With the advent of the online connected customer, business leaders and marketers in some sense have had the rug pulled from under their feet. The traditional ways of gathering insight and building customer understanding are showing serious limitations. Not only has the customer become a digital denizen but he has also become empowered. Now you had to understand him, engage him ,preempt him & to prompt him to buy.
For that you need to be able to get a handle not only on his historical or transactional information but big unstructured data that would give you clues about his behavior & mindset, and be able to have a finger on his pulse and to keep up with his changing preferences and buying decision moments.
For business leaders and marketers this is a nightmare, They turn to data scientists to get this picture of the customer and hope it will tell them what to do. Data scientists on their part with a limited and limiting data framework and strategies, find it impossible to see the activity and track behavior of every customer, across multiple channels and data points.
In fact, it would take a group of mathematicians, data technologists, information technologists, marketers and graphic artists, with advanced cognitive computing tools and piles of effort to make any sense of it. By the time they got any answer, the situation would have changed. It would appear as if business leaders and marketers, are asking for the moon.
A decision making platform that brings together data science, information technology and people taking business decisions, in a synchronized way, is the solution to the challenge of intelligent and personalized customer engagement.
Statistics provides the capability to sift through tons of customer data, both structured as well big data, and turn it into usable and predictable insight about customer sentiment, preference and behavior.
Information Technology provides the capability of acquiring data from the various channels, applications and touch points, and delivering analysis and insight to the right people, in the right place and at the right time.
People Taking Decisions provide the decision making at the right time, to shape campaigns, offers and communications and refine customer strategies for better returns.
AI Machine Learning : gives the capability to track results and outcomes of the predictions and suggestions made and to dynamically adapt to changing customer mindset and ‘ground realities” of the market by gathering changing customer preferences and feeding these back into the cognitive engines. This learning feedback loop, ensures that solution itself 'learns' from its customer interactions and improves its capability for more accurate insight, predictions and suggestions.