CX Tools: According to a recent study by data experts Teradata and Celebrus, 82 percent of companies are trying to expand their knowledge, of their most valuable asset by collecting more customer data. But how do you manage to optimize knowledge management and turn the customer experience into a competitive advantage with CX tools? Vodafone Germany provides an example of success.
CX tools: In recent years, companies have tried to become more attractive to customers, particularly through individually tailored digital experiences. However, the major challenges are the shortcomings of existing tools and the expansion of the customer experience (customer experience) as a long-term competitive advantage.
CX Tools: Customer Experience As The Primary Strategy
This is the result of a current global study by Forrester Consulting on behalf of the data experts Teradata and Celebrus. Companies often struggle to gain insight into their customers. Most of them still struggle to understand and anticipate the needs of their customers, and most importantly, to keep up with their ever faster-changing desires, which the COVID-19 pandemic has accelerated.
Effective Networking A5G For The CX Tools
The past year has shown companies that their current data collection and CX tools do not meet the requirements. Fifty-one percent of those surveyed stated that they could not keep up with the increasing demand and respond to customer needs. Almost half (48 percent) of respondents said their current technology is not very effective at understanding customer behavior clusters and segments at a very granular level.
Vodafone is an example of how things can be done better. The telecommunications provider uses data analytics to plan, implement, manage and optimize the rollout of its 5G network for B2B and B2C customers. Vodafone Deutschland was the first network operator in Germany to usher in the 5G era and is thus leading the way in the digitization of our lives through data exchange in real-time, an intelligent network, and maximum capacity. This opens up new application areas for industry, science, and entertainment. A personalized, digital customer experience is of central importance to Vodafone.
The following scenario from Vodafone’s industrial customer segment: A crane driver loads five shipping containers per hour from the cargo ship to the quay at the port. If he was to work in a remote, central location, it used to mean dangerous small operations to lift and reload freight containers weighing more than a ton.
Generate Insights Using Analytics
What role does data analytics play in this scenario? For Vodafone Germany, 5G is starting to use data to determine where networks should be provided first, considering the requirements of existing industrial customers whose use cases for 5G are ready for comprehensive digitization. 5G brings with it huge amounts of data that were previously unavailable. The ability to network machines remotely, people who work with reaction times of fractions of a second from miles away, and machine-machine and human-machine communication were not feasible before 5G. This means that Vodafone and its customers can consider more use cases that, in turn, generate data. This enables ongoing analysis as a knowledge base for decision-making.
Vodafone uses analytics such as inclination modeling, customer evaluation modeling, and 4D analyzes, a combination of three-dimensional geographic location data with the fourth dimension of time. With this knowledge, Vodafone can more easily determine where corporate and private customers benefit most from 5G and what profitability and the added value this brings for Vodafone and its corporate customers.
The company can also determine the density and movement of people and machines connected to 5G. Vodafone analyzes where customers are and what services are currently available to them. In addition, Vodafone is also evaluating the profitability of its customer-specific 5G expansion.
CX Tools Bring Customer Needs And Offer In Balance
For a profitable provision of 5G, Vodafone Germany must first know the demographic data of its corporate and private customers. It’s about where a particularly large number of existing and potential new customers are most likely to benefit from 5G performance. Where are the customers who need 5G? Where do we have market shares? Where are there potential and opportunities in the development of new business models? Data helps Vodafone to develop new business models and a better customer offering. Geospatial data and 4D analyses provide the necessary insights. Data as the basis for an optimal offer and customer experience – Vodafone shows that a lot is possible with the right CX tools.
The example from Vodafone illustrates the relevance of customer insights for business success. But despite companies’ continuous investments in CX technologies, they are hampered by complexity, silos, and latency. The study shows that after the COVID-19 pandemic, there will be a sustained and pronounced shift towards data-based companies that cannot only respond to customer requests with the help of smart CX tools. But much more important: anticipating customer requirements.
ALSO READ: 5 Tips For Better Brand Building On LinkedIn