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Your organization has gathered tons of data about your customers— from surveys, social channels and on the ground data. And it’s all over the place siloed with different teams. Without a systematic approach to aggregating and analyzing feedback in one place, it will be difficult for any company to showcase a unified Customer Experience (CX) or even provide additional perspectives that can enhance it.
Why does CX matter? In the digital marketplace, customers are more demanding than ever and are increasingly seeking personalized experiences. To deliver that, you need to connect with customers in the moment. According to ThinkJar research, 67% of customers cite a bad experience as the number one reason for leaving a brand. Companies must collect, analyze, understand and most importantly use customer data to learn how to make CX better. Companies like Netflix, Spotify and Amazon have nailed the art of using Big Data and analytics to improve CX.
Way back in 2006, Netflix started predicting viewing habits when they were still a DVD-mailing business. As soon as they started streaming, they acquired and measured extensive customer behavior data including the time of the day that movies are watched, the time customers spend selecting movies and how often the shows are stopped. Neflix then used this data to create an algorithm to place movies within genres and micro genres with over 80,000 ways to categorize movies and shows. They are now using this data gleaned in from extensive metrics and analysis to develop their product strategy.
However, not all organizations are Netflix. In most companies, getting a complete 360-degree view of the customer is difficult because of legacy data infrastructures — they keep data in silos. Research shows that marketers are using an average of 15 siloed data sources for a single customer. Delivering exceptional CX will involve making the data layer contextual, always on, operational in real time, scalable, global and highly distributed. The greatest barrier to CX success is continuation of silos.
Artificial Intelligence helps organizations by breaking down silos and bringing isolated data together. It can analyze hundreds of different data sets to find predictable patterns and allows businesses to create consistent, complete views of different entities, be it customers or assets. By helping to clean-up, sort and categorize data, AI helps organizations quantify what customers care about instantly. AI also helps in visualizing data according to business drivers, tracking real-time customer sentiment, importing customer feedback from any source and aligning all business teams around the customer. It can help enterprises in delivering a contextualized, end-to-end experience with knowledge acquired from different databases.
Top analyst firms like Gartner and Forrester expect AI, driven by intelligent analytics, to reshape CX more than any other technology over the next five years. In fact, Gartner has named the ability to use AI to enhance decision-making, reinvent business models and enhance customer experience among the Top 10 Strategic Technology Trends for 2018. It is expected to payoff for digital initiatives through 2025.
It is harder than ever before for businesses to deliver world-class experiences for customers. And AI can help brands provide a truly differentiated experience—if used in the right way.
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