eringilliam: big-data*

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  1. Technology has given businesses unprecedented access to new markets and unique opportunities. It has also empowered customers, enabling them to easily evaluate different offerings based on criteria that is important to them while comparing suppliers and pricing at the click of a button. This has resulted in an increase in competition, as businesses have become acutely aware that relying on preferential pricing or good customer service is not enough to guarantee customer retention.
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  2. Preference for digital channels generates massive volumes of big data—much more data than what organizations can collect, correlate and assess. The quantity and speed with which data is generated, as well as the diversity of that data—much of which is unstructured and difficult to analyze—can pose a huge challenge for customer centric players; minimizing their opportunity to take timely action and increase profitable outcomes.

    In addition, the rise of mobility and proliferation of communication channels is further complicating the task to manage people and processes required to respond to consumer expectations in a consistent, personalized and contextual manner.

    By analysing contemporary text-based channels, such as web chat, email, social media, sms and survey notes organizations can gain deeper insight into process and performance gaps. Text analytics can also help map customer experience issues and opportunities. With the European General Data Protection Regulation (GDPR) coming to play, text analytics can also drive compliance by quickly revealing regulatory breaches and failure to adhere to internal policies.
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  3. Big data is big, and it’s only getting bigger and more complex. Companies are collecting customer information across channels, including text, voice call, online and chat. As customers find new ways to communicate with their companies of choice, the amount of data will continue to grow. Collecting that information is a great start, but the bigger question is whether companies are actually doing anything with it.
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  4. There’s just a few weeks to go before the General Data Protection Regulation comes into effect, with every organisation that handles customer data considering the impact and preparing for change. So, what do you need to know about the impact GDPR will have on Customer Experience?
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