New McKinsey CX Recommendations Align with Verint’s Time-Tested Predictive Approach
A new set of recommendations from McKinsey, based on the importance of leveraging predictive analytics, sums up the situation this way: “CX programs of the future will be holistic, predictive, precise, and clearly tied to business outcomes.”
That’s the future Verint and our clients have been living in for a long time.
Verint CX solutions have been in the field for 20 years, helping organisations collect and act on comprehensive customer experience data—and the engine that powers those solutions has been an ever-advancing predictive analytics methodology.
What McKinsey Says
McKinsey authors note how executives increasingly recognise that survey-based measurement systems are not enough to power a successful CX strategy, calling out their limited, reactive, ambiguous, and unfocused data. What’s really needed, they say, are immediate signals that can be used “to take action ‘in the moment’ and to create relevant experiences for each customer” and the ability to “demonstrate that the experience enhancements they would like to invest in will result in positive ROI.”
We agree. Verint has been advancing CX strategies that enable organisations to go beyond surveys and use digital behaviour analytics to capture and analyse inferred data from millions of digital clicks, gestures, taps, and other actions.
The McKinsey article also explains how “the world of insight generation has transformed through impressive advances in the ability to generate, aggregate, and analyse data,” and calls on organisations to embrace Internet of Things (IoT), machine learning, and other new technologies in order to understand customer attitudes, behaviours, and preferences.
Specifically, they recommend a predictive customer-experience platform that consists of three key elements:
- Customer-level data lake: “Comprehensive, connected, and dynamic customer-level data sets allow the organisation to map and track customer behaviour across interactions, transactions, and operations.”
- Predictive customer scores: “These scores allow the company to predict individual customer satisfaction and value outcomes such as revenue, loyalty, and cost to serve.”
- Action and insight engine: “Information, insights, and suggestions are shared with a broad set of employees… For example, agents can receive alerts and notifications about the actions they should take to personalise customer experiences and improve CX outcomes.”
Verint Experience Management has this covered. Our solutions ensure data collection and integration happen across digital, physical, and contact centre touchpoints, and that unstructured text and speech, transcripts and open-ends, and behavioural inputs are part of the equation. Combining comprehensive data collection with our Predictive Experience methodology helps you gain insights from everywhere, automate decisions, keep teams on top of minute-by-minute changes and issues, and link changes to desired business outcomes.
Addressing the challenge of turning data into insight and action, especially when organisations might be siloed or resistant to change, McKinsey stresses four key steps:
- Work on changing mindsets: “…times are changing, and today’s CX leaders need to focus on data as they once zeroed in on a single CX score.”
- Break down silos and build cross-functional teams: “CX functions often fall into the trap of creating their own silos…. CX leaders need to better integrate with the rest of the organisation.”
- Start with a core journey data set and build to improve accuracy: “A combination of customer profiles, along with digital and analogue interactions, is usually a solid jumping-off point.”
- Focus first on the use cases that can drive quick value: “Data-driven, predictive systems offer CX organisations a unique opportunity to tie CX strategies to tangible business value.”
Verint helps organisations create a customer-first approach by breaking down silos to unify teams so they can work toward common goals CX from all angles—from tactical hot fixes and product improvements to strategic decision making. And they don’t reach maturity overnight: the ability to deliver best-in-class experiences is more often achieved through a phased approach.
Enter the Future of CX with Help from Verint Today
Great CX matters: Customers who report having a great experience are 84% more likely to recommend your brand. With so much riding high-quality engagements, we’re happy to see CX industry minds align around what we’ve been building on for so long: moving beyond the survey, gathering insights from everywhere, then connecting that data for a unified view of engagement and sharing it throughout to ensure the entire business can make better decisions, faster.
To start building a predictive, holistic, and unified CX strategy for your organisation, reach out to us at ExperienceManagement@Verint.com.
For insights into what business leaders around the world think about their preparedness for rising customer expectations and a rapidly changing workforce, download our new Engagement Capacity Gap study.
Leave a ReplyWant to join the discussion?
Feel free to contribute!