Become a Predator… or be the one being hunted – The Choice Businesses Face in 2019

December 17, 2018

Everyone in life enjoys a good customer experience. That can be as simple as a smile and friendly greeting from the barista as they prepare your regular coffee order in the morning, or as detailed as an investment banker delivering a new opportunity to one of their clients that generates significant revenue for them.

Whether as a consumer or a business, a good customer experience means increased loyalty, repeat business, word of mouth recommendation and a tangible and growing impact on the bottom line. It’s hugely important and is only going to get more important as we move into 2019 and beyond.

But we live in an era of the empowered customer. If someone does not receive the customer experience that they expect, then it is easy for them to take their business elsewhere. This makes it doubly important for organizations to prioritize the customer experience, and the most effective way to do so is via the use of insight.

Becoming an insights-driven business

Insight is integral to modern business, one of the most critical tools that an organization has at its disposal. More modern and agile businesses have been founded with data and insight at the core – organizations such as Amazon and Uber for example. They managed to take business away from more traditional organizations.

Smart businesses have an on-going application of insights to lead decisions and customer engagements at every opportunity, and those that don’t are going to struggle.

The last decade is littered with examples of businesses that failed to adapt to the new reality of business in the digital era and I believe that becoming an insights-driven business should be at the top of the agenda for every organization as 2019 beckons.

Augmented Intelligence and insight

Technology plays a pivotal role in extracting insight from data and Squirro is at the forefront of innovative AI-based applications that discover insight and address specific industry challenges. Augmented Intelligence is a powerful technology that enhances human imagination and intelligence by working with data (structured and unstructured, internal and external) from across a business, and applying its analytic power to unlock insight.

That insight can, in turn, be used to improve lead generation and improve the overall customer experience. Our new white paper, Architecting Insights for the Digital Future discusses this in more detail and if you are serious about using insight to protect and grow your business, then I would urge you to read it.

A Forrester report “Insights-Driven Businesses Set the Pace for Global Growth” stated that 90% of businesses are not deploying insights right now. That is a real opportunity for any business committed to insight and the customer experience to make significant inroads into their market share.

What kind of organization do you want to be – the predator that takes business from others, or the hunted that loses business to smarter firms that utilize insight?