A new report[1] from the customer experience experts, CX Network, has revealed that investment in data analytics and customer insights has increased by 54% in 2024. 78% of organisations investing in data analytics have seen a positive impact on customer loyalty, while 79% have experienced positive impacts on profits.
The findings, which have been highlighted in CX Network’s flagship report: ‘The Global State of CX 2024’, state the latest trends in customer experience and behaviour.
Compiled using survey responses from 282 CX practitioners, service leaders, experience designers, analysts and consultants, the report covers the customer experience trends, tech developments and customer behaviours over the last year.
Proving ROI on data analytics spend is revealed to be the most common barrier to bringing these investments to life. 42% of customer experience professionals cite proof of ROI as a major obstacle, while other roadblocks include budget restrictions, according to 38% of customer experience professionals.
Besides automation, data insights and analytics were the second-highest spending priority, with nearly 2 in 5 businesses (38%) listing it as a top investment focus for the year ahead.
To stay competitive, businesses must anticipate and meet the evolving expectations of their customers, tailoring their data analytics strategies to align with broader organisational goals.
Nima Jarvandi, Worldwide Head of Integrated Marketing, AWS Marketplace, said:
“Utilised correctly, data is an invaluable source of potential growth. For organisations everywhere, data is the gateway to new opportunities. The goal is to collect data and use it intelligently. The current state of data analytics in customer experience (CX) is marked by a significant shift towards a data-driven approach. Organisations are increasingly recognizing the importance of leveraging data to enhance customer interactions and satisfaction.
“Data analytics in CX involves the collection, processing, and analysis of various customer-related data points to derive actionable insights. The audacious goal of a single view of the customer is no longer a ‘nice to have’. Businesses are adopting advanced analytics tools and technologies to gain a comprehensive understanding of customer behaviour, preferences, and sentiments. Real-time analytics is becoming crucial to respond promptly to customer needs and optimise the overall customer journey.”
Caroline Carruthers, co-founder of global data consultancy Carruthers and Jackson and author of Data Driven Business Transformation and The Chief Data Officer’s Playbook, said:
“Data is evolving at an ever-increasing pace. The scale and size of what we are developing in the data world is moving at a pace that really is unprecedented. We are living in the Fourth Industrial Revolution right now, and one of the defining factors about this is that we know that what comes out of the Industrial Revolution is something very different from what it looked like going in.
“There are a number of different things that really impact the customer experience world more than anything else; one is the ever-increasing need to demonstrate a return on investment. It is not just about what we can do and what the outcome is, but what are we really going to get out of it?
“We have all these people working in organisations who understand that we should be able to better personalise [the customer experience], and there is a saving if we can get customers to do more for themselves.
“We need to do more, with less, in a more digital way.”
To view the full report, visit https://www.cxnetwork.com/cx-
