What drives both business and the F1 fast lane? Data

Data compared to Formula 1 GP 2011 Sepang Malaysia

Great customer service and the Formula 1 fast lane have something in common – both are driven by great data. Marije Gould of Verint Systems explains 

The Formula 1 season is entering the closing laps, with Lewis Hamilton still the favourite to win the Drivers’ Championship, but Mercedes teammate Nico Rosberg maintaining his challenge. So, as the two Mercs battle it out, what can the wider business world learn from this furiously paced, technology-driven nitro sport?

Fuelled by data

F1 has rapidly become one of, if not the most, data-driven sports in the world. Faster access to data during the race allows for quicker car modelling and simulation tests.

Teams are now analysing around 2,000 statistics per lap – on everything from weather, fuel and positional data insights – to support their race strategy.

Similarly, with the rise of big data, businesses need to be monitoring multiple channels across social media, phone calls, emails and multimedia in real time to stay on top of customer data insights and adopt the right strategy to drive engagement.

The pit team

Regardless of the level of technical expertise on show, things go wrong.

But pit crews have the training to react to any feasible scenario. Having established the fault, they’re poised for the driver to come into the pits, ready to rectify the issue in a matter of seconds.

Just as the pit crew have to know every inch of the car, businesses and their employees have to get to know their customers and be properly trained to deal with any situation.

Companies need to employ data to closely monitor employee performance development and have comprehensive training plans in place to ensure that customer-facing employees, in particular, are as helpful as possible.

Post-race analysis

People don’t just down tools and go home after the race and in business it shouldn’t be any different. It is just as important to reflect, analyse the data and evaluate what crucial improvements need to be made.

By understanding the voice of your customer and engaging with them via their preferred channels, businesses are in a better position to support the entire customer journey.

We’ve seen very public failings on this account with utility company price hikes and banks suffering from account-switch regulation changes.

Customers want service to be quick and pain-free and for products and services to work seamlessly.

Accessing and acting upon the insight gleaned from the data will help to improve customer interactions, and by personalising the customer service vehicle, you will provide the best experience and service for the smoothest ride, ensuring the customer stays loyal.

The technological driving force

F1 is all about staying ahead of the curve and having the right tools and skills in place to predict what will happen next and act pre-emptively. Technology is the fuel that facilitates this; data is the key to moving the technology forward.

The customer service world is no different, as organisations struggle to keep pace with connected consumers. Providing a seamless omni-channel experience is crucial for engaging with and energising your customer base in an effort to maintain customer loyalty.

The nuts and bolts of customer service have to stem from these technological foundations. Having the right data tools and solutions in place can provide you with the grounding you need to overtake the competition.

About author

Marije Gould

Marije Gould

Marije Gould is the vice president of marketing EMEA at analytics specialists Verint Systems UK

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