feelings of loyalty, satisfaction, and effort.

    NPS measures how likely your customer is to recommend your brand to someone else, which gives insight into satisfaction and loyalty. The CSAT is a direct measure of customer satisfaction, usually in relation to a specific interaction or experience. And your CES measures the amount of effort customers had to expend to achieve a particular goal.

    2. Create customer personas

    A customer persona is a finely honed profile of your best or target customer. Your company may want or need more than one persona, but you should focus on your most valuable customer types. A persona is more than a list of common characteristics. It should be as specific as possible and help you visualize the wants, needs, behaviors, and motivations of your customer.

    Think beyond demographic information like age, gender, income, or geography type. Psychographic (e.g., values, opinions, aspirations), transactional (e.g., purchase histories, service records), and behavioral (e.g., engagement on your website or social media profiles) information are key components of a richly built persona.

    3. Complete a customer journey map

    A customer journey map is an externally focused map of your customer’s experience throughout the full cycle of a particular journey. For example, the journey could start at the customer’s own awareness of a need and end with a product purchase, with steps for every interaction and impression in between.

    The process of building a customer journey map is an act of empathy. You should put yourself in your customer’s shoes and imagine their actions and feelings along the way. That doesn’t mean the map simply springs from your imagination, it should still be grounded in data. It means that by the end of the journey mapping process, you should have a deeper understanding of gaps or flaws in the customer experience and your customer’s motivations, desires, and feelings throughout.

    4. Supplement with outside data

    There are also ways to learn more about your customer using data from outside of your company. Contextual data in business draw on facts from the broader environment, including social media, news, events, weather, market changes, demographic changes, or geography.

    You can source contextual data from third-party businesses or organizations, such as market research firms or vendors. There is also a wealth of publicly available data from government sources, such as the Dutch CBS (Centraal Bureau voor de Statistiek), the U.S. Census Bureau or the Bureau of Labor Statistics. A variety of customer experience-related software can also aid your gathering of outside data.

    5. Use a voice-of-the-customer (VoC) program

    According to Gartner, VoC programs 'collect, aggregate, and provide the means to analyze direct feedback from surveys and interviews, indirect feedback from social media and customer care interactions, and inferred data such as web analytics and behavioral data'.

    According to Gartner, data sources for a VoC program can include customer complaints, customer surveys, employee feedback, company reviews, interviews, and social media, among others. Through rich, diversified sources of customer feedback, VoC programs help companies better understand customer experience and sentiment.

    Pull it all together with customer experience software

    Many customer experience software solutions can address any or all of the above listening approaches, from managing surveys and multichannel listening to visualizing the customer journey.

    By consolidating customer experience information into a single CX dashboard or hub, your organization can conduct more efficient analyses and see a fuller picture of your customers.

    Author: Kristen Bialik

    Source: Capterra

  • Chinachem: successful use of SAP software in the Hong Kong property market

    Chinachem: successful use of SAP software in the Hong Kong property market

    According to a January story in the South China Morning Post, Hong Kong has topped the table as the world’s most expensive housing market for the 9th straight year. That sounds like good news for property developers in that area. But, according to the same story, prices of Hong Kong homes also decreased with 7.2% in the last four months.

    What the news really shows is that the property market can be volatile. Combined with long construction times running into multiple years and billion dollar capital investments, that makes property development an extremely challenging industry.

    Few of Hong Kong’s developers are more aware of that than the Chinachem Group. While Chinachem began its life in agricultural projects and chemicals, Chinachem has developed its presence as one of Hong Kong’s most famous property companies over the year. Tthrough prosperous times and through tough times. Recently Chinachem was able to win a big land parcel in one of Hong Kong’s upmarket suburbs after surveyors cut their valuation by 10 per cent, another sign of softening property prices.

    However, in an industry that is often very traditional in its execution, it is not just prices that are putting property businesses under increasing competitive pressure. The digital explosion is also having a huge effect. As Chinachem’s Executive Director and Chief Executive Officer, Donald Choi, points out: technology is changing how companies in every industry are organized and run. And Chinachem isn’t any different.

    Changing times

    Hong Kong has been lucky in a way, especially in the property market, which has been a long-term growth market. But complacency can be a killer.

    Chinachem’s Head of Group IT, Joseph Cagliarini, believes that the lesson to be learned from a truly global brand like Kodak, which went bankrupt because the world changed from film to digital photography, cannot be overlooked. Instead, he calls for a relentless pursuit of technology to make sure Chinachem is not only listening to its customers, but able to respond appropriately.

    Different companies are at different stages of embracing digital transformation and technology. Anticipating what is required and strategizing change, Chinachem has turned its eyes to a new generation of milestones, and embarked on a journey to become an intelligent business.

    For the long-time property developer, that change starts with (real-time) data. Like many companies, Chinachem didn’t have a central view of its operations. So, all of its business units operated autonomously to some extent. That created a mountain of manual processes, and many separate systems containing valuable information.

    In October 2018, Chinachem selected a comprehensive suite of SAP software and cloud solutions to drive operational efficiency across finance and HR operations for its corporate group and hotels in order to help drive long-term efficiencies and growth. SAP is also providing Chinachem to help drive rapid innovation and increase the strategic value of human resources.

    Once the solutions are fully implemented, Chinachem will enjoy a variety of benefits, including real-time updates on financial performance that will optimize their finance processes. This includes everything from planning and analysis to period end close and treasury management.

    Long-term plans

    Thanks to other key features the group’s long-term objectives, such as enhancing financial planning and analysis, accelerating planning cycles, increasing profitability, and making finance functions more efficient are also supported. Chinachem is now able to accelerate the building and deployment of apps and extensions that engage employees in new ways. This will allow HR to be flexible and innovative without compromising the organization’s core HR process.

    In addition, Chinachem’s hotels can personalize their end-to-end HR landscape, creating an outstanding, seamless and secure user experience. The group can also leverage data from SAP solutions to make insightful business decisions that will have lasting impact.

    Customers are still king

    Chinachem’s journey also involves adapting to changing customers who now live on multiple platforms, both online and offline.

    With the right technology and software, Chinachem will be able to monitor customer behavior and, therefore respond to their needs without actually being asked. Executive Director of Chinachem, Donald Choi, believes that advanced data analytics could be the key to this. Not to replace offline experiences, but to be at all the right places at the right time.

    In an ever-changing and increasingly digital world, a comprehensive suite of SAP software and cloud solutions may not be the final answer for all of Chinachem’s needs. However, as Donald Choi says, “it is a good starting point for this journey.”

    Author: Terence Leung

    Source: SAP

  • How artificial intelligence will shape the future of business

    How artificial intelligence will shape the future of business

    From the boardroom at the office to your living room at home, artificial intelligence (AI) is nearly everywhere nowadays. Tipped as the most disruptive technology of all time, it has already transformed industries across the globe. And companies are racing to understand how to integrate it into their own business processes.

    AI is not a new concept. The technology has been with us for a long time, but in the past, there were too many barriers to its use and applicability in our everyday lives. Now improvements in computing power and storage, increased data volumes and more advanced algorithms mean that AI is going mainstream. Businesses are harnessing its power to reinvent themselves and stay relevant in the digital age.

    The technology makes it possible for machines to learn from experience, adjust to new inputs and perform human-like tasks. It does this by processing large amounts of data and recognising patterns. AI analyses much more data than humans at a much deeper level, and faster.

    Most organisations can’t cope with the data they already have, let alone the data that is around the corner. So there’s a huge opportunity for organisations to use AI to turn all that data into knowledge to make faster and more accurate decisions.

    Customer experience

    Customer experience is becoming the new competitive battleground for all organisations. Over the next decade, businesses that dominate in this area will be the ones that survive and thrive. Analysing and interpreting the mountains of customer data within the organisation in real time and turning it into valuable insights and actions will be crucial.

    Today most organisations are using data only to report on what their customers did in the past. SAS research reveals that 93% of businesses currently cannot use analytics to predict individual customer needs.

    Over the next decade, we will see more organisations using machine learning to predict future customer behaviours and needs. Just as an AI machine can teach itself chess, organizations can use their existing massive volumes of customer data to teach AI what the next-best action for an individual customer should be. This could include what product to recommend next or which marketing activity is most likely to result in a positive response.

    Automating decisions

    In addition to improving insights and making accurate predictions, AI offers the potential to go one step further and automate business decision making entirely.

    Front-line workers or dependent applications make thousands of operational decisions every day that AI can make faster, more accurately and more consistently. Ultimately this automation means improving KPIs for customer satisfaction, revenue growth, return on assets, production uptime, operational costs, meeting targets and more.

    Take Shop Direct for example, which owns the Littlewoods and Very brands. This approach saw Shop Direct’s profits surge by 40%, driven by a 15.9% increase in sales from Very.co.uk. It uses AI from SAS to analyse customer data in real time and automate decisions to drive groundbreaking personalisation at an individual customer level.

    AI is here. It’s already being adopted faster than the arrival of the internet. And it’s delivering business results across almost every industry today. In the next decade, every successful company will have AI. And the effects on skills, culture and structure will deliver superior customer experiences.

    Author: Tiffany Carpenter

    Source: SAS

  • Information Is Now The Core Of Your Business

    DataData is at the very core of the business models of the future – and this means wrenching change for some organizations.

    We tend to think of our information systems as a foundation layer that support the “real” business of the organization – for example, by providing the information executives need to steer the business and make the right decisions.

    But information is rapidly becoming much more than that: it’s turning into an essential component of the products and services we sell.

    Information-augmented products

    In an age of social media transparency, products “speak for themselves”– if you have a great product, your customers will tell their friends. If you have a terrible product, they’ll tell the world. Your marketing and sales teams have less room for maneuver, because prospects can easily ask existing customers if your product lives up to the promises.

    And customer expectations have risen. We all now expect to be treated as VIPs, with a “luxury” experience. When we make a purchase, we expect to be recognized. We expect our suppliers to know what we’ve bought in the past. And we expect personalized product recommendations, based on our profile, the purchases of other people like us, and the overall context of what’s happening right now.

    This type of customer experience doesn’t just require information systems; the information is an element of the experience itself, part of what we’re purchasing, and what differentiates products and services in the market.

    New ways of selling

    New technologies like 3D printing and the internet of things are allowing companies to rethink existing products.

    Products can be more easily customized and personalized for every customer. Pricing can be more variable to address new customer niches. And products can be turned into services, with customers paying on a per-usage basis.

    Again, information isn’t just supporting the manufacturing and sale of the product – it’s part of what makes it a “product” in the first place.

    Information as a product

    In many industries, the information collected by business is now more valuable than the products being sold – indeed, it’s the foundation for most of the free consumer internet. Traditional industries are now realizing that the data stored in their systems, once suitably augmented or anonymized, can be sold directly. See this article on the Digitalist magazine, The Hidden Treasure Inside Your Business, for more information about the four main information business models.

    A culture change for “traditional IT”

    Traditional IT systems were about efficiency, effectiveness, and integrity. These new context-based experiences and more sophisticated products use information to generate growth, innovation, and market differentiation. But these changes lead to a difficult cultural challenge inside the organization.

    Today’s customer-facing business and product teams don’t just need reliable information infrastructures. They need to be able to experiment, using information to test new product options and ways of selling. This requires not only much more flexibility and agility than in the past, but also new ways of working, new forms of IT organization, and new sharing of responsibilities.

    The majority of today’s CIOs grew up in an era of “IT industrialization,” with the implementation of company-wide ERP systems. But what made them successful in the past won’t necessarily help them win in the new digital era.

    Gartner believes that the role of the “CIO” has already split into two distinct functions: Chief Infrastructure Officers whose job is to “keep the lights on”; and Chief Innovation Offers, who collaborate closely with the business to build the business models of the future.

    IT has to help lead

    Today’s business leaders know that digital is the future, but typically only have a hazy idea of the possibilities. They know technology is important, but often don’t have a concrete plan for moving forward: 90% of CEOs believe the digital economy will have a major impact on their industry. But only 25% have a plan in place, and less than 15% are funding and executing a digital transformation plan.

    Business people want help from IT to explain what’s possible. Today, only 7% of executives say that IT leads their organization’s attempts to identify opportunities to innovate, 35% believe that it should. After decades of complaints from CIOs that businesses aren’t being strategic enough about technology, this is a fantastic new opportunity.

    Design Thinking and prototyping

    Today’s CIOs have to step up to digital innovation. The problem is that it can be very hard to understand — history is packed with examples of business leaders that just didn’t “get” the new big thing.  Instead of vague notions of “disruption,” IT can help by explaining to business people how to add information into a company’s future product experiences.

    The best way to do this is through methodologies such as Design Thinking, and agile prototyping using technologies should as Build.me, a cloud platform that allows pioneers to create and test the viability of new applications with staff and customers long before any actual coding.

    Conclusion

    The bottom line is that digital innovation is less about the technology, and more about the transformation — but IT has an essential role to play in demonstrating what’s possible, and needs to step up to new leadership roles.

     

    Source: timoelliot.com, November 14, 2016

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