The evolution of retail customer intelligence
Business intelligence solutions have been used by organizations for decades, but those that were common back in the day are not close to modern big data analytics tools that are hitting the market today. Because of the rapid and erratic explosion of data that has taken place in the past few years, companies have been seeking methods of turning unstructured and structured information into more actionable insights, and analytics serves as the best path forward in this regard.
Now, it is worth noting that big data analytics and retail customer intelligence solutions have been rapidly evolving for years now, and there are no signs that innovation will begin to falter anytime soon. Rather, retailers will be tasked with keeping up with the best practices of customer relationship management – and the tools used to achieve goals – rather than falling behind the pack and putting themselves at risk of having poor retention and loyalty performances.
What's to come?
Computerworld recently listed several predictions for CRM in 2015, affirming that studies are showing clear signs of growth in spending on predictive analytics in the next 12 months. Citing a study from Gartner, the source pointed out that predictive and prescriptive analytics will become more commonly used tools among decision-makers in a wealth of industries next year, and that intelligence solutions will further improve retention and client experiences for many companies.
According to the news provider, another priority in the new year that has not always been a major point of contention is employee engagement, meaning that businesses will need to find ways to empower their staff and keep them productive using these modern CRM tools. When staff members are not engaged, it does not take long for the negative impacts to bleed into client relationships and customer retention, meaning that this decline must be avoided at all costs.
Push it to the limit
Business leaders should recognize that modern CRM solutions are far more powerful than the iterations of the past, and can be used to improve a wide range of operational processes when properly implemented and managed. From analyzing the performances of various departments to better understanding the needs and desires of clientele, retailers can set themselves up for a financially advantageous year in 2015 through the use of advanced CRM solutions and intelligence tools.
