Companies Are Not Using Data to Its Full Potential

The world is data-driven. And the motto “numbers don’t lie” stems from the idea that data is the source of undeniable truth.

Data-driven metrics act as a catalyst; it reveals patterns, uncovers strengths and weaknesses, and prompts change.

While companies acknowledge data as an important business tool, many fail to wholly utilise the information available, particularly insight from the contact centre. And, as a result, they miss the mark on delivering what customers want.

We recently surveyed more than 1,000 C-suite executives in the US and UK and found that, overall, companies aren’t using available data to its fullest potential in driving change.

While 85 percent of respondents agreed that data and analytics are important to informing sales and marketing changes, they also admitted to relying only on a small number of data points.

Nearly half said they rely heavily on just a single point, including revenue figures (39 percent) and social media data (35 percent).

Companies that rely on limited data points will never gain a holistic view of their customers. And lacking this insight does little to enable necessary changes that create loyal customers.

Even executives who do look at customer opinion to drive change don’t consider all sources of information—49 percent rely on ratings and reviews, while 40 percent utilise social media.

Both channels deliver skewed data since customers who take time to post are most likely either extremely pleased or displeased with the company.

What’s most surprising is that 68 percent of executives admitted to having an “if it ain’t broke don’t fix it” attitude toward change.

Without direct pressure on the business, major transformation initiatives simply don’t happen. However, in a highly competitive market, businesses can’t afford to change only when something breaks.

Consumer loyalty is fleeting, and if companies fail to stay ahead of the curve and continuously innovate, customers will leave.

Contact centre data can give companies critical insights that drive strategic change, and platforms like “Calabrio ONE” are designed to encourage that type of business transformation.

By weaving together customer interaction data from all channels and producing visually appealing, easy-to-understand reports, decision-makers can feel assured they are getting a complete view of the customer and use that insight to confidently drive change.

 To learn how contact centre insights can successfully drive company transformation, check out Calabrio’s report: Business Transformation and Analytics: Driving Change in a Customer-Centric World