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Customer Experience, Big Data, and Competitive Advantage

Larry Freed

December 20, 2013

"To compete and win in today's ultracompetitive environment, where consumers are in control and switching costs are very low, the customer experience is more important than ever before. Businesses cannot stand still; they must continue to push the envelope and evolve—not only products, services, and marketing, but also analytics. [...] Companies with insightful and actionable analytics can respond to the market and their customers quicker than their competitors. Tomorrow's winners will be defined by the innovative strength of the customer experience analytics they use and implement. The key to measuring this new world of customer experience analytics is to understand the rise of big data. In 2000, only one-quarter of all the stored information in the world was digital; paper, film, and other analog media ruled. No more. With the amount of digital data doubling every three years, as of 2013 less than 2 percent of all stored information is nondigital."

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