Using data velocity to deliver a better customer experience

Business-related data or personal data is top of mind for most of us as we consider how to use it, share it and protect it. Data velocity, defined as the speed at which data is created, distributed and collected is at an all-time, record high. IDC predicts that global data growth will be 221 zettabytes by 2027, up from 64 ZB in 2022, which is a 28.2% CAGR.¹ By 2026, 7 petabytes of data will be created per second. Yet, 42% of enterprise data is underutilized,² which means organizations are still drowning in data.

Customers want information, and they want it fast. Slow responses, manual processes, and lack of insights are considered prehistoric thinking. Meanwhile, technology is expected to work flawlessly, and applications are presumed to have interoperability. So, how can big data improve customer experiences? The answers lie in the ability to access and apply that data effectively, which requires an agile mindset to creatively adapt and change.

According to Forrester, customers are 2.4 times as likely to remain loyal when companies solve their problems more quickly³ — and usually, you need information or data to understand issues. Delivering velocity in big data can move the needle toward innovation, trust, and profitability.

So, the questions we must ask ourselves, come down to the following:

1. How do we unlock and utilize the data we have?

2. How can we increase our data velocity to deliver accurate, relevant information that positively impacts our customers?

Why data velocity is critical to business success

When companies can use customer information quickly and effectively, it opens doors to:

• Better understanding of customer challenges

• Build brand loyalty through more personalized experiences

• Move customers along the buyer journey through authentic, timely interactions

• Anticipate customers’ future needs

Improving your data velocity can lead to faster buying decisions, agility in new product development and innovation, and positive bottom-line revenues. It can also impact overarching business initiatives like environmental sustainability and governance (ESG), new market penetration, and employee experience.

Unlocking important data with intelligent business platforms

With data velocity and agility in mind, how can big data improve customer experience?

The first step usually requires an intelligent business platform to unfetter trapped data, which often includes intelligent document processing (scan and capture), workflow automation and content management solutions.

Businesses need actionable, structured data to power automation applications, so these tools can transform information into the right format. With 90% of data being unstructured, making data searchable and actionable is the first step to achieving velocity in big data and making headwinds to a better customer experience.⁴ Data is what powers digital business process agility and value for customers.

Therefore, accelerating the process of unlocking and managing the proliferation of data can:

• Enable faster new account set-up and onboarding = faster time-to-account profitability

• Enrich customer profiles and enable customized solutions

• Increase productivity and reduce human errors due to manual data entry

• Eliminate data silos and duplicate requests

• Provide context and additional insight into customer behavior with AI

• Comply with regulatory requirements, security and privacy easily

• Detect and minimize fraudulent activity

• Raise operational efficiency with the ability to make data-driven decisions faster and with better results

3 ways to improve customer experience by delivering data quickly

Once an organization can automatically turn unstructured data into a structured format, the pace can be amplified by applying analytics to enable insights. Here are three tips that can directly impact customers:

1. Drive better insights to deliver the information customers want.

Having the foresight to offer the right products and services based on data and context can be powerful. Not only does this show your customers you understand them, but it also lends credibility and can take the buying cycle to the next stage. Intelligent business platforms and automation tools are the keys to making this happen.

2. Use data to spark innovation.

The logic prevails that when data is accessible quickly, new ideas can foster from a larger set of information, trends and insights. For example, we are seeing this daily with generative AI, which uses algorithms to predict and create text, images, audio, and video content. Agility and velocity in big data are changing how businesses operate with new innovative technology — and a signal to customers that your company can grow and easily adapt. Whether data velocity is applied to new AI-based technologies or to your overall IT strategy, it can differentiate your business and build upon customer success.

3. Recognize that brand trust leads to revenue.

Customer trust can be built by accelerated actions and responsiveness. That goodwill is invaluable. Organizations that understand the importance of a trusted brand and positive customer experience can lead to customer loyalty and increased revenue, are ahead of the pack. It can lead to a customer’s willingness to offer referrals, reviews, and references, and the consideration of additional or future services or solutions.

Faster is better

While there’s no official rule that says faster is better, the perception remains that as humans, we expect information quickly, accurately, and delivered with a smile. Customer experience and growth should be the foundation of everything we do — so don’t be left in the dust. Data velocity will help achieve success.