Throughout my career, I’ve had the opportunity to work with marketing agencies, large media companies, and global service providers. In this time, I’ve witnessed the unprecedented rise in the value of data as a key driver of business growth and shareholder value, and the need for this data is more pronounced in today’s ever-changing global business climate than ever before.
As the Chief Marketing Officer for a leading global technology consulting company, we leverage actionable insights from curated data to work with ecosystem partners (like ThoughtSpot) to better serve our enterprise clients and help them thrive in a world shaped by disruption and fueled by data and technology.
The challenges presented by 2020 have prompted many of our enterprise clients to accelerate their transformation to a more agile and advanced way of working. We’ve noticed a trend amongst our clients – enterprises that have been able to embed trustworthy AI into their business processes have been able to sense and react more quickly to the global pandemic.
We recently surveyed 300 companies in the U.S. and the UK for a report on the state of the intelligent enterprises, and we discovered some interesting findings regarding the journey that I think our clients have ahead of them:
First, only 22% of these companies believe their marketing functions are completely mature and have appropriate AI/automation enablers. So, there is plenty of room for marketers to grow, upscale, and integrate with their organizations to improve their customer experience.
While 61% of organizations believe that AI is critical for improving customer experience, marketing placed 6th in speed of adoption (after IT, operations, R&D, Finance, and HR), followed by sales.
Finally, while technology is the primary enabler for becoming an Intelligent Enterprise, up to 40% of organizations consider building strong thought leadership to be crucial in sustaining this transformation. And, of course, marketing plays a critical role here too.
Marketing is just one revenue-generation function in a company’s value chain, though.
For B2C enterprises, customer acquisition and churn are large factors in managing revenue. Customer service and field sales play a pivotal role in managing revenue leakage in these enterprises.
To illustrate this point, I’ll share a case where ThoughtSpot and Wipro have jointly delivered value to a large telecom client in Europe. This customer has nearly 6M customers across Europe, and the market is extremely competitive. Based on an industry study by Bain & Co, a 5% increase in customer retention/loyalty can raise profits from 25% to 95%. Therefore, empowering sales and service personnel in the field with decision-making insights in real time is key to managing customer retention.
With ThoughtSpot’s search and AI-driven analytics platform and Wipro’s domain and data knowledge, the client was able to drive:
Data-driven decision making across a user base of 40+ employees as part of their Phase 1 rollout.
Reduce time to insights by 75% (from 20 minutes on query analysis to 5 minutes).
Create a strong data foundation layer for driving “intelligent insight” adoption across the sales and customer service lines of business.
I have shared my thoughts on this topic, along with my esteemed colleagues Denise Persson, CMO, Snowflake and Scott Holden, CMO, Thoughtspot, during a recent session at Snowflake’s Data Cloud Summit. To access the session on demand, click here.
Are you ready to take the right steps toward becoming an Intelligent Enterprise (i.e. a Digital ++ Enterprise that infuses trustworthy AI into business processes and is supported by actionable insights, powered by curated data)? Join my colleague Sanjeev Chaudhary and T-Mobile’s Ivo Bennema at Beyond 2020 to learn how ThoughtSpot, Wipro and T-Mobile are making the Intelligent Enterprise a reality.
To get your free copy of our “State of Intelligent Enterprises” report, click here.
Plus, if you have any questions, please email [email protected]