Research confirms that the ability to effectively map and engage with customers during multi-channel journeys is dependent on real-time analysis of numerous information sources
Industry analyst and market research firm Hypatia Research Group announces publication of a new primary research study entitled “How Customer Analytics & Insights Enrich Journey Design Processes: GalaxyTM Vendor Evaluations“. This fifty page study with twenty-five figures provides end-user organizations with best practice benchmarking, vendor evaluations and an analysis of how, why, and when companies invest in Customer Analytics and Journey Design (CEA&JD) software, what tangible benefits are possible, and which metrics can be used to measure an organizational return on investment (ROI). In short, our research provides actionable insight that companies may use in compiling a vendor short list, request for qualifications and best practice terms of engagement with software vendors and providers of services.
In this age of digital engagement, interaction, and commerce, analysis of customers’ interactional and transactional behaviors with the goal of creating actionable business insights are essential in designing effective, frictionless multi-channel customer journeys. According to the report’s author, Leslie Ament, SVP and Principal Analyst, “Business intelligence and dashboards are great tools for serving up historical or near-real time guidance and trends, however, transforming massive amounts of customer information (structured and contextual) into actionable insights and utilizing this insight to engage with customers in the moment is THE challenge for organizations of all sizes, across all industries and within all geographies. Operationalizing business processes by embedding analytics into the workflows is one approach to resolving this challenge” Ament added.
Ament continued, “Our research demonstrates that enterprise-level Omni-channel customer analytics, similar to Big Data Analytics (BDA), encompass numerous information sources, multiple technologies (software and hardware), nimble business processes and specialized human expertise in advanced analytics.
Hypatia Research surveyed more than 1000 global practitioners and executives directly involved with creating customer insights, utilizing customer insights and applying customer insights to engage with customer in order to accelerate growth, provide service and support, retain customers, prevent customer migration and/or acquire customers.
Only the 566 respondents that actually utilize, recommend, influence, hold budget or veto power over the purchase of enterprise Customer Analytics, Customer Insights, Customer Engagement and Journey Design Process software were utilized in our analysis of how, why or when organizations:
- Invest in customer analytics & journey design software solutions—and how much is budgeted through 2018?
- Measure productivity and effectiveness of customer analytics & journey design initiatives and how often?
- Prioritize specific customer analytics & journey design initiatives against software selection criteria??
- Commit a percentage of company revenues to customer analytics & journey design program investment?
- Realize a return on investment (ROI)?
- Evaluate and ultimately select specific CEA&JD vendors or consulting firms?
Our due diligence included a 1) vendor briefing, 2) product demonstration and 3) customer reference interviews. In certain cases, customer references were obtained without vendor involvement through our professional network.
Survey Respondent Profiles
Over 566 global respondents with functions primarily in merchandising, marketing, customer service and support, operations, business analysts and IT completed our survey. Company size encompassed: large enterprise with revenues greater than $2b (54%), mid-market (44.6%) and small enterprises with less than $100m in revenues (1.4%). Roles included:
- 42.1% C-Level / EVP
- 26.9% Director / Manager
- 18.7% GRC Supervisor / Team Lead
Geographic breakdown: (47%) North America, (33.9%) EMEA, (18.7%) Asia Pacific and (0.4%) South America. Industry breakouts are: Retail/CPG (22.3%) financial services (14.1%) manufacturing (11.7%) and consumer good & electronics (10.2%) comprised the largest industry sectors representation followed by telecommunications and media (7.4%).
Industry analyst and market research firm Hypatia Research Group delivers high impact market intelligence, industry benchmarking, best practice, maturity model and vendor selection research for how businesses use software technology, professional services and management consulting providers to capture, manage, analyze and apply customer and market intelligence to enhance corporate performance and to accelerate growth. Coverage includes: Customer Management (CRM), Business Intelligence, Advanced Analytics, Big Data Insights, Customer Analytics, Social Media, Text Analytics, Digital Marketing, Information Management, Customer Data Management/Data Quality and GRC. Since 2001, clients have relied on Hypatia for industry insight, expertise and independent market research for guidance in assessing various technology and service options.
For advisory, licensing or further analysis on this topic by company size, industry, job function or geography, please contact Research (at) HypatiaResearch (dot) com or call 781-862-5106