If you’re familiar at all with LivePerson, you’ll know that we’re a real-time engagement company, focused on creating meaningful connections. But it’s also fair to say that we’re a data company. LivePerson hosts 17 million live chat engagements per month, and for every chat, data is generated. From detailed information about the customer’s website session to entire chat conversations, there's data behind every connection. And as all these transactions began to add up over time, we started to realize that there was a tremendous amount of potential value in that data—potential to help our customers improve their business. I guess you could call this realization our “Big Data” moment.
As you think about your business, one of your goals is to organize and leverage all of your customer data. Another goal is also to create insights from that data that are relevant enough to take action upon. But while data is key to creating actionable intelligence, it’s simply a building block… In and of itself, data provides limited value. However, logically combining data together with other data creates information. And then turning that information into insights creates knowledge, which enables people—such as front line operational staff, sales teams, or product development—to be more effective and efficient at their jobs. Ultimately, data insights lead to providing better service, better products, and selling more.
But there are some real challenges that inhibit businesses from easily turning raw data into actionable knowledge. First and foremost is the sheer volume of data; the volume of data that organizations have access to today is overwhelming. Both unstructured and structured, coming from internal and external sources, data is accumulated at a rapid pace. With all these data sources coming from their own unique information environments, the back-end of no two data sets look alike. Further, the formats of all of these data sources are completely different from one another, and, by being heterogeneous in nature, it is extremely hard to combine these multiple data sets to create meaningful information.
But if you had some technology that could create a homogeneous data set for your business, you can begin to connect the dots. And if you can connect the dots, interesting information relationships are created. And once these information relationships are made, you create knowledge—and the capacity to take the correct action when faced with a complex situation.
This is the business problem that LivePerson has been trying to solve for its customers with its voice-of-the-customer analytics program, and is solving today with our LP Insights solution. As the product owner for LP Insights, I am very excited about the results we’ve achieved thus far with some of the world’s leading brands, and I am beyond excited about the extraordinary value that LP Insights will bring to our broader client base.
With today’s official launch of LP Insights, I invite you to learn more about how big data can impact your business. Is your company taking advantage of big data in a way that impacts the customer experience? I'd like to hear about your strategies for using big data to improve your sales and customer service operations.