With digital data growth expected to increase globally by 4,300 percent by 2020 and competitive pressures mounting, companies require an analytics capability, now more than ever, to meet the sharp-rising demands of their customers. However, meeting these demands also bring their own challenges of limited resources, budgets constraints, and more importantly the impact of obsolete technology that barely make the grade for analyzing the sophisticated customers' expectations in a multi-channel engagement, service environment.
The explosive growth in digital customer data is also providing unprecedented opportunities to improve the overall customer experience via big data and small data analytics. The process of collating and interpreting these vast quantities of data and then to extract the meaningful, insightful elements and obtain useful intelligence to help businesses serve their customers better, is not as easy as it may seem. Forward-thinking companies are gathering, analyzing, and acting on information to improve customer experience, for example companies are using analytics to understand how they can provide proactive communications through customer-preferred channels by providing an optimized matches between products and consumer needs.