Today, Ventana Research released “Challenges in Managing the Customer Life Cycle,” a paper sponsored by Aria Systems, that analyzes how businesses use customer data to support their operations. The paper highlights how organizations today struggle to effectively manage the ever-increasing amount of customer data they generate and, as a result, miss crucial insights that can help them develop more effective – and profitable – offerings.
With more and more companies implementing subscription-based services, it’s important for organizations to have a single, consistent view of customer life cycles. This visibility into the full customer experience is essential to building loyalty and reducing customer churn. However, less than half of the companies polled by Ventana Research (45%) have a single source of customer data. Even more, 22% of companies have customer data in more than 10 systems. Surprisingly, only 31% of businesses polled had a single set of customer reports and analysis.
To effectively counter this trend, the paper recommends that organizations deploy a subscription billing and management system that provides a single view of the customer, which can be customized to suit the needs of each user. By presenting all customer data within a single system, companies will be better equipped to maintain customer relationships for longer periods of time.
To download a copy of the white paper, click here.