How can we seamlessly assimilate customer information and accurately assess customer profitability? (Part 1)
Over the last decade, customer centricity has become a strategic approach for growth in a competitive marketplace. Global operations, increasing customer interactions coupled with low storage costs has led to an information explosion and organizations are struggling to get common data into one place - let alone use it for business decisions.
Is your organization able to consistently report a ‘single version of truth’?
Lack of comprehensive customer knowledge is an impediment for determining profitability from customer relationship. On the other hand, inability to capture profit trends across enterprise, impacts the predictability of profitable emerging markets and profitable product positioning. As a result, organizations have to deal with high costs of customer servicing, non- standardized customer-centric strategies and low return on customer-centric initiatives.
Is your organization entangled in this vicious circle of lack of customer information and inaccurate assessment of customer profitability?
Organizations need to look beyond customer data integration (technology focus) to focus on consolidation of customer knowledge (business focus). Customer data consolidation needs to be surrounded with an intelligent framework which can identify potential growth areas in customer profitability and value assessment. This framework can help organizations evolve from a ‘Report and Analyze’ model to ‘Predict and Act’ model to harness the ever-exploding customer information for profitable business decisions.
Is the information available within your organization ‘actionable’?
Comments
This is an interesting and timely article which throws pointers to any organization that wants to assess customer profitability effectively. Often there is an extraordinary lack of decision objectives in order to manage the frenzied rush of customer information and to generate sense out of it. This article actually provides a reference point of cognition from where the customer game starts !
Posted by: Amit Chatterjee | February 9, 2009 9:42 AM
Interesting article
Posted by: Sourav Banerji | May 15, 2009 4:39 AM