More firms using analytics to enhance customer experiences

A majority of organizations are deploying analytics to enhance customer experiences and mitigate risk, according to a report from consulting firm Infosys.

The firm commissioned independent market research company Feedback Business Consulting to survey 1,062 senior business and technology executives from organizations worldwide with annual revenues exceeding $1 billion, and found that 31 percent of respondents identified the use of analytics with customer experience enhancement. This includes using intelligence generated by listening to internal and external stakeholders to drive extreme personalization and high-quality customer service.

customer exp.jpgSome 28 percent of the respondents said they were interested in leveraging analytics for risk mitigation, predicting risk to enable better decision making, and detecting anomalies that could disrupt business effectiveness. Developing new business models by unearthing the latent needs of customers and offering innovative products and services was seen as the primary analytics requirement of 23 percent of the organizations surveyed.

Revenue and profit maximization through increasing channel effectiveness and enhancing profitability across processes, channels, and stakeholder ecosystems was the analytics priority for the remaining 18 percent. The majority of respondents in the U.S. (32 percent) and Europe (34 percent) said they would like to use analytics for experience enhancement.

Various functions across organization are benefiting from the possibilities of data, according to the report. Finance and accounting was found to use analytics the most at 32 percent, followed by marketing and operations at 20 percent and 17 percent, respectively.