Data is ever growing in every enterprise; it has become imperative to use the data insights for managing the current business and plan. Organizations competing to increase the market share in the existing business and are continuously innovating new avenues to create new business areas and opportunities for themselves by creating experiences for the consumers. To be able to meet this goal, almost all the industry sectors are focusing on Customer 360 initiatives which will drive several business transformation initiatives.
The process looks simple; however, you need the expertise to reach the goal. Several simple things that become obstacles for this goal could be data quality, having mastered data, security, and compliance. Artha’s approach to the customer 360 includes its use of the crystal ball strategy by combining the past view of business, transactions, along with current interactions to be able to predict the future, thus creating a crystal ball. Artha with its combined expertise of team, industry expertise, and implementation of such projects for several organizations can help you.
What is different with a customer earlier and what is it now?
The way companies and customers used to interact earlier was limited and hence the data management requirements were simpler as well. Core customer data elements were enough to perform business. However, technology innovations in the recent past has led to different ways in which companies do business with customers. Multiple channels have emerged through which customers interact. Various types of data such as reference data, behavioral data, interaction data, and demographic data are needed to get a much deeper perspective of the customer.
Why do we need Customer 360?
Modern organizations need not only aggregated data but also need accurate, reliable and complete customer data. Data is the new asset of any modern company. However, customer data alone will not be sufficient, relationships between people, products, organizations, and demographics needs to be discovered to have a complete all-round profile of a customer. The benefit of having all this information is to get proper customer hierarchies, product preferences, new markets, industry influencers, and new business process. Creating a unique experience for the customer along with various life stages is the most important aspect which will promote customer longevity, upsell, and cross-sell opportunities. Customer’s understanding customer is also crucial to grow market and this is possible if data of different kinds is gathered and analyzed. This helps in building analytics and along with master data management, deliver better data quality and enable actionable recommendations.
We can help you in Empowering your enterprise data with Customer 360
We can help you in unifying the data from different sources to create a single view of your customer data and improve customer segmentation, relevance, analytics and targeting.