Predictive Data Analytics the Future of the Customer Service Industry

(Last Updated On: April 11, 2019)

The Customer service industry is one of the fastest growing industries in modern business. This could be explained by two main concepts:

  1. The fact that business leaders are beginning to see how much profits they could consolidate through an efficient loyalty program, that pushes repeat purchase and reduces churn rates.
  2. The growth in technologies which permits to better manage queues, obtain feedback faster and improve on the customer experience at touch points.

The increased use of Customer Relationship management(CRM) software has provided companies with greater insights and more visibility on their clients. CRM paves the way to more complex Predictive and Data Analytics software.

Now it is possible for a bank to know that a customer will need a loan even before he/she shows up for one, it is possible for a Telecom firm to know the customers preferences and ability to subscribe for products and services even before they show up. Now it is possible to know a customer is about to terminate his/her relationship with us and avoid such termination before it happens.

Now companies can take smarter decisions not only because of the intellectual and emotional quotients of their staff. But also through the aid of predictions made from customer behaviour and preferences.

As more and more companies are adopting these technologies, there is need for the skill set to manage it. Technology is taking a central role in customer experience management and explains the increasing need for Data Analyst in Corporations.

Though many multinationals are conscious of this and are shifting investments towards digital platforms and data analytics software, many firms still believe in traditional models and continue to over burden front line staff allot of manual work, rendering them less and less productive.

For more efficiency, front line staff no longer need only customer service competencies, but also ability to use CRMs and enter all basic data obtained from customers. Front line staff are contact points and could be able to obtain the highest information during sales. They must be able to engage constructive and professional discussions that feed the CRM with detailed information.

The customer service industry is growing at a geometric rate, the more data we have on our clients during interactions at touch points, the higher the ability to exceed the customers expectations. Predictive data Analytics is taking the central stage and becoming a topical trend in the customer experience industry.

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