Businesses want a 360-degree view of their customers, but to be successful, they must start small and deploy analytics incrementally with specific business objectives and use cases in mind, says Brandon Purcell, principal analyst at Forrester.
“Start by bringing together a couple of different data sources. Then move on to the next use case and bring in more data sources,” he says. “Over time, they create this great foundation with various models on top of it.”
Using Data Analytics to Boost Customer Engagement
Members 1st, which has nearly 60 branches in central Pennsylvania, took that implementation approach when it launched its data analytics effort in 2018.
Its first project was to automate a process to build monthly reports that track each branch’s performance on metrics such as new-account growth and product sales. McAllister’s team took about four months to replace the time-consuming, manual reporting process with data visualization dashboards using Microsoft’s Power BI analytics tool.
The Power BI dashboards synthesize data from multiple sources, including the core banking system, customer resource management software and the customer lending system. Now, executives and branch managers can log in to the cloud-based dashboards on their computers or smartphones to get real-time branch performance data and drill down on specifics based on location, products and staff responsibilities.
“The dashboards get updated daily, so now they can view progress toward their goals without hours of manual effort,” McAllister says.
Members 1st now uses Power BI dashboards to improve the customer experience, from tracking call center volume to tailoring sales and marketing efforts to customers’ specific needs.