Today’s digital economy is a tough place to be competing in for any business. Opportunities may exist in this new economy, but companies who were established before the digital era came along have become all too aware of the fast-paced impact that this is having on their sustainability and growth options.
20 years ago there was no internet, no mobile communication devices, no instant messaging and the cloud was something you only encountered in the sky. Customer engagement prior to the internet was more of a physical than a virtual thing, with snail mail, tele-marketing, print advertising, leaflet drops and faxed information sheets. We have since moved on from the typewriter to the tablet in a relatively short space of time. A few years ago telecoms operator O2 conducted a research project through the Centre for Economic and Business Research which found that the contribution of modern technology to each worker’s productivity is now nearly five times greater today than it was in the 1970’s.
Not only are we more productive in the work place but as individual consumers technology has enabled us to become more demanding as customers. Ericsson’s Mobility Report from November 2015 suggest that by 2020 smartphones will account for 80 percent of all mobile data traffic which certainly confirms that consumer behaviour has evolved. This digital evolution creates both a challenge for telco’s in handling network traffic and an opportunity for them to create new services to meet our demands.
Creating new digital services for today’s customers is a key objective for today’s telco’s, however the more digital customers they acquire, the more digital complaints they will have to deal with. In addition telco’s are experiencing increased pressure from regulatory bodies as well as customers to ensure they deal effectively with complaints.
- Q - So how can service providers meet these challenges?
- A – By analysing digital communications data.
Yes its becoming quite a cliché now as our fast-paced digital era evolves but ‘data analytics’ really is an effective way to manage customer complaints – and improve the overall customer experience. Whilst many service providers collect and store a wide range of digital customer data, few of them have invested in data analytics to underpin improvements in customer experience. Those that have are reaping the rewards through increased ARPU and reduced churn.
Remember ‘Quality in a service or product is not what you put into it. It is what the customer gets out of it.’ (Peter Drucker)