When transformed to analytics-ready intelligence, high-velocity transactional data presents a remarkable opportunity to optimize customer relationships.
High-velocity, high-density business transaction data describes how your customers conduct their business relationships and interactions. Once this data is transformed, it is ripe with opportunity to leverage customer insights to strategically allocate customer treatments.
Accomplishing this means relating all relevant customer behavior to associated business outcomes, weighing and selecting the best outcome as the decision point, allocating business resources to the outcome, and measuring impact of that decision on business performance.
In order to fully realize the benefits of this intelligence, firms must prioritize business responses and align resource allocation to customer strategies.
When leveraged appropriately, this data presents a remarkable opportunity to monitor customer behavior, make data-driven decisions, and allocate finite resources to the most opportune interaction points.
Once event data is obtained, firms must respond with the most ideal treatment that will serve the customer’s unmet needs the best way possible. In addition, the communication also needs to meet the customer on their terms and through their preferred channel, on a contact frequency they deem appropriate.
In this RedPaper, Corios President Robin Way leads an in-depth discussion around:
- A framework for understanding business event responses – Discuss the various communication strategies, and how they relate to transactions and transaction-based analytics.
- Using transactional analytics to enhance customer event data – Learn how a transactional analytics engine can start enriching the transactional, customer, and other reference data relevant to customer behavioral exploration.
- The relationship between customer behavior, decision outcomes, and business performance – Discover a solution architecture for monitoring customer events and delivering optimal decisions.
- Business applications for this architecture in your own firm – Read relevant use cases of how transactional analytics can elevate customer relationships.