Lately, it’s tough for anyone in a customer or client-facing role. There is nowhere near as much face to face contact as there once was and it can be that much harder to gauge your customer’s mood and needs.
There is also much more choice for customers. Whether you are talking about consumers buying insurance or enterprises buying cloud-based accounting software, there are many options to choose from and it has never been easier for customers to switch providers as it is today.
And those customers have shown a real willingness to change providers, should their expectations of the product not be met or should the customer experience fall short of what is expected in modern business.
With much customer engagement and interaction carried out online, the data that organizations hold on their clients and the markets they operate in can go some way to replacing that face to face contact and understanding of customer needs.
But there is so much data now that it can be hard for customer agents to manage it all, let alone extract insight from it. This is especially true when you consider that the most insightful data is unstructured, which so many enterprise systems cannot manage. This means organizations are actually missing out on huge amounts of customer insight because of the ineffectiveness of their CRM platform.
That’s why we are launching this new whitepaper, ‘The Client Cockpit and its Role in Delivering a First-Class Customer Experience’. It takes an in-depth look at the Client Cockpit and explores why it has become so important in helping to deliver a first-class customer experience.
An avalanche of data
It’s really hard to comprehend just how much data there is available and at how rapidly that data continues to grow and increase in volume. A recent report by analyst firm IDC, IDC’s “Data Age 2025” whitepaper, predicted that the total volume of data in the world will grow from 33 zettabytes in 2018 to a 175ZB by 2025, a compounded annual growth rate of 61%.
These are astonishing numbers. Of course, customer-facing teams in businesses do not need to deal with all of this data, but consider for a moment just what they do have to deal with. Looking at Financial Services (FS) as just one example, a customer-facing professional would be looking at a wide number of data sources, including multiple CRM systems; social media updates; financial filings; news; earnings call transcripts; call notes and email exchange transcripts.
On top of all that, they would also be looking at premium data sources, such as Bloomberg or Refinitiv. All of this data, especially when used together, is rich in insight and can be deployed to great effect in terms of delivering a first-class customer experience, unearthing new opportunities for clients and improving client loyalty and retention.
But managing all this data, let alone making sense of it and extracting insight from it, is a major undertaking. Many organizations are unable to do this effectively and the customer experience is suffering as a result.
Why customer experience matters
Customer experience has gradually become one of the most important differentiators for many businesses. Recent Gartner research found that around nine in ten companies (89%) now compete primarily on the basis of customer experience. In 2010 – just nine years ago – this figure was 36%, so it is clear just how significant customer experience has grown during that period.
This is just as true for B2B companies as it is for B2C organizations. A recent Accenture report revealed that 90% of B2B leaders believe that customer experience is crucial to their company’s strategic priorities, so delivering a powerful customer experience is a key objective for B2B firms too.
Customer experience is mostly based around insight from data. Organizations need to use the massive volumes of data they hold to learn what their customers want, what they are likely to need, what problems are likely to occur and how they can delight and amaze that customer. This requires many things, but two of the most important are a solution that can work with unstructured data (which contains the most insight) and one that can present that data and insight in a way that is easily digestible and understandable.
The importance of the client cockpit
Such a solution is the Squirro Client Cockpit. It’s a tool that is used by organizations all over the world and that work in a variety of different sectors. Because extracting insight from multiple data sources is so much of a challenge, the Client Cockpit becomes even more useful. In the hands of business users, it becomes genuinely transformative by providing all the insight people need at their fingertips to deliver a first-class customer experience.
It offers a wide variety of benefits, from unlocking the digital workforce within an organization, to enhancing the value and ROI gained from a company’s CRM system. In sectors such as FS, it can even deliver a far greater return from premium data sources.
These usually sit outside an organization’s CRM system and are accessed via a terminal or inbox. But by incorporating premium data into the Client Cockpit, users can more readily and easily benefit from the insight that data holds.
Attempting to understand customer needs without the use of a Client Cockpit is a challenge for any organization. We believe the Squirro Client Cockpit, based on AI and capable of handling an array of unstructured data, makes such a challenge infinitely easier and is central to the delivery of a first-class customer experience.
If you are interested in learning more about the Squirro Client Cockpit, why not download the full whitepaper, ‘The Client Cockpit and its Role in Delivering a First-Class Customer Experience’, here? Then drop us a line at the Contact page and we will get in touch to discuss how the Squirro Client Cockpit can help you and your organization.