The newest instalment of the Service 2020 Megatrends for the decade ahead report has been released by BDO.
Titled Companies must use new sources and types of data to rethink the way they track and
personalise their service, the report details the importance of social media and analytics to gain insight into customer behaviour and better prepare for a successful – and more transparent – future.
“Long gone are the days of the stand-alone customer loyalty card – we’re now seeing a range of new data, social media feeds, smart phones and web-based analytical systems that are changing the way organisations engage with their clients,” said BDO partner Stephen Coates in a media statement. “The smart companies will use this additional data together with improved analytical technology to better predict future customer behaviours – allowing them to better personalise their service or product.”
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Social media platforms offer unparalleled access to a company’s customer base – both their praise and complaints about the company. The BDO report found that 40 per cent of companies surveyed within the Asia Pacific region do not have a strategy is place to measure this feedback, which could have a severely adverse impact on the company’s customer ratings.
“With so many different platforms, customer privacy and exploitation are risks that organisations will need to manage effectively to ensure they do not breach the trust of their clients,” Mr Coates said.
The full report, written by the Economist Intelligence Unit, is based on a survey of 479 global business leaders. Each of the report’s eight megatrends will be released in separate instalments over the coming months.