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Data analytics key to enhancing customer experience for firms: Infosys study

Press Trust of India  |  Bengaluru 

An increasing number of companies are deploying to enhance customer experience and mitigate risks, according to a study by

The study explored a range of challenges, opportunities, and the role of new technologies in the world, the & consulting firm said.

analysis is a process of analysing with the goal of discovering useful information to support decision-making.

(AI) was perceived to deliver increased outcomes when combined with at 37 per cent followed by Internet of Things (IoT) and at 19 per cent and 16 per cent respectively, said in a statement.

The study is based on interviews of 1,062 senior and from organisations with annual revenues exceeding USD 1 billion and over 1,000 employees.

The respondents represented 12 industry groups from the US, Europe, and

The study found 31 per cent of respondents identified the use of data analytics with experience enhancement.

This includes using intelligence generated by listening to internal and external stakeholders to drive extreme personalisation and high quality customer service, the statement said.

As many as 28 per cent respondents were interested in leveraging analytics for risk mitigation -- predicting risk to enable better decision making, and detecting anomalies that could disrupt effectiveness.

In the study, developing new models by unearthing the hidden needs of customers and offering innovative products and services was seen as the primary analytics requirement of 23 per cent of respondents.

Revenue and profit maximisation through increasing channel effectiveness and enhancing profitability across processes, channels and stakeholder ecosystems was the analytics priority of 18 per cent respondents.

The majority of respondents in the US (32 per cent) and (34 per cent) stated they would like to use analytics for experience enhancement whereas in and about 31 per cent respondents consider it for risk mitigation.

Finance and accounting was found to use analytics the most at 32 per cent, followed by marketing and operations at 20 per cent and 17 per cent respectively.

"We believe that the findings of this survey will help our clients to fast-track their journey into a data-native enterprise by industrialising their analytics capabilities and ultimately monetise data," said HC, Data and Analytics,

The survey found that enterprises in every industry encountered several challenges that prevented them from implementing their analytics initiatives fully.

The biggest challenges stemmed from a lack of expertise in integrating multiple datasets (44 per cent of respondents) and failure of understanding in deploying the right analysis techniques (43 per cent).

This is where enterprises are looking up to their partners to help industrialise their analytics capabilities by creating an analytics strategy, build an operational framework, and define a process for executing and governing analytics initiatives.

"In the world of endless possibilities that data provides, being data native is core for enterprises to being digital," said

"As enterprises work with limitations of siloed systems, data integration issues, resources and skills, harnessing the possibilities with data will be essential to navigating their next," he said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, December 07 2018. 12:45 IST
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