In modern business, trust and convenience are the new currencies. Customers are intensely protective of their privacy and think twice before handing over data to companies. To make that leap, they need strong levels of trust with their suppliers
To build trust, business professionals must be seen as reliable advisors, able to provide recommendations and advice the customer can rely on.
Today, artificial intelligence makes it easier to develop that understanding by learning about each customer's unique characteristics and context. IBM Watson takes this information and maps it against a company's own product and service offerings to make informed, sophisticated recommendations that can more deeply personalize a company's relationships with its customers
Four in five customers
will only give data to a limited number of companies they trust. This means that companies must compete to build those strong relationships.
How can companies do that? They begin with committing to protect that sensitive personal information, but at this point in the game, strong cyber security measures are simply table stakes in the battle for customer trust. Companies must elevate their game by offering something more
Those rewards come in the form of recommendations from the business that enrich a customer's life and makes it more convenient. Recommendations have a strong positive influence on brand trust. Two thirds of consumers said that they would be more likely to share some form of information in exchange for some form of value, such as recommendations that can help them manage complex decisions. However, those recommendations must be useful. They must be made with confidence.
Making insightful recommendations is difficult. While they may be data-driven, in many cases having an ocean of data can be a hindrance rather than a help.
Research firm IDC predicts that the global datasphere – the annual amount of data created - will grow to 163 zettabytes (ZB) by 2025. That's ten times the 16.1ZB of data generated in 2016
Managing this glut of data is a daunting prospect. As the digital haystack grows, it becomes more difficult for companies to find sharp insights. Spotting patterns that they can use to make astute customer recommendations takes more technical skill and computing effort
If they get this process wrong, it can have a negative effect on their business, eroding trust rather than building it.