• Follow us

Internet

The ROI of customer data

Why is customer data so important today?

Whether your organisation is online or offline, B2B or B2C, a startup or a long-standing corporation, the common truth in today's digital world is that you can’t craft an effective customer experience if you don’t truly understand your customers. And you can't understand your customers if you don't have the right mix of data to give you the insight into their behaviours, needs and challenges.

Netflix knows this. Amazon knows this. Facebook knows this.

These billion dollar empires are built on vast amounts of user data, but their success is based on a relentless need to get smarter and faster about interpreting that data. That's what enables them to provide their services and make recommendations to their users in real-time, taking account of their behaviour, preferences, history and context to deliver a great experience.

And because the last best experience that anyone has anywhere, becomes the minimum expectation for the experience they want everywhere, how smart organisations are at using the data they capture has never been more important.

How can U.K. organizations effectively collect and organize customer data?

The explosion of connected devices - smartphones, digital assistants, wearables or biometrics - means that data can be collected across multiple touchpoints in the customer journey in ways that have never been possible.

We’re on the cusp of being able to deliver hyper-personalised experiences for customers where algorithms analyse data in real time and then generate unique experiences, messaging and media that fully reflect things like where an individual is in a customer journey, where they are in the real world, who they are with and their current state of mind.

This gives organisations a huge opportunity to gain competitive advantage, not just through hyper-personalised customer experiences, but also through surfacing trends, operational efficiencies, competitive benchmarking and other valuable insights hidden in the data.

To turn customer data into business value, organisations need robust data management strategies, procedures, and processes - and because most customer data is generated in the cloud, it makes sense to have a cloud-based infrastructure that is flexible and agile enough to share and update customer touchpoints in real time.

AI can be trained to make sense of data from all these different sources, organising it in a way that identifies patterns and areas of opportunity and impact, and supports analysts and decision makers to deliver world-class experiences.

What are the potential challenges in collecting and leveraging customer data?

Data comes in many shapes and sizes, not all of which are electronic. Legal, insurance and healthcare organisations still manage high volumes of their data in paper formats, creating challenges for workflows and inhibiting their ability to deliver customer experiences with real-time, contextual responses.

Perhaps this paper-based reality somewhat explains why nearly 70 percent of organisations around the world have experienced a data breach of some kind. Traditional industries have always been product focused and process driven - slow and steady. Disruptors are customer focused and service driven, relying on data to fuel their scale.

Maybe that's why - even with high profile legislative responses to issues around data integrity and privacy like GDPR - 38 percent of consumers in the U.K. still aren’t confident in sharing their data with businesses. This will only increase as more connected devices make it possible to literally collect data anywhere, at anytime, from biometrics and voice inputs to heart rhythms and skin signatures.

Some organisations are betting that technologies like blockchain will go a long way in resolving these fears and provide a competitive advantage at the same time. But in the meantime, leveraging data for actionable insights is a real and present issue for organisations, simply because data scientists, AI specialists and CX experts are so hard to find and expensive to recruit.

How will customer data collection evolve in the future?

Technology has become more natural and ambient, and the space between humans and technology is occupied by interfaces. And it's the growth and diversity of these interfaces - keyboard, voice, tapping, gestures, signals, biometrics - that presents challenges for organisations seeking to collect and use their customers' data.

Right now, humans adapt to technology, but technologists are working to change the dynamic so that technology adapts to us. We’re building intelligence into everything - fridges, cars, toilets - so that our technology can start to understand the context of the tasks in our daily routines, and learn how to serve us better and improve our lives.

In the U.S., Walmart is working on a shopping cart that takes a baseline of your information when you grip the handle. It tracks data like heart rate and pressure on the handle through the customer journey and if your heart starts racing or you start to sweat, it sees this an indication that you might be stressed out and directs a Walmart employee to come and find you and see if they can help. What's interesting about developments like this is that there's no actual cognitive input.

I think organisations will begin to see the benefits of matching their data with other sources to optimise their services and deliver more complete experiences. For example, the Apple Watch 4 ships with an ECG monitor and fall detection, so it can detect if a vulnerable person has fallen over or become unwell, and alert relatives or employers. This signals a move towards biometric health insurance, and this sort of dynamic real-time model will replicate across industries.

How can organizations achieve effective ROI by leveraging customer data moving forward?

The more an organisation can learn and personalise an individual customer’s experience, the more the organisation can tailor the brand to its customers.

Consumers demand intelligent channels powered by AI, infused with context from data, and augmented by products and services - all supported through human interaction when it's needed.

Organisations have been investing significant amounts of time and money trying to capture and interpret data to surface user intent (attribution), but AI has reached a maturity where it can now do that work for them - especially in natural language processing (NLP). NLP opens a window that allows people to tell organisations what they are looking for in a way that delivers the organisation a whole new level of insight into intent, allowing them to provide a customer with the shortest route and the least amount of friction.

That represents not only a significant step in the relationship between humans and technology, but also a huge opportunity for return on investment.

Cynan Clucas, Consulting Studio, GlobantImage source: Shutterstock/Carlos Amarillo

Read More



Leave A Comment

More News

ITProPortal

The biggest challenges of building a custom chat 2019-04-02 06:30:46Like everything worthwhile in life, building a chat app will pose some challenges.

CloudFlare adds free VPN to DNS app 2019-04-02 06:30:18It promises more speed, reliability, security and privacy.

Google+ finally closes down 2019-04-02 06:00:55Pages and profiles are getting deleted from today.

Insurers who don’t digitally transform risk being left 2019-04-02 06:00:08Insurtechs, and more worryingly Big Techs, are eyeing up how they seize distribution.

Avoiding AI's darkest future - is ethical AI 2019-04-02 05:30:04The guidelines for AI security and ethics needs to be established.

Making Tax Digital is as much about cultivating 2019-04-02 05:00:04Making Tax Digital is a watershed moment for an industry that has been on the trailing edge of digitalisation, it will take skill to survive the futur

The ROI of customer data 2019-04-02 04:30:42Clucas discusses how organisations can create opportunities for data collection and strategies to effectively leverage insights.

Engineering culture - The key to successful digital 2019-04-02 04:00:33Is your engineering culture affecting the success of your digital delivery?

What is ransomware? Everything you need to know 2019-04-01 11:09:40Ransomware: What’s new 01/04 - FEATURE - Alastair Bloom/Logicalis UK - Theft, ransomware and vandalism- Securing your data is getting tougher -

Google reveals how it keeps the Play Store 2019-04-01 07:30:33If you're only downloading apps from the Play Store, you're safe, says Google.

Planet Hollywood owner suffers major user data breach 2019-04-01 07:00:23Details on millions of credit cards stolen.

Public cloud adoption – which approach is right 2019-04-01 06:30:38As uncertainty remains the mood of Britain, companies are prioritising digital transformation programmes to ensure continued growth.

Dev Pro

Microsoft Edge Chromium Browser Available for Testing 2019-04-08 13:39:00Microsoft takes another step in their continuing trend of delivering products and services aimed at a heterogeneous enterprise. This time it is Micros

Internal Google Panel to Vet AI Projects Packed 2019-04-08 11:47:00Google has been at the center of a widening public debate over how automated systems might disadvantage vulnerable groups or lead to large-scale

xMatters Incident Management Tool Adds Stackdriver Integration 2019-04-07 07:16:00xMatters' integration with Google Cloud Stackdriver automates incident management for DevOps.

Defining Digital Transformation at Cloud Foundry Summit 2019-04-05 21:46:00ITPro Today was in Philadelphia this week to attend the Cloud Foundry North American Summit. In this video, we take you on the show floor and seek out

Fertility Database Relies on Blockchain for Security 2019-04-05 15:37:00FRTYL is trying to put families' minds at ease through the use of blockchain for security.

Facebook Found to Host Cybercriminal Groups Trading Stolen 2019-04-05 13:53:00Facebook Inc. housed dozens of cybercriminal groups that set up shop on the platform as online marketplaces to sell a variety of illegal services, suc

G Suites' Core App GMail Launched 15 Years 2019-04-05 12:56:00The cloud-based email service has become the core element of Google's G Suite productivity suite, and although it still lags behind competitors for k

Microsoft Vows to Focus on Gender Harassment Amid 2019-04-05 12:04:00Microsoft Corp.’s top executives pledged to discuss diversity and harassment issues at monthly employee meetings after complaints about sexual m

Google Scraps New AI Ethics Council After Staff, 2019-04-05 11:59:00“It’s become clear that in the current environment, ATEAC can’t function as we wanted,” Google said Thursday in a statement. &

Hannover Messe Provides Preview of Industrial AR’s Promise 2019-04-05 11:32:00Augmented reality was a star of Hannover Messe. But adoption of industrial AR will likely be first limited to defined use cases.

5 Questions with Google Cloud Director of Learning 2019-04-05 11:17:00Google cloud certifications offer IT pros the ability to prepare for the evolving job market, director, Google Cloud Learning and Enablement, Rochana

Amazon Cloud Storage Dilemma Exposed in Facebook's Latest 2019-04-04 13:35:00The trove in question included 540 million pieces of information, such as identification numbers, comments, reactions and account names, that had been

TechRadar: Internet news

The best Sky TV deals, packages and Sky 2019-04-09 07:06:22Save money on the latest Sky packages as we examine the latest deals including Sky Q boxes.

Amazon has slashed prices on Samsung Note 8 2019-04-09 07:01:24Get a superb SIM-free Samsung this spring - we've never seen Note 9 deals as cheap as they are now at Amazon.

AMD Ryzen CPUs continue to dominate Intel chips, 2019-04-09 06:53:58AMD actually holds an almost 70% processor market share, going by the figures from one retailer.

Revolutionary Algorithmic Lace bra wins the 2019 Lexus 2019-04-09 06:46:23Other finalists include a device for harvesting waste energy from jet engines, and a material made from desert sand.

Why you need to make the right call 2019-04-09 06:30:22Aptean's James Wood explains that although call centres have a bad reputation among customers, it doesn't have to be that way.

The Honor 20 Lite could have three rear 2019-04-09 06:28:10A report about the Honor 20 Lite suggests it could have cameras that are almost as good as the Huawei P30's.

Openreach connects 1.2m properties to FTTP 2019-04-09 06:21:26BT-owned Openreach adds 14,000 premises every week

The 10 best DSLRs you can buy in 2019-04-09 06:13:26Buying a DSLR can be a daunting task, but you'll be on the way to choosing the right camera with our expert guide.

CorelDRAW Graphics Suite 2019 offers hobbyists and professionals 2019-04-09 06:06:48A great image editing suite for hobbyists and pros alike.

Microsoft opens a plugin store for the new 2019-04-09 06:06:41The new store already has 118 extensions available to download, and many more are likely to arrive soon.

The 10 best mirrorless cameras in 2019 2019-04-09 06:04:12Coming in all shapes and sizes, our expert guide will help you choose the best mirrorless camera for you.

The 10 best 4K cameras in UAE for 2019-04-09 05:57:16Looking for a camera that's just as at home shooting 4K video as it is stills? Here are our picks to suit a range of budgets.

Enterprise – TechCrunch

WeWork acquires Managed By Q 2019-04-03 13:24:26Managed By Q, the office management platform based out of New York, has today been acquired by The We Company, formerly known as WeWork. Financial ter

Google Drive adds workflow integrations with DocuSign, K2 2019-04-03 12:31:34Google today announced a few new workflow integrations for its Drive file storage service that’ll bring to the service support for some features

Torch takes $10M to teach empathy to executives 2019-04-03 10:11:53When everyone always tells you “yes,” you can become a monster. Leaders especially need honest feedback to grow. “If you look at ric

Rippling raises $45M at $270M to be the 2019-04-03 09:18:02Parker Conrad’s last startup, Zenefits, drowned in busy work. Now with Rippling, he wants to boil that ocean. Instead of trying to nail one thin

Okta unveils $50M in-house venture capital fund 2019-04-03 09:00:49Okta Ventures wants to fund the next generation of identity, security and privacy startups.

Enterprise blockchain startup Offchain Labs scores $3.7M seed 2019-04-03 09:00:30Two of the issues limiting blockchain adoption in the enterprise has been lack of scalability and privacy. Offchain Labs, a startup that spun out of r

Onfido, which verifies IDs using AI, nabs $50M 2019-04-03 08:10:31Security breaches, where malicious hackers obtain snippets of information that then get used to impersonate individuals in order to gain access to ind

Container security startup Aqua lands $62M Series C 2019-04-03 06:20:27Aqua Security, a startup that helps customers launch containers securely, announced a $62 million Series C investment today led by Insight Partners. E

How to handle dark data compliance risk at 2019-04-02 15:00:51Slack and other consumer-grade productivity tools have been taking off in workplaces large and small — and data governance hasn’t caught u

Densify announces new tool to optimize container management 2019-04-02 11:52:47Densify, a Toronto company that helps customers optimize their cloud resources to control usage and spending, announced a new tool today specifically

FireHydrant lands $1.5M seed investment to bring order 2019-04-02 10:00:46FireHydrant, an NYC startup, wants to help companies recover from IT disasters more quickly, and understand why they happened — with the goal of

Pixeom raises $15M for its software-defined edge computing 2019-04-02 09:30:19Pixeom, a startup that offers a software-defined edge computing platform to enterprises, today announced that it has raised a $15 million funding roun


Disclaimer and Notice:WorldProNews.com is not responsible of these news or any information published on this website.