Embrace Your Data: How To Implement A Customer-Centric Strategy

By Bill Waid – Forbes Technology Council

Increasingly, businesses today are being forced to shift their customer engagement strategy in response to rapidly changing consumer behavior and the compelling move to digital platforms. To be able to respond and make better, faster decisions, business need a clear view of their decision-making strategies and the ability to apply risk analytics, strategy improvements, automation and advanced analytics. Often, organizations mistakenly believe that issues with data are holding them back from embracing a customer-centric approach. Yet myriad examples prove that businesses can reap the benefits through centralized decisioning and demonstrate real business impact without “fixing” the data.

The driving force behind change is that consumer expectations have risen, with a strong preference for working with trusted and transparent brands. A study from Label Insight found that when a brand offers complete transparency, 94% of shoppers are likely to be loyal to that brand. Consumers also expect more personalized experiences, so no longer will one-size-fits-all marketing campaigns work to drive sales. A staggering 86% of customers say that personalization affects their purchasing decisions. We want companies we do business with to know what we need when it’s important to us -- perhaps even before we realize it.

To read the full original article: https://www.forbes.com/sites/forbestechcouncil/2018/11/19/embrace-your-data-how-to-implement-a-customer-centric-strategy/?utm_content=bufferf33d0&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer#408ee8e22982

Author: Bill Waid – GM, FICO Decision Management. Delivering innovative analytics and decision management for better business outcomes.