Most Businesses Can’t Transform BI into Competitive Advantage
Findings from a recent comprehensive review of seven businesses by Customer Relationship Metrics, L.C. show that most businesses may not be receiving benefits beyond the most basic of advantages from their business intelligence (BI) solutions. The study correlated a better conversion of BI into tangible results with the companies gaining a slight market share from their competitors. The more efficient and ordered a company’s approach to data science, business acumen, story-telling, and art the more poised that company is to offering an impactful customer experience. None of the seven contact center operations studied in the Customer Relations Metrics study were found to receive more than minimal benefits from their company’s BI solutions.
“This does not bode well for software vendors. These organizations just do not know the possibilities and potential available to them; it’s an innocent tragedy. They are getting pressured for these insights but are unable to know how to deliver them,” said Jim Rembach, chief spokesman of Customer Relationship Metrics.
Dr. Jodie Monger, president of Customer Research Metrics, holds up the recent case of Orbitz’ recommendation results pairing customers with preferred hotels as a prime example of using BI to improve customer experience. Orbitz recently shared that it found that Mac users are 40 percent more likely to stay at four or five-star hotels than their PC counterparts and has used that data to create better hotel recommendations.
Said Dr. Monger, “This is an example of using BI to make for a better customer experience and provides Orbitz with a differentiated customer experience. It’s brilliant to anticipate what your customers want – and to give it to them.” She continued, “If Orbitz generates more revenue because it leveraged this insight for a better customer experience – that is what they are supposed to do!”