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Can Knowledge Management Help Companies Become Customer-Centric?

By CIOReview | Tuesday, June 30, 2020

Success of a brand depends on whether or not a company is following a customer-centric approach. Data and consumer insights offer us the knowledge to gain the approach, but without a culture of collaboration, there cannot be an effective solution and success rate.

Fremont, CACustomer-centric companies are 60 percent more profitable than the ones not focused on the customer, points a Deloitte research. Today, most businesses are trying to achieve the same.

Giving them good experience, along with placing customers first is the key. Real work in the direction of truly understanding the customer is a precondition to design products and services to meet more than their needs, such that a product becomes their desire too.

There is a need for a knowledge management strategy that aids companies to become more customer-centric. For this, cultural and technological changes in businesses improve the innovation success rate.

Collaboration

Collaboration is one of the best ways to grow closer to customers. Changing customer needs will normally have a parallel change in the internal processes as well. This can be based on which a culture of innovation should inspire others to collaborate, to share insights irrespective of where they work in the organization.

Collective analysis of data

If such insights are simply an output of a separate, excluded consumer insights department, whose job is in providing data from marketers to product developers, it is not enough. Collaboration is the key to effectiveness and success. Companies should ensure teams do not spend quality time analyzing data, while developing insights on their own, and are not just data diggers. This will ensure individual empowerment and forces employees to perform activities of high value.

Data and insights will not bury in files, it is something in live, and it is how customers live. The employees, in their thinking, should incorporate it! Then, incorporating all such insights into developing a product will result in great success.

To do this, combining work culture with technology is important. Everyone in an organization should be able to find the right knowledge at the right time; it can even come from a fellow worker in another department. This can ensure a customer-centric approach.

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