The most happening thing in the world of technology – ‘Big Data’ is emerging as a business opportunity and providing solutions to some of the toughest challenges faced in the business qualm. Data driven solutions stemming out of the big data world are enabling businesses to react to the radical and sudden fluctuations in the market instantly. However, attaining such resiliency is not a layman’s job.
From sales department to logistics, and from accounting data to social media statistics, bulk of information floats in the organizations’ on a daily basis. The data generated from various sources creates complexities on how to use the collected data. By integrating right technologies and approach to analyze structured and unstructured data, companies can gather breakthrough insights on how to make better informed decisions driving enhanced customer service. So, here are chock full of ways big data analytics forges better opportunities for improved customer service:
Panacea for Customer Pain Points: By digging deep into the data, customers’ pain points can be identified and right solutions can be offered that can help businesses to build a better brand perception and expand its reach. Big data technology market is growing at a torrid pace. Loads of business analytical tools are coming up in the market. These technologies simplify the process of navigating through the data which helps in building précised and personalized solutions to meet the customers’ needs easily. Additionally, beyond just improving the customer service experience, these technologies are enabling businesses to eliminate IT glitches. This enables companies to deliver customer-centric results in a short span of time.
Real-Time Insights of Customers’ Needs: Big data is making its way from retail to sports to healthcare to fast food chains. Instant insights on customer preferences, consumer behavior and fulfillment of customers’ needs are some of the factors driving the growth of big data tools and technologies. Arrival of several big data tools and technologies has brought a significant difference in the way customer data is exercised. Use of several data mining tools such as Apache Mahout, Rapid Miner and Weka have simplified the process of gathering information on customers’ buying pattern and based on this data recommendations can be send further. Fast food chains and restaurants have greatly benefitted from analytics as they can optimize the order taking process. McDonalds’ data driven approach to optimize drive-thru experience strongly validates this fact.
Forging Smarter Means to Track Customer Feedbacks: Big data tools and technologies have simplified the processing of avalanche of big data. Channels most frequently used by the customers, monitoring negative feedbacks and other valuable insights from the customers can be tracked in seconds. Majority of businesses have abandoned the use of traditional means to measure customer satisfaction levels. Big data analytics is the new trend. ROI increases significantly by combining Net Promoter Score (NPS) received from customer satisfaction surveys i.e. attitudinal data with behavioral data received from multiple channels, businesses can unveil the real stories of customer experiences. Strongly validated by McKinsey research reflects that optimizing customer experiences led to rise in customer satisfaction by 20 percent and lowered the customer service cost by 20 percent.
Improving Customer Retention Rates: Customer retention takes great efforts. Chock-full of big data tools gives loads of opportunities to customize the shopping experiences. Customers spending habits can be analyzed through personal banking and financial management websites and based upon it cash rewards and other special offers can be offered. Additionally, opt-in mobile marketing communications can be implemented for the target audience and most preferred products and services can be offered by sending personalized messages at any specific stage of consumer cycle. Such technique works like if any customer opts-in to receive messages from retailer possessing an outlet in a mall then using GPS-integrated tracking system, customers can be send one-day special offer.
Conclusion: Rapid innovation in big data technologies have brought dramatic changes in the functioning of the business processes. Emergence of valuable tools has streamlined the process of getting 360-degree view of customers’ journey, by initiating an interaction in one channel and ceaselessly picking it up and executing it in another.
Astounding growth in several qualitative customer feedback softwares have made it possible to perform feedback analysis easily, gain valuable insights from customers’ data, reduce the customer churn rate and create highly satisfied customers.