Big business of analyzing customer data

Customer data are more valuable to any business. However, if the business is unable to analyze available data, then the data become useless for the business. There are many companies that offer customer data analysis. Many Fortune 500 companies are using these services to analyze data they collect and improve their business. That’s why customer experience analytics (CEA) is important to any business.

By analyzing data, businesses can learn customer behavior patterns. CEA uses sophisticated data modeling techniques and develop positive relationships with customers and enhance their experience. Data could come from many sources including call centers, the Internet, digital media, interactive sources, special events, interactive voice responses and many others. Analysis could be used to develop and implement long term loyalty strategies, reduce time wasted by customers on products, and reduce operational cost.

There are many services that specialize on CEA and customer experience management (CEM). CEM is a $2.68 billion industry that is expected to grow to $6.61 billion by 2017. North America holds the largest share, 47.6 percent, of the CEM market. In the financial sector, three of the top five financial institutions in the U.S. use ClickFox to create a better customer experience which currently analyzes more than 12 billion customer experiences.