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Customer Intelligence Empowers Organizations to Convert Data to Profits, According to New AberdeenGroup Study

Improving customer intelligence management practices empowers organizations to profitably define, identify and respond to high value customers and has become the top motivator for 74 percent of best-in-class companies in creating a corporate culture of customer-centricity according to Aberdeen's new benchmark report, "Customer Intelligence: Converting Data to Profits."

According to the report, companies that exemplify "best-in-class" practices attained greater than 20 percent annual improvement in gross revenues, customer acquisition and retention rates. Moreover, leaders have proactively begun to address their need to improve the management, analysis and application of customer intelligence in several critical areas:

  • Best-in-class companies utilize both operational BI and predictive analytics to better understand and respond to high-value customers.
  • Leaders are more likely to use customer data integration and data quality solutions to incorporate data captured from multiple sources prior to analysis.
  • Leaders plan to extend or integrate their CRM systems with other customer intelligence tools for increased visibility and better data analysis capabilities.
  • Fifty percent of best-in-class companies selectively outsource to third-party service providers to augment internal capabilities and processes.

Aberdeen's "Customer Intelligence: Converting Data to Profits" study reveals that leaders share similar approaches and processes:

  • Establish cross-functional teams and ownership processes to align IT with line-of-business users.
  • Take a long-term approach to growth in defining customer value by lifetime value models.
  • Centralize management of customer intelligence at the corporate level.

"Organizations have spent millions capturing, analyzing and applying customer intelligence with the goal of growing revenues by increasing focus on customer-centric strategy and execution," stated Leslie Ament, director of Aberdeen's customer intelligence research practice. "We believe forward-thinking organizations will continue to invest in select technology enablers, process development, performance measurement capabilities and services that empower them to apply customer intelligence towards better decision-making in support of more profitable growth."

Aberdeen (www.aberdeen.com) provides fact-based research and insights focused on the global, technology-driven value chain. Its benchmarking, market and solution assessments, sales acceleration programs, and conferences support Global 5000 value chain and technology executives and the solution providers who serve them.

This piece is brought to you by the DM Review editorial staff.

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