Let Big Data Predictive Analytics Rock Your World

Mike Gualtieri

I love predictive analytics. I mean, who wouldn't want to develop an application that could help you make smart business decisions, sell more stuff, make customers happy, and avert disasters. Predictive analytics can do all that, but it is not easy. In fact, it can range from being impossible to hard depending on:

  • Causative data. The lifeblood of predictive analytics is data. Data can come from internal systems such as customer transactions or manufacturing defect data. It is often appropriate to include data from external sources such as industry market data, social networks, or statistics. Contrary to popular technology beliefs, it does not always need to be big data. It is far more important that the data contain variables that can be used to predict an effect. Having said that, the more data you have, the better chance you have of finding cause and effect. Big data no guarantee of success.
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Self-Service BI

Boris Evelson

Traditional BI approaches and technologies — even when using the latest technology, best practices, and architectures — almost always have a serious side effect: a constant backlog of BI requests. Enterprises where IT addresses more than 20% of BI requirements will continue to see the snowball effect of an ever-growing BI requests backlog. Why? Because:

  • BI requirements change faster than an IT-centric support model can keep up. Even with by-the-book BI applications, firms still struggle to turn BI applications on a dime to meet frequently changing business requirements. Enterprises can expect a life span of at least several years out of enterprise resource planning (ERP), customer relationship management (CRM), human resources (HR), and financial applications, but a BI application can become outdated the day it is rolled out. Even within implementation times of just a few weeks, the world may have changed completely due to a sudden mergers and acquisitions (M&A) event, a new competitive threat, new management structure, or new regulatory reporting requirements.
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Choosing The Right Customer Service Metrics Requires Alignment To Your Brand

Kate Leggett

There is no single metric against which to benchmark the performance of your customer service organization. It’s like flying a plane—you can’t do it by just looking at your altitude settings. This means that most organizations use a balanced scorecard approach, which includes a set of competing metrics that balance the cost of operations against satisfaction measures. For industries with strict policy regulations, like healthcare, insurance, or financial services, adherence to regulatory compliance is yet another metric that is added to the list.

The set of metrics that you choose also depends on your audience. Customer service managers need real-time, granular operational data. Yet your executive management team needs high-level data about key performance indicators (KPIs) that track outcomes of customer service programs.
 
So where should you begin when choosing metrics? It’s best to start by understanding the value proposition of your company. For example, do you compete on customer experience, where satisfaction measures are of primary importance, or do you compete on cost, where efficiency and productivity measures are most important?
 
Once you understand your value proposition, choose the high-level KPIs that support your company’s objectives. These metrics are the ones that you will report to executive management and include overall cost, revenue, compliance, and satisfaction scores. Next, choose the operational metrics for your organization that link to each of these KPIs and support your brand. For example, if you compete on cost, handle time and speed of answer will become your primary metrics. However, if you are focused on maximizing customer lifetime value, first contact resolution will rise to the top.
 
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Want To Learn How To Embrace, Lead, And Deliver Digital Disruption? Join Us This Fall

Kyle McNabb

Digital disruption is real and shows no signs of slowing down – our research shows that 1 billion consumers will utilize smartphones by 2016. Digital upstart companies are disrupting long-standing business models as documented by stories in the major business news outlets such as Fortune, Forbes, NBC Universal's business channel CNBC, and The Wall Street Journal. If your industry / company is not under siege yet, it’s safe to assume it will be.

Your challenge is to disrupt while avoiding the chaos that will ensue if you fail to adapt.

"When companies adopt technology, they do old things in new ways. When companies internalize technology, they find disruptive things to do." James L. McQuivey, Forrester Vice President & Principal Analyst

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Hey Developers, Make Your Mobile Apps Blazing Fast

Mike Gualtieri

It’s genetic. Humans want it faster. Evidence abounds: The Speedy Weeny microwave hot dog vending machine, Chuck Yeager’s sound barrier record, techno dance, and don’t forget the T-Mobile girl’s alter ego as a provocative motorcycle speed freak. Zoooom.

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The 2012 Financial Services Architecture Survey Has Started

Jost Hoppermann

When designing application infrastructure strategy, planning for the renewal of their application landscape, or assessing their overall strategic position, banks and other types of firms in financial services typically like to know the answer to the question: “What are the others doing?”

Source: November 8, 2010, “Financial Services Firms Again Seek To Renew Their Application Landscape” Forrester Report

It is time now to update the survey results: Forrester has just started surveying banks in North America, Europe, and further geographies about the current state of their application landscape, their key issues and concerns, and their plans for the future. At a high level, the survey is designed to answer the question: “What are others doing?” Phrased in a different way, it targets the question: “What are the key trends regarding the transformation of the application landscape in financial services in its multiple facets?”

To make this survey successful, Forrester needs your help. If you are working in financial services in any role that is related to financial services architecture and application delivery (including the more planning-and-strategy-oriented aspects of application delivery), please participate in Forrester’s Global Financial Services Architecture Survey 2012. Please contact Reedwan Iqbal (riqbal@forrester.co.uk) who will send you a link to the online survey.

Thanks a lot for your help,

Jost Hoppermann

The Revival Of Digital Asset Management

Stephen Powers

 

This is a guest post from Anjali Yakkundi, a Researcher at Forrester Research. It originally appeared on destinationCRM
 
By now, everyone knows that engaging and dynamic customer experiences are a key competitive advantage, and “business as usual” will no longer suffice to support these engaging digital experiences. Organizations that don’t embrace this customer-focused thinking will risk missing out on important opportunities and will lose strategic advantages.
 
From a technology standpoint, the key to success will be integrated, best-of-breed customer experience management (CXM) solutions. This includes technologies such as Web content management (WCM), CRM, eCommerce, digital asset management (DAM), site search, and Web analytics.
 
We recently completed an evaluation of the DAM market. DAM is a key process-based solution that focuses on managing rich media content (e.g., videos, images, graphics, and audio). Despite the well-documented importance of rich media in cross-channel customer experiences (consider the amount of video and images on the Web or in marketing content now versus just five years ago), DAM solutions have long been overshadowed by other CXM technologies. These solutions have traditionally been relegated to niche, rich-media-heavy industries such as media, publishing, and entertainment. But as more and more organizations understand the importance of a cross-channel rich-media strategy to improve customer experiences, DAM for customer experience is experiencing a revival in interest across verticals.
 
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What Is A Collaborative Content Hub For Customer Service?

Kate Leggett

Knowledge management for customer service has always been a difficult proposition. It’s not that knowledge management fails to work; it does its job well, as proven by the numerous case studies that show real ROI, as well as the maturity of vendor solutions. The historical difficulty with knowledge management is that many buyers and users don’t understand the difference between knowledge management and content management — and typically view knowledge management as a heavyweight solution that’s laborious to use.

Perhaps it’s time to lose the too loaded term knowledge management and focus on what it is that customer service agents need to do their job — to answer customer questions in a complete, accurate, and reproducible way. They need access to up-to-date content that is aligned with customer demand and which is created in a collaborative way. This content must also be available to call center agents, as well as agents dedicated to the email, chat, and social communication channels. A subset of this content must also be available to customers via a web self-service site. All these requirements translate into a collaborative content hub.

Here are the main capabilities that make up a collaborative content hub:

  • Easy content capture. You should be able to flag information from any source (email, discussion forum thread, social media interaction) and effortlessly kick it off to be included in your collaborative content hub.
  • Democracy. Everyone within an organization (and customers as well) should be able to recommend information to be included in the content hub.
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SAP Restocks Its Cloud-Zoo With Ariba

Holger Kisker

SAP Turns To Acquisitions For Cloud Innovations

Just three months after SAP acquired SuccessFactors, a cloud leader for human capital management solutions, for $3.4 billion, it has now announced the acquisition of Ariba, a cloud leader for eProcurement solutions, for another $4.3 billion. Now, $7.7 billion is a lot of money to spend in a short amount of time on two companies that hardly make any profit. But it’s all for the cloud, which means it’s for the future business opportunity in cloud computing services. So far, so good; SAP has invested and acquired quite a number of cloud companies over the past years: Frictionless, Clear Standards, Crossgate, etc. The difference in this most recent acquisition is the big overlap with existing solutions and internal R&D.

Following the first wave of cloud acquisitions, SAP was sitting amid a zoo of cloud solutions, all based on different platforms: ePurchasing, CRM-OnDemand, BI-OnDemand, Carbon Impact, ByDesign, Streamwork . . . They all used very different technology, resulting in big integration and scale challenges behind the scenes. The market welcomed with open arms SAP’s announcement 1.5 years ago that it would consolidate its cloud strategy on the new NetWeaver platform for both ABAP- and Java-based cloud solutions.

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Big Data Tragedy