It’s time for some serious spring cleaning – of your data.
Long before companies can tailor communications to improve the customer experience, they need to get a handle on customer experience data. Nearly one-third of consumers now expect that the companies they engage with should know more about them, according Accenture Strategy Research.
Having accurate data on a wide variety of customer information fronts – from demographics to purchasing habits to payment preferences – is paramount and key to stronger engagement. This data knowledge gives companies the ability to create a personalized customer experience and utilize every touchpoint across all channels and devices for targeted communications that drive customers to act.
Big data gap
Despite the potential for better business, most companies have yet to find a way to prioritize and use customer experience data, according to 2020 Big Data and AI Executive Survey by NewVantage Partners. The report found:
- Only 27% of survey participants have created a data culture
- Just 38% have developed a data-driven organization
- Only half report they are managing data as a business asset
What’s the hold-up? According to the survey, it’s not technology that’s keeping data under wraps. Nearly 91% of firms surveyed cite people and process issues as the biggest challenges to morphing into data-driven organizations.
Maximizing the CCM advantage with data
Having accurate customer data is key to taking advantage of customer communications management (CCM) platforms like Nordis Technologies’ Expresso®, which automate both content changes and customer preferences to deliver omnichannel billing and communications.
For example, membership-based companies that want to deliver specific offers to their customers need to know how often those customers use their services, what makes them engage and what they prefer to see. Or revenue cycle companies need to know whether patients are slow or fast to pay bills so they can customize bill presentment, delivery cadence and payment options.
4 Tips to Ensure Accurate Data Collection
Need to get moving on using data to improve the customer experience? Here’s what you need to consider:
- Determine where data is currently being collected, inventory the data and determine whether any important customer data is missing. The more internal knowledge you have, the better you’ll become at building better data collection.
- Develop a data strategy and map out how you’ll collect data going forward. Having a strategy will ensure that you’re collecting the right data and avoiding spending time and money collecting data your company won’t use.
- Create accountability by putting a decision-making executive in charge. Some firms have appointed Chief Data Officers, but NewVantage found that only about 27% of companies surveyed could point to a single owner of data collection responsibility. For those firms looking to jump start the initiative, using an outside resource may be a better option.
- Involve IT and business owners to build the right capture systems and process to create the right data sets because data analytics is not a merge file. Be careful that there are no shortcuts in building the right data paths.
Spring has sprung. Having data isn’t enough; having the right data targeted to your business is the dream. So, there’s no better time than right now to become better stewards of your data and let it create more opportunities to enhance your competitive advantage.
About the Author
Nicole leads Nordis’ client services and product management. She is responsible for the client journey, from new product development, implementation and delivery of technology and production services to ongoing client support and servicing. A former Nordis client, Nicole brings firsthand knowledge of Nordis solutions and more than 25 years of experience in healthcare, technology, revenue cycle management and business operations.
Vice President, Client Services