The Times, Raconteur, UK: Co-Director at Cognizant’s Center for the Future of Work Says Businesses Need to be More Effective at Collecting and Using Digital Data to Understand Customers Better

“Businesses should explore in more detail how technology can better support their business,” says Ben Pring. Excerpts:

“A study from Cognizant and Oxford Economics revealed that large numbers of businesses in Europe are not taking the necessary steps to unlock the value and opportunities provided by their customers’ digital experiences.

Currently only 24 per cent of business executives surveyed claim to be effective at collecting and using digital customer data, meaning many are missing out on a huge opportunity to refine their products and services in line with customer preferences. By accessing this data and analyzing it, companies can understand their customers better, react faster when needed and, crucially, predict future preferences.

Perhaps this disconnect is to do with not wanting to appear too “big brother” about it. Customers’ expectations are a moving target and companies’ capabilities are advancing at unprecedented rates.

Amid the proliferation of personalization and CRM [customer relationship management] technologies, customers have come to expect companies to know who they are, what they purchased and their preferences for interaction, but not to go so far as to invade their privacy and sense of security.”

Click here to read more.