Customer-facing departments such as customer service, marketing and sales, followed by finance, operations and logistics, are the most prolific users of data analytics within Australian enterprises, with four out of five organisations also agreeing or strongly agreeing that data analytics help to increase revenue or profitability, and contribute towards a better customer experience.
The findings come from ‘Leveraging Data Analytics to Optimise the Customer Experience’, a research report conducted by customer experience strategy and research consultancy Fifth Quadrant, and commissioned by Verint Systems.
One third of Australian organisations are now using text analytics, and one fifth use speech analytics to improve customer advocacy, customer satisfaction and their share of the customer wallet. This proportion is predicted to almost double in the next 12 months to just over 50 per cent (text) and almost 40 per cent (speech).
The study shows that this growth is being driven by the success of existing deployments as measured by customer satisfaction and customer retention metrics. Users also cute a range of business benefits arising from their use of speech and text analytics, including coaching and monitoring staff, reduced operational costs, speed to convert speech/text into insights, and an improved ability to identify up-sell or cross-sell opportunities.
“Our research clearly shows that data analytics is at the heart of any organisation’s transformation to a customer-centric business and is imperative to success. The more sophisticated and mature organisations are using, fusing and analysing data from multiple sources to deliver a complete and detailed understanding of the consumer. They are also able to demonstrate a return on this investment in data analytics which helps to secure additional resources,” said Steve Nutall, research director, Fifth Quadrant.
“Australia has been a clear leader across Asia-Pacific and globally in successfully deploying and utilising unstructured data analytics and speech analytics in particular. The results of this report confirm the success we have seen firsthand from numerous customer analytics deployments in Australia that have successfully impacted their customer advocacy, retention, satisfaction and wallet share,” said Daniel Ziv, vice president, customer analytics for Asia-Pacific and global product strategy, Verint.
The survey also highlighted some challenges organisations are having, particularly in the areas of integration, skills, technology and organisational culture. Organisations also report reasonably well at capturing and analysing data, but half believe they are less effective at integrating the insights into decision-making.