Today's customer expects individualised engagement and a newly released Forrester report advises companies to implement a multi-dimensional customer data management platform to achieve this goal.
Although 71 percent of respondents prioritise acquiring and retaining customers, traditional customer data management solutions do not help companies achieve this goal.
Dedicated to engage customers, companies want to leverage customer data in order to create more personal, contextual customer experiences. These enterprises know they will be unable to compete in the market if they fail at personalisation.
But organisations leveraging conventional solutions have realised that these offerings do not have granular and contextual customer data and this means they are unable to engage customers effectively.
Previously, companies used a 360-degree view of the customer to track customer history but over time they realised that it gives only a very limited insight into customer behaviour and sentiment.
The need of the hour is to access faster, agile analytics and prediction to gain real-time, more personal engagement.
Need to invest in new architecture
Forrester advises companies to implement a multi-dimensional customer data management platform comprising of big data, predictive analytics, in-memory and data virtualisation technologies.
Investment in this new architecture will enable companies to leverage customer data for creating personal customer experiences and products.
A multi-dimensional customer data management platform will also allow these companies to respond more quickly to customer needs and competitive threats.
Other benefits include growing faster than their competitors and delivering innovative new products and services to customers.
"Collect and analyse everything about your customers" is the mantra of next-generation customer data management," says Forrester.
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