We like to think we’re capable of making purely logical decisions - but we’d be lying to ourselves. Studies show that many of our decisions are greatly influenced by emotion. And while marketers have long understood this fact, savvy marketers are upping the ante by harnessing greater data insights and analytics tools.
The world of work is changing; becoming faster, smarter, and more connected. Just look at Uber, one of the world's largest transportation companies which owns no taxis, or Airbnb, a large accommodation provider with no real estate. Innovation is teeming, and every industry is finding new ways to deliver more convenient and memorable experiences through technology.
From retail to healthcare, artificially intelligent bots are supporting customers in more and more industries. According to Tata Consultancy Services, 32 percent of major companies are currently applying artificial intelligence to customer service. And more companies are following suit.
In a world where many products and services are now seen as commodities able to be purchased anywhere, from anyone, and only when needed, many organisations are struggling to find and retain customers. So, when your product is no longer the unique competitive differentiator, what's left is the relationship. As standard services and functionalities become similar, you must foster the emotions about and within your company.
Every year the latest technology makes our lives faster, more mobile, and a little less human. And the same can be said for business. As the proliferation of channels, data, and innovation make transactions more complicated, businesses tend to look towards automation as an answer to the modern-day customer woes.
Have you stuck to your New Year's resolution? If not, you're not alone. U.S. News states that 80 percent of Americans abandon their resolutions by February.
In the realm of big data, there is an urgent demand for systems to evolve its artificial intelligence (AI) with emotional intelligence. Understanding customer’s emotions is key. The ability for businesses to not only see, but also comprehend how people value and go through its process via AI is invaluable.
In a few months, the EU General Data Protection Regulation (GDPR) will come into force, overhauling how organizations around the globe handle personal information. When this happens, businesses will have a choice: to treat the GDPR purely as a technical compliance matter or embrace it as a customer relationship opportunity.
It’s thought that the term ‘Big Data’ was first used at the end of the 1980s but the last few years has seen a rise in an additional phrase: ‘Data Lakes’ - large scale repositories of data held in their raw or source form. I suspect that the reason data lakes have become so popular is because the cost of storage and the tools necessary to manipulate Big Data has decreased dramatically.
To survive in today's increasingly competitive customer landscape, businesses have seemingly flocked in droves toward the latest tech trends such as in AI (artificial intelligence) and chatbots. So much so that it seems companies are enforcing technology solutions at every opportunity. Amid all the talk of technical advancement, we seem to forget about the human factor.