Real-time analytics benefit both your organization and your customers!
Let’s imagine that an order is placed by a customer who hasn’t bought from your company for some time. The item they ordered is likely to be delivered a few days late. Fortunately, you have a similar item that can be shipped now. It’s even a better product than the original he ordered!
No real-time analytics
It is possible to let your order sit for days in the same pile with all the others and eventually allow it to (unknowingly) be delivered late. A week later, you may hear a complaint from that customer, or worse, you may never hear from them again. The same might happen with other customers. At scale, this is a costly challenge that could also be turned into an opportunity.
With real-time analytics
We have a win-win situation for both the organisation and the customer.
The order that was taken from this customer is flagged and appears shortly afterwards on a screen in the customer support department. The customer service representative assigned to this customer can access a dashboard on their computer where they can pick up the order, see the root cause of the delay and any recommended alternative products available. They call the customer back within minutes of noticing this.
During that call, the customer service representative thanks the customer for coming back to their company to order again (since they can see it’s been a while!), explains and apologizes for the situation, and gives the customer the option of:
- accepting the current article sent late, or
- timely receipt of an alternative, similar article.
The dashboard in front of the customer service representative also shows them the recommended products this customer might need, based on the purchase history of other customers who have purchased the same item. The customer service representative makes a few recommendations on these other items within the same call, giving the customer the option to immediately add additional items to their order (perhaps using a “returning customer discount”).
In addition to the hypothetical situation presented above, real-time analyses also bring other benefits, such as:
- Real-time supply chain updates;
IoT product activity;
- Alerts on customer behaviors that indicate an increased likelihood to buy soon or risk chilling;
- Anomaly detection for cost and spend levels;
- Immediate identification of process compliance violations.
These applications of real-time analytics may sound idealistic, but the ability to make them happen is becoming increasingly realistic.
Source article: https://dataideas.co/
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