Leveraging Predictive Analytics in CXM

Several independent studies have predicted that the volume of Voice of the Customer (VoC) data that the average company will capture, is set to rise by around 23% per year, through to 2018. In simple terms, the volume of VoC data we typically capture will double in the next three years.

Right now, we use the Voice of the Customer, most often, to drive our Customer Experience Management (CXM) projects. Nothing wrong here, the Voice of the Customer is at the very heart of CXM. But we need to do more with the VoC data to extract the most value from it. We also need to ensure we are capturing it in the best way possible.

All Channels are Valuable

Right now, customer feedback surveys are possibly the most used channel for capturing transactional VoC data. Again, nothing wrong here, whilst surveys remain effective (which they won’t forever) we need to make hay while the sun shines.

But we also need to capture the Voice of the Customer across other channels, and this includes indirect channels such as social media and other web based sources. Indeed, when we reach survey saturation sometime down the road, these sources will very likely become our main stream of VoC data.

CRM has Value Too

For companies that have invested heavily into CRM systems, and have managed to incorporate a CRM in to multiple areas of the business, there could well be hidden gold in the historical data stored within the CRM.

CRM only gives the inside our view of the customer, but there is no reason that this view should not be added to the mix when it comes to analyzing all sources of customer knowledge. But to do this, we need a way to tie all customer knowledge silos together.

Enter Big Data

So far we have talked about capturing additional streams of VoC data, and also adding our current inside out view of the customer into the pot. So how do we do this? This would mean combining multiple data silos, all of different structures, and many with no structure at all, in to a single data source.

For this, we need Big Data tools. Both on a capture and storage level, and also on an analytics level. At the moment, pulling together multiple sources of the Voice of the Customer, and storing it in a Big Data repository is fairly simple to accomplish. The real trick is in doing something with this data.

The Right Tools for the Job

Big Data analytics requires something above and beyond the old style Business Intelligence reporting. When we have access to such a wealth of real-time data, it would be a waste to turn insights in to static reports.

Instead, we need visualization tools that empower us to begin making sense of the pattern and shape of our entire VoC data repository in real-time.

SandSIV VoC Hub™

Here at SandSIV, the situation outlined above has been the driving force behind our flagship product, the VoC Hub. A product that combines a true Big Data store, with advanced analytics capabilities, and easy to understand, customizable dashboarding. In effect, we have the platform of the future, when it comes to leveraging value from the Voice of the Customer.

For more information about the SandSIV VoC Hub, contact us at info@sandsiv.com.

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