On October 8, NGDATA attended the Chief Analytics Officer event in Boston, MA, for their Analytics for Financial Services day. The event explored the opportunity that analytics offers to drive innovation in business.
Our Marketing Analytics Expert, Chelsea Lawley, presented on Capitalizing on your Customer Intelligence to Deliver Profitable Growth. In her presentation, Chelsea talked about the prevalence of data leakage in the customer data collection and analysis process and how Financial Services Institutions can overcome this leakage of value from data and analytics by embracing Dynamic Customer Optimization (DCO). While companies are getting more savvy about data collection, we’re also seeing an increase in lack of data follow through. In other words, because so much data is being collected, it’s not being interpreted holistically or in some cases even properly. This can be due to a break down in decision-making (speed biases), an execution failure (something technical, a process limitation, etc.) or a results monitoring failure (executing actions but not monitoring outcomes).
The result of this leakage, especially in the “last mile” of collection is hurting the bottom line. Where analytics uncovers millions of value across use cases, only 10% is commonly realized. Truly a wasted opportunity.
Despite these challenges, there are ways that work to capitalize on your customer intelligence in an always-on world. Chelsea presented the DCO framework, which focuses on making sure that customers are receiving the right offer at the right time via the right channel — based on their individual needs and preferences. When enterprises evolve to this phase, they have the ability to dynamically adjust to the emerging opportunities within their customer data. Not only do they have the knowledge of what has worked in the past, but should past patterns not be the best predictors of current opportunity, they have the systems and infrastructure in place to adapt to new incoming intelligence. This offers the benefit of historical knowledge with real-time, always-on intelligence and feedback on the individual customer level, as well as the flexibility to adapt in the moment to what’s best for the customer conversation at hand.
Contact us to find out how NGDATA’s Intelligent Customer Data Platform can prevent data leakage with dynamic customer optimization and the right mix of data, insight and action.