Accelerating Business Growth Through Customer Entricity

Susheel Sharma, Sr. Project Manager - Business Intelligence & Analytics, 3i Infotech | Thursday, 06 June 2019, 10:08 IST

Accelerating Business Through Customer EntricityCustomer centricity is a reflection of our cul­ture, process, customer experience, customer friendliness and customer satisfaction surveys. It is also an association of our product and quality services offered to our longstanding customers. According to a recent re­search, 89% of businesses are soon to be expected to compete mainly on customer experience. This approach will surely lead to the end goal which every company tries to achieve  ‘to maximize shareholder’s value’.

There's a big difference between customer centricity and good custom­er service. For example, customer ser­vice is to help a distressed client with your product or service, but customer centricity is more than providing good service, loyalty rewards, and special promotional offers. It is to identify the most valued customer, get a clear un­derstanding of their requirements and delight them based on their behavior. Also, our services should fit in as a solution to the customer’s existing ecosystem. We need to bring their views to the service COE (Center of Excel­lence), create value for them, generate revenue from them, and find more customers like them.

Nowadays, the business process is changing dramatically, and one will find a vast difference between the modern and traditional way of doing business. End customers are more attracted towards the customer centric companies, where they get personalized services, offerings, and where their relationship is recognized and rewarded.

Customers are willing to build longterm relationships with their providers, but the experience that they gain, decides the long term re­lationship. For example, the limited taxi access and fare control has side­lined the traditional taxi business and not the taxi services like uber. There are a few common problems with traditional business models, which include limited hours of customer service, non-personalized offerings, cost and human dependencies, and untraceable services.

Today's customers are very differ­ent in their outlook, they are more resilient, adaptable and tech savvy than their older counterparts. They are dealing with smartphones, IoT de­vices, and social media. They are very upfront and do not hesitate to give their feedback and reviews on social media platforms. This high volumet­ric customer data that comes from en­terprise applications, CRM and other social media platforms, can play a cru­cial role in understanding and unfold­ing the behavioral insight, sentiment analysis and paying attention to the voice of the customer.

Organizations that take customer experience seriously will stand out and win loyal customers. Nowadays, most of the quality management system (QMS) redefine quality by emphasiz­ing on customers’ expectations and satisfaction. They are currently switch­ing from product or service centered approach to a customer centric ap­proach. Because, completely satisfied customers will speak good things and be a ready reference for the other cus­tomers. It also helps in business con­tinuance, reducing churn and increas­ing revenue.

Big data and statistical techniques can facilitate enterprises that offers comprehensive powerful and action­able insights into 360° customer view, customer classification, and sentiment analysis. Analytical and statisti­cal modeling allows an organization to forecast all portfolios and prob­able losses. Below are some of the key drivers:

•Identify relevant cross and upsell opportunities
•Targeted marketing campaigns to acquire new profitable customers
•Enable the organization to un­derstand risk dimensions faster without expanding the pool of human resources

With limited understanding of technology stack and a lack of datacentric culture being the barriers, companies should rethink and adopt the customer centric service and un­derstand the power of data. They need to incorporate cutting edge technolo­gies to get interesting data and figure out ways to use customer data in the customer acquisition journey.