Updated: Feb 28, 2020
Four out of five senior decision-makers now see investment in data, analytics and AI, as critical to their business growth
New research shows the vast majority (+80%) of CEOs readily acknowledge the importance of data, analytics and AI, plays in enabling them to make faster, more relia-
ble and better-informed decisions.
But despite widespread adoption in key areas, many firms continue to be challenged by rising costs of customer acquisition, retention, fraud and bad debt.
The findings are part of a sizeable commissioned study conducted by Forrester Consulting, on our behalf. It features latest opinion from more than 700 senior decision-makers from across Europe, Africa and the Middle East (EMEA).
It also emerged that despite a determined drive towards improving customer experience, increasing trust and satisfaction, around a half of all CEOs say their firms continue to be challenged by rising costs of customer acquisition, cost-to-serve, retention and the impact of bad debt. Legacy technology and the inability to deliver consistent decisions across multiple channels also pose an ongoing struggle.
In fact, it turns out more than one in four (28%) admit they are unsure they can consistently offer friction-free experiences for their new customers, while a similar number (26%) simply don’t believe they’re making the most of advanced analytics.
While these are exciting times and they’re challenging times, many business leaders realise that their growth is now reliant on agility and the ability to move at the speed of their market – or even faster.
Success is also dependent on a combination of scale, innovation, spotting and adapting to new opportunities as soon as they emerge.
To do this, businesses of all sizes accept there are critical challenges ahead. They need access to a data universe as large as possible, while ensuring they’re armed with the analytical firepower to identify and inform the insights, before acting to continually ensure they best serve their customers.
As a strategic partner, these are all critical challenges we’re continually working to resolve with our clients around the globe. By helping them deliver competitive advantages from vast quantities of data that are converted into smart, actionable insights and by leveraging the latest machine learning and artificial intelligence techniques, they can drive the very best outcomes for all.
Innovation, smart data and the drive to customer-centricity is the third annual Experian-commissioned report conducted by Forrester Consulting. It covers three key themes around the universal drive to digital, SME servicing and customer management. Inside it contains a mass of insight into critical investment plans for EMEA boardrooms, as well as taking a deep-dive into emerging trends, vital priorities and front-of-mind challenges for hundreds of CEOs.
The report can be read in full, simply by clicking here. http://poland.experian.com/analytics/forrester-report.html
DATA Manager at Experian