Perceived as highly up-to-date and disruptive, this process is in fact ongoing for many years, and will continue for another couple of years. However, it is undisputed that digitalization will change our lifes forever – both on a private and a business level.
It is obvious that information are much easier to be digested in a digital format than on paper. Processes may be automated, products and service offerings personalized. Retail industry was the spearhead of this trend, and particularly e-commerce ever since the first internet hype in the late 1990ies. In the meantime, billions of consumers order their goods online, and the total volume of this industry is forecasted to reach an incredible 10 trillion USD in 2020 (B2B and B2C). Customers are permanently monitored and segmented on these platforms, their buying behavior and propensity to pay is measured, and their consumption is being stirred by loyalty programs, one-on-one marketing, or recommendation engines.
Data are referred to as the new “gold” in this context. However, their full value will only be tangible if they can be deciphered. “Customer Analytics” is the magic potion for this – a systematic correlation and interpretation of complex information. However, there is no standard solution for each and any industry, but an abundance of diverse tools and approaches.
Furthermore, the expected benefits come at a price – new tools may collide with legacy processes and systems, and they are costly. Thus, it is essential to choose the right portfolio of analytics, and pay utmost attention to smooth migration of tools and processes. Only then the selected approaches can fully unfold their envisaged effect.
Extract Data – Understand Data – Leverage Data
Valculus supports your company in this effort. If needed, we develop analytics strategies and frameworks customized for your specific case, plus own a portfolio of proven use cases suited to extract the full value out of your customer data. Our concepts and tools have initially been designed for transportation clients; however, many of them can be transferred to other service industries without major changes. Get in touch with us, and we will find the best solution for you as well.