Enterprise Solutions

Insight to Foresight: A Customer Experience Point of View

In this article, we share findings from a TCS-commissioned Forrester Research study and explore the power of using data driven insights to effectively predict customer needs and inform future engagement.

Many companies, today, focus their customer experience management efforts around data analytics that allow them to gain insight into real-time customer behavior. However, they may be missing the opportunity to leverage technology to develop forecasting scenarios to anticipate the future needs of customers.

Now is a critical time for companies to utilize advanced technology that can glean insights from ever-expanding data streams and databases, fueling real-time smart customer engagement.

Findings from a TCS-commissioned Forrester Research study show that 90% of customer experience decision-makers believe that delivering a good customer experience is critical to their company’s success. However, 37% report that they are at the risk of incurring opportunity cost because of lost cross-sell and up-sell opportunities. An additional 32% are worried about reduction in brand equity.

Companies that successfully shape the future of customer experience management are better positioned to drive customer loyalty, differentiate their brand and respond more quickly to changing business demands. Gain insights from this point of view, including three steps companies can take today to shape the customer experience of the future.

Three ways to improve Customer Experience Management efforts

  • Pinpoint the sources of customer dissatisfaction (and satisfaction) with the experience
    Companies must first strengthen and refine existing data-mining efforts to identify customer experience tension and passion points. Pinpointing the sources of customer satisfaction (or lack thereof ) with their experience—and defining the best course of action when developing targeted CX solutions—can address current issues and help anticipate future customer needs.
  • Create predictive scenarios to anticipate customer needs
    Rather than simply respond to today's changing customer behavior, businesses that take a forward-thinking approach to customer experience management leverage their deep knowledge of their customer to uncover unmet needs the customer may not even realize.
  • Strategically integrate back-office operations to deliver a cohesive customer experience through front-end tools and technolog. Companies have shown they want a deeper understanding of their customers: Results from the TCS sponsored Forrester survey show that one of the top long-term goals for customer experience management leaders is the ability to establish 360-degree views of their customers so they can make more informed decisions.

Driving foresight over the long term
A long-term view and approach to customer experience applies a big-picture perspective to every aspect of a company's interactions with its customers—starting from their particular viewpoints. Delivering an optimal customer experience requires a complex, multi-year initiative that involves coordinated effort across the five dimensions of strategy, process, technology, organizational constructs, and people management. A formidable challenge, certainly—but the result can be transformative for a business. Recognizing customer experience management as a long-term business strategy capable of satisfying future customer needs—rather than solely a technology deployment project designed for short-term gains—can make this possible.

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