Transforming the customer-centric business through innovation, data, and analytics

Itumeleng Nomlomo, Sr Business Solutions Manager at SAS

Technology permeates everything we do professionally and in our personal lives. It has transformed how we buy groceries, consume content, engage with one another, and collaborate with colleagues around the world. It has ushered in a new age of customer-centricity as South African companies turn to data analytics to improve the user journey and drive innovation.

However, the awareness to change and leverage data analytics more fully does not always translate to practical interventions. According to our research, 93% of organisations do not have the analytics to accurately predict customer behaviour. In part, this can be attributed to how companies structure their businesses around specific products, processes, and channels. Unfortunately, this inside-out approach causes significant frustrations for customers who want more digitally-forward service providers.

This requires a company to organise its operating model around the customer. If this is to work, the business requires access to timely data, advanced analytics, and a strong decisionmaking culture. All three of these components need to work in unison if the organisation is to benefit from the promised higher revenues, greater market share, and reduced churn that will result from centralising functions for customers.

One of the most significant stumbling blocks to achieving this customer-centricity is the siloed data approach many businesses have come to rely on. Organisations tend to compartmentalise their customers based on the products they use. For example, in the banking environment, customers might be segmented by home loans, credit cards, and savings products. And yet, the customers themselves view their interactions with the business holistically, resulting in frustrations when the service provider has no unified view of who the customer is and what products they use in totality.

If the organisation is to reposition itself for a digital, more agile operating environment, it must view the world through the customers’ eyes. It is about taking a holistic approach to the customer experience instead of dividing efforts across products, services or channels.

One of the ways of putting the customer at the heart of the decision-making process is for the organisation to embrace an analyticaldriven culture. By using the vast data sets at their disposal, companies can build a more comprehensive view of their customers and identify the areas they need to strengthen to realise this value.

By integrating the processes, functions, and systems across depart-ments, a universal view of the customer can be obtained that benefits each business unit.

Fortunately, digital disruption has become a part of everyday life following the events of the past few years. This means that companies are aware that they must not only embrace new ways of thinking, analysing data, and delivering customer solutions but must also plan more effectively around it.

South African organisations are in a strong position to embrace a different way of thinking. With a sizeable data analytics gap, there is significant potential in investing in young people through access and support for the proper education, training and tools.

By equipping the youth with the skills needed to grow in the data-driven digital age, organisations can develop talent pipelines where more innovation can happen.