More businesses will adopt modern customer data platforms (CDP) in 2024 because of greater awareness of the benefits of the technology beyond just marketing, according to a set of predictions from value-focused analyst firm Valoir.
Valoir's forecast for 2024 is specific to the use of data in CRM. This approach is where CRM solution providers lean into data integration and artificial intelligence (AI) to deliver benefits from CDP, which is a collection of software tools that creates a unified customer database. The fresh benefits from using AI with CDP include more meaningful sales conversations and data-driven forecasting practices, such as fewer swivels for service agents.
Adopting this data-led approach means both sales and customer service teams can be faster, more responsive, and intelligent when servicing customers. Athough CDP has been around for years, the report notes that the current ability to integrate, normalize, and leverage reliable data is enabling businesses to use AI algorithms and intelligent workflows to deliver value at the speed of need.
I agree with Valoir's belief that there will be greater adoption of CDP platforms because of increasing customer demand for faster, more personalized, trustworthy, and intelligent user experiences. Businesses that want to stay relevant must be able to deliver value at the speed of need -- a standard of excellence that is defined by their customers, not themselves.
Here are five more 2024 business and technology predictions from Valoir:
The crossover of EX and CX: We will see more melding of employee experience (EX) and customer experience (CX) in 2024. By using more data sets, including human resources information, businesses can now focus on key stakeholder experiences, which is crucial in contact center and services line-of-business. The key takeaway for me based on my research and direct engagements with business leaders is that generative AI, natural language processing, and other machine learning-adjacent AI solutions can improve EX and CX. Trusted data is the fuel for the AI-powered experience engine.
The death of the survey: Businesses will use real-time voice and sentiment analysis to better understand customer and employee requirements in the moment of truth. Smart companies will look for less biased and burdensome ways to improve their sense and response capabilities. Businesses will also adopt more regular and personalized touchpoints to better coach and engage their employees in the moment. I strongly agree with Valoir's prediction of real-time sense and response operating principles. Businesses need a new operating model to deliver value, and make course corrections, in real time. To achieve this level of responsiveness, businesses also need to focus on trust, data, AI, and automation.
AI will see failures: Valoir notes AI will deliver great benefits, productivity, and automation in 2024, but it will also see failures. The lack of maturity of the technology -- coupled with appropriate policies and procedures, inadequate training, and safeguards -- will lead to adoption and implementation failures. I believe success is based on establishing effective provider partnerships and working with companies that have a track record of implementing new and powerful technologies. I also believe successful adoption of any new innovation is based on culture (core values), people, processes, and -- lastly -- technology.
Skills get real: The rise of AI makes building and updating dynamic skills ontologies easier and cheaper. Valoir notes that businesses need a better handle on the skills their talented people have at a granular level to ensure business continuity and succession. Also, greater adoption of AI requires an awareness of which skills are most vulnerable to automation. Businesses must also think about how to train their workers in adjacent and next-level skills that will be needed in the future.
The hybrid work fallout: A need for clear and consistent hybrid or remote-work policies and practices to ensure employees have equal opportunities for advancement.
You can learn more about Valoir's 2024 predictions for business and technology by visiting here.