At this year’s Sitel Summit, the Global Head of Sitel Insights, Subhendu Mandal, and Bridge i2i CEO, Prithvijit Roy, made it clear that ignoring the wealth of data freely available to any consumer-facing company is a $3.1 trillion mistake.
Big data may be one of the biggest topics on everyone’s lips, but the key to generating the best possible actionable insights from the available sources of information is to stop talking about data but instead get their data talking to data.
“We have a lot of data – an abundance of data,” said Mandal. “It is staring you in the face.”
But, according to the Global Head of Sitel Insights, we should forget about the abundance and ask ourselves how to best treat it.
There are now a host of ways to bring structured and unstructured data together so they are compatible with each other. However, they will only work if you first understand the data-based goal you are trying to achieve.
From a customer experience (CX) and relations standpoint, the goal should always be to get the greatest possible understanding of how an individual interacts with your brand.
“This is why we are trying to change the way that a data scientist looks at the data,” explained Mandal. “They have to put on a customer lens and begin thinking about what will really influence customer experience; because with the right data and the right lens, your data should help you predict what a customer is going to do.”
That’s how meaningful customer insights are born. And with a meaningful dataset that includes unstructured data, such as social media activity, voice recordings, agents’ notes and even images or videos shared, the opportunities are endless.
“How does this help a business?” asked Roy. “It helps drive more topline as well as more bottom line. Topline because you are enhancing customer experience and therefore doing more business with them through up-sale and cross-sale and through the ability to prevent churn.”
And that’s just the start. Because a company can use this actionable data to map its prospects base, too, it can better target new customers.
“So, from a bottom line standpoint it helps you better manage and use your resources in terms of prospects,” continues Roy. “So you’re adding productivity and cost savings.”
Even 10 years ago, the concept of unstructured data was a novelty, but today, those companies wanting to get closer to their customers cannot afford to ignore it. Managed properly, it enhances and augments existing data sets and has the potential to start offering predictive analysis, too – especially if organizations are prepared to take the right approach to the right forms of artificial intelligence (AI).
“With data engineers bringing the data in and then domain experts stitching it together, the resulting dataset can be used for machine learning,” Roy explained. “However, the machine can also self-learn, once the initial training is over. And it is this extra value, and speed of processing that a machine brings to the table, that helps you to identify individual customers, understand their preferences and predict, and therefore serve, his or her next request before it’s made.
The cost of ignoring the true potential of unstructured and structured data flowing through your organization? According to IBM, it’s $3.1 trillion a year for U.S. businesses alone.
“That’s what happens when you don’t do anything with your data,” said Mandal. “That’s the combined cost of a poor product, or a poor service, the cost of a lost customer and the associated revenue. If you add up all of those volumes across all companies in the U.S., you get $3.1 trillion.”
Watch Subhendu Mandal’s keynote from Sitel Summit in the video below.