Transforming CommunicationsHarnessing the Power of the Data Explosion
We live in a world transformed by data. The opportunities available to businesses and their customers for increased levels of engagement and understanding are exponential but at times overwhelming. Organizations struggling to harness this deluge of data can find themselves spending unnecessarily on duplicate mailings to the same household or missing opportunities to engage more cheaply and efficiently online. Customer experience may be hurt by brand inconsistency across channels and internal silos that impede resolution of service issues. And incremental revenue is often left on the table when cross-sell and upsell opportunities are either disconnected or poorly aimed.
For businesses operating in a regulated environment, the challenges of the data explosion are even more complex. Industries like financial services, telecommunications and healthcare must comply with ever increasing regulation, along with privacy and data protection laws that vary from one geography to the next. Disparate standalone databases and fragmented processes for creating and delivering content make managing compliance across a myriad of customer touchpoints both a significant and risky undertaking.
However, forprogressive organizations, the pressures of regulatory compliance coupled with the challenges of today’s data overload can actually be a springboard to more effective multichannel communications.
The same single customer view (SCV) with cross-channel integration that enables the operational control and accuracy essential for compliance is also the key to effective, data-driven marketing. The benefits for businesses that execute well can include lower cost, improved revenue and increased customer satisfaction. With increased regulation now mandating standard operating procedures for many companies, some have posed that the ability to deliver an outstanding customer experience within regulatory constraints can actually become an important differentiator.
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