Leading companies understand that they are in the customer experience business, and that how an organization delivers is beginning to be as important as what it delivers to its customers. While most companies today use their data to achieve cost reduction and operational efficiency, the majority of organizations don’t realize the potential their data has to drive top-line revenue growth. In order to stay innovative and competitive, these leaders are now implementing strategies to monetize their data by providing insights back to their customers.
To provide and realize true value-added data-as-a-service products to your customers and increase adoption, data and insights must be delivered in an easy to consume, intuitive application. This application has to integrate seamlessly into the business model and provide users access to information across web and mobile devices. The goal is to create a consumer-grade application that incorporates the right customer behavior data into a consolidated, standardized, segmented view that gives third parties access to actionable and valuable information in order to further drive their business. Companies that provide this service become more than just a product-focused or single-service business and now own a larger part of the value chain. This not only provides an increase in top-line revenue and customer stickiness, but also decreases attrition and cost.
It is important to keep in mind that it is not enough to simply develop an app and push it out to your customer base; the data has to be useful and delivered in a compelling way to drive adoption. You want to provide meaningful data that will drive better business for them while keeping them engaged with your application. In order to successfully do that, you must start with the right technology at the center of your strategy and to take it a step further, your customer at the core of the technology. Every decision that is made—from the why, what, and how—must be driven with the customer experience in mind. Armed with advanced analytics, customer experience leaders can gain rapid insights to build customer loyalty, make employees happier, achieve revenue gains of 5 to 10 percent, and reduce costs by 15 to 25 percent within two or three years. In this economy, that’s a difference maker for every organization.
Information Builders helps organizations transform data into business value. Their software solutions for business intelligence and analytics, integration, and data integrity empower people to make smarter decisions, strengthen customer relationships, and drive growth. Together, we combine the technology and services necessary to deliver full end-to-end enterprise solutions that help empower the end-user’s experience by gaining impactful insights—through any device. Our partnership allows self-service for anyone looking to gain actionable insights on customer-related data.
To learn more about this topic, join Information Builders and DMI for our upcoming webinar on December 14th, 2016 – Delivering Insights: Leveraging Analytics for Customer-Facing Portals and Applications. You’ll hear experts from Information Builders and DMI discuss design best practices of multi-industry customer-facing portals and how other organizations are generating additional revenue streams and increasing customer engagement and loyalty.