How can XO Data improve your business
Nowadays companies can use a lot of data to improve their business. But there is also a lot of information that is underused and that is essential in customer experience. Companies that obtain 50% or more of their income from digital ecosystems achieve 32% more growth and 27% more profit margin that the ones that don’t. However, obtaining a lot of data without using them properly is worthless.
Operational data (O), like costs, revenues and sales, show what is happening in a business. But also companies need experience data (X) to understand the feelings of the people involved and why things are happening. Because often there is an astounding disparity between how a company thinks customers feel about its products and services and how they do feel. According to a survey by SAP, 80% of customers would change a brand or service provider due to a poor customer experience.
In this scenario, XO Data is an intelligent mix between operational data and customer experience data. A mixture that allows entrepreneurs to understand not only what happens in a business but why something is happening.
The main challenge that businesses have to face nowadays is understanding their customers’ needs and offer them a unique experience. We now live in an experience economy in such, as customers, we no longer buy products, but experiences. XO Data will help companies get costumers more enthusiastic about their products, services or even their brand.
But not only XO Data is useful to improve customer experience. The work environment is also becoming increasingly important and, with it, the employee experience. In this case, experience data would enable the entrepreneur to ascertain whether and why certain employees want to leave the company and bind them to the firm with corresponding improvements.
To sum up, the experience economy is a reality and, to be competitive, companies have to break up with the past and develop smart strategies that bring new business processes and exceeds customers’ expectations. At DES 2021 you’ll discover the benefits of XO Data and other technologies that will improve the competitiveness of your business. Get the most of it!