The human mind is advanced. We can notice nuanced changes in information and adjust our plans to take advantage.
Working with data on macro levelsBut the human mind also has its limitations. When there is a deluge of information, thousands upon thousands of events, we do not have the capacity to take it all in and act for our best interests.
This human deficiency is particularly relevant in the business of service, where we collect reams and reams of data.
Emergent is a software that attacks data on the macro scale, monitoring for fluctuations within datasets and helping organisations to spot correlations with customer behaviour that would otherwise go unnoticed.
With uncertainty continuing its spread across Europe's economies, an increasing number of leading companies are focusing on more effective ways to retain their customers. This has led to rapid growth of the customer experience market, achieving +35% in 2011.
Customer experience consultancy SynGro has been leading the field enabling its Global clients to capture their customer feedback in real-time, identify correlations with operational activity and driving actions to improve buying behaviour and loyalty.
“When it comes to customer facing organisations, 95% of large companies collect customer feedback. Of those, only 10% do something with it, and 5% of those actually report back to the customers on the changes being made,” says Keith Schorah, CEO of SynGro.
As companies become increasingly data-rich, it is fundamental for them to be able to focus on the 'right' information. The volatility in many markets look set to escalate still further in 2012, so speed of identification and response to arising customer issues will become key for many sectors. The ability to manage 'big data' effectively by using technologies such as 'pattern recognition' and drive the appropriate customer focused response may create the difference between survival and failure.
“Companies can no longer simply collect and react to customer feedback,” says Schorah. “C-Level decision makers must use the customer feedback to drive true change within their businesses.”
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