Use Your Data For Happier Customers

Do you use your data to deliver the best customer service possible? Even companies with big IT investments often don’t. They think they do. But their customers disagree.

According to a study commissioned by big data software provider Talend, there is a huge customer service perception gap between business and consumers. The study indicates that while 88% of IT leaders believe their organizations understand their customers, only 61% of consumers think that’s true. The study concludes that an inadequate use of data costs companies worldwide $62 billion in lost business every year.

However, companies have started to see this as a problem. As PYMNT reports, 63% of IT respondents in the survey said that using data to better understand customers is a top business priority for 2017. In fact, 80% of companies rank it close to the top of their top ten priorities for the year.

Customer Expectations

Even if you don’t have an IT department, you already accumulate data constantly. From business prospects to regular customers, the technology you use to market products, process transactions, and fulfill orders give you more insight to improve customer service.

Data accumulation is already big and stands to get bigger. Forbes reports that by 2020, nearly 1.7 megabytes of new data will be created every second for every person on the planet.

Fortunately, you won’t have to sift through that much information. But consumers do expect you to use your data and technology. As Information Age writes, social networks, mobile devices, even smart objects shape consumer expectations. They want consistent service, quick response, and personalization.

Reports Help You Use Your Data better

Every technology you use to serve your customers will generate data. How useful that data is, however, depends on how easy it is to extract and organize. What your customers prefer, how much they spend, what channels they use. None of this is very useful if it is buried in spreadsheets.

The more access and control of your data, the more you can improve customer service. Your solutions should make reporting flexible and customizable to better understand your customers and sales.