Four in five organisations (81 per cent) across EMEA agree that big data is the key to helping them transform their customer experience model.
This is according to Experian’s Decisioning Vision 2020 (DV2020) EMEA market research report, which analysed responses from 255 key decision makers from 195 telecoms and financial services organisations in eight regions across Europe, the Middle East and Africa (EMEA).
The market research revealed that nearly all of those surveyed (95 per cent) see data as central to successfully integrating the customer experience model. When it comes to identifying the best source of information to inform customer decisioning, 76 per cent of those surveyed cited internal data. Yet only 27 per cent are using external data to help them achieve the ultimate customer experience.
Charles Butterworth, Managing Director, Experian, EMEA, said: “The nature of big data is the combination of multiple sources of structured and unstructured information being brought together to provide meaningful insight. It cannot be gained from one single data source. Internal data can tell organisations a lot about their customers and is indeed a valuable source of information. However, we have seen that the organisations that are delivering a truly personalised customer experience are the ones that are expanding their datasets. They are the ones achieving a deeper understanding of their customers’ attitudes, preferences, and behaviours to make every interaction more relevant, timely, secure, and profitable.”
The Decisioning Vision market research also revealed that 79 per cent of organisations recognised a need for data analytics to evolve over the next five years and cited investment in this area as a top priority. This was jointly followed by the acquisition of new sources of data to enhance data analytics capabilities and investing in decision automation, both rated by 68 per cent of respondents.
Charles Butterworth, Managing Director, Experian, EMEA, said: “Our research has identified a ‘data to decision disconnect’, whereby the lack of data available and the ineffectiveness of decision tools is undermining the speed, quality and reliability of decisions. Organisations should be accessing the whole spectrum of data that is at their disposal, including positive and negative data, transactional data, unstructured data, and socio-economic data.”
Experian encourages organisations to achieve the ultimate customer experience by focusing on five key areas:
- Attain multiple and new sources of data
- Achieve a holistic view of customers
- Provide real-time, consistent and pre-qualified decisions
- Use multi-channel automation across all customer touch points
- Embrace advanced analytics across the entire organisation
Organisations can read the full EMEA report and also use Experian’s interactive tool to find out if they are ready for 2020, by visiting www.decisioningvision.com.