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Why ‘customer 360’ tools should put the customer first

By Praneet Chandra on 11/10/18 12:04
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Praneet Chandra

A few weeks ago, myself and my colleague Dr. Chris Boddington (data scientist) co-hosted a webinar with AWS.

The topic we were exploring was around "using data to delight and retain customers with machine learning", and one of the questions posed by the audience asked which team in a business should build, and own, the concept and delivery of “customer 360.”

Some companies often have more than 10-15 customer 360-enabling tools in their organisation, all of which are usually to an extent incomplete, with data still in silos or refreshed only periodically.

Shortly after the conclusion of this webinar, Salesforce announced a new product called ‘Customer 360’. When I shared this news with the rest of the team, the first response I got was: "Another customer 360 tool? How many is that now?"

Gartner recently published a report which revealed that one of the top five priorities of CEOs in 2018 is the building of a "master data management platform that forms the basis of a trusted 360-degree view of the customer."

In this never-ending race to build and provide customer 360-enabling tools, everybody seems to have forgotten what the main reason for creating such products was in the first place. Was it to have all customer information in one place? Or, was it to improve the omnichannel experience for customers?

Looking into this crowded marketplace, you’ll see that many companies are building customer 360-related solutions for businesses to improve the stickiness of their products, rather than to solve their customer experience problem.

The majority of these tools simply collect data, very rarely in real-time, but don’t take that extra step to think about how this data can be turned into meaningful actions which will actually benefit customers.

We are in what’s known as the golden age of artificial intelligence (AI), where all of the data points collected on a customer could be harnessed to improve their omnichannel experience, helping businesses to serve them better in all kinds of ways. All of these data points need to flow, in real-time, into a single system that can harness the power of AI and machine learning to provide insights and actions to all departments within a business -  including yours.

So, let’s go back to the initial question - who should build - and own - customer 360?

The answer is simple and straightforward; it should be built by the team that is driving the application of AI-powered solutions across your business - solutions that can harness data to its full potential to improve the customer experience in a number of ways.

At Peak, we have built an AI System that allows data to flow in real-time, whether it’s from an IoT device, PoS or a service desk system. This data can be unified easily to build an actual 360-degree view of your customers. From here, we can deploy a number of different models and AI solutions to improve multiple aspects of the customer experience, ranging from product recommendation systems to potential churn detection.

We would love to chat about your organisation’s customer 360 challenges, and help you drive exceptional customer experience by enabling you to build a strategy around what Gartner has identified as a “pressing need for a trusted, all-encompassing view of the customer.”

If you want to know more, please don’t hesitate to get in touch with one of the team.

AI Opportunity For Retail