By Ethelbert Obinna Umeh
In this era of technology, industrial products are greatly transforming the way customers and manufacturers dobusiness.
Digitisation is viewed by most entrepreneurs as a significant way of doing business; it is a significant component of growth.
As a manager of a firm, if you want your company to grow to astonishing heights, then appointing a digital officer will make a huge difference. Effective use of analytics and data will make your company to stay competitive at all times.
Digital adoption and technology has continued to develop at a great pace; it is driven by user friendly and innovative digital solutions and consumer demands.
Consumer expectations have continued to change on a daily basis. Those that survive are those that produce digitally advanced and latest products managing to attract and retain customers.
The banking sector is one of hundreds of companies that are continually evolving and making huge progress as a result of digitisation and analytics. Many companies outside the banking industry also have growing number of players making a sizable impact in the world.
A research conducted by some expert consultants in United States recently concludes that many companies are gradually losing their customers to telecoms or mobile, and retail companies, due to their improved account switching and digital expertise.
Savvy customers are now able to select, change and unbundle services any time any day as a result of information technology.
We are living in a highly technological era; the implication is that many companies are imbued with capabilities and skills which propel them to fundamentally change the dynamics in their businesses.
Companies that are active online know the right way to manipulate and generate thousands of customers online by simple interaction. They have data-driven framework that help to create better digital services.
Data analytics is second nature to high profile companies like Apple and Amazon- they are always leveraging the knowledge of the customer while delivering amazing user experience.
The power of data
Financial companies have great advantages over new entrants, because they already have high number of relevant data and myriads of customers built over the years. Sometimes, these data were not tapped. If they use it effectively, it would go miles in giving them a much needed competitive advantage.
Every company should have both structural data (numerical and statistics) and unstructured data (social media posts, texts, and phone call recordings). With these, banks can be able to build a more customer engagement with their customers, predictive insights towards satisfaction, needs, and customer delight.
Through these medium, the customers can be able to air their views on their organisation. Some are already doing so through a wide range of sites, channels and audiences.
This online audience is really necessary. One can use it to create a formidable content for social and digital channels.
Companies can use these approaches to overcome challenges confronting them; they can use it to know when they really need to improve.
Companies should employ this strategy of effecting more manageable and smaller quick wins. This will surely motivate companies to make bold and amazing changes without compromising their quality service delivery.
All we are saying in this article is that companies are using data analysis to develop engaging and new products. To ensure continual success, few measures ought to be taken.
Firstly, integration is very important, failure to integrate will make your company to seem fragmented to customers.
Secondly, effective measurement is very vital for innovation. Companies can continue to develop and improve their services so as to give a formidable ROI. That is why most of them are continuously tracking digital and social strategies and of course benchmarking their successes.
Thirdly and finally, a change in mind-set is required. Companies should integrate faultless customer service platforms and digital solutions all the time.