Welcome to the fourth edition of our five-part series with eClerx. Previously, we offered an overview of their data science and analytics practice, L&D ecosystem and spoke to their leaders on their birth and journey from a KPO to a data science and AI company. In this article, we explore how eClerx’s niche, award-winning solutions have helped Fortune 500 clients achieve measurable business impact in several key industries.
Over the years, data science and analytics has exploded to become a crucial backbone for companies now. According to Gartner, by 2024, 75% of businesses will shift from piloting to operationalising AI.
As companies seek to unlock insights from their data, they are turning to innovative solution providers such as eClerx, a global leader with a presence in 29 countries and over 15 industry verticals. The company’s award-winning solutions have had a transformative impact on its 250+ clients, including 45+ Fortune 500 companies. Their solutions have generated multi-million dollars, top-line impact, helped them unlock new revenue streams, optimised customer experiences, and drove operational efficiency.
This article goes on to explore eClerx’s core service lines that are on the priority list for everyone in the executive suite; customer relationship management, customer support and operations, business intelligence, merchandising analytics, and marketing and campaign optimisation. eClerx’s clients range across a broad range of industries such as retail, technology, industrial manufacturing, e-commerce marketplaces, hospitality and media.
Creating and Sustaining Superior CRM through Personalisation and Advanced Models
In today’s fast-paced business environment, acquiring customers is only the first step. The real challenge starts post acquisition, where we need to foster strong customer relationships across the entire lifecycle, from activation to engagement, retention and eventually loyalty. This is where eClerx’s personalisation and advanced data science models come into play.
Identifying key questions for each stage helps us align customer behaviour with strategy
Across these stages, personalisation enables superior customer experiences and drives significant customer lifetime value, per-transaction value, and experience metrics. By leveraging advanced data science models like lead scoring, customer profiling, propensity modelling, and next best action and recommender systems, eClerx delivers richer consumer data and insights to its clients by making CRM systems more capable, intelligent and timely.
The ability to advance customers across lifecycle stages, and to optimise individual journeys from their reach to engagement and buy has improved significantly as well. CRM platforms have become much more capable and feedback loops have become shorter with data science and AI/ML.
On the D2C side, eClerx helped a leading apparel retailer to improve their conversion rate and average order value by 8-10% by enabling customer journey optimization, personalization, and content optimization.
In the B2B space, for a global technology giant, eClerx’s solution led to a 20% higher conversion from marketing leads to sales leads, leading to net new revenue increment of 13-15% through incremental customer lifetime value using lead scoring, propensity modelling, churn prediction and product recommendation engines.
Intelligent Customer Support: Revolutionising Operations with Analytics & AI
The way organisations provide customer support has evolved significantly with calls, chats, SMS and WhatsApp, eServices websites, virtual agents and much more. Needless to say, the increasing levels of complexity in decoding places the onus on analytics and AI to identify inefficiencies in these processes. Advanced techniques are leveraged to troubleshoot optimal resolution paths, maintaining the balance between cost and customer satisfaction.
eClerx’s solutions in this space are multifold, ranging across key customer support and operations areas:
- Voice.AI and Text.AI, which are eClerx proprietary tools that help in monitoring and improving the performance of call centres and support centres
- Guided resolution engines that identify optimal resolution paths
- eServices journey optimisation engines that take the customers on a self-resolution journey
- Virtual agents and chatBots that integrate agent learning and AI-driven mechanisms
For a leading technology and consumer products retailer, eClerx’s teams optimised their multi-channel support capabilities across call centres, eSupport websites, chatbots and virtual agents, and for on the box support. This led to cost savings of $30M+ by optimisation of first touch resolution, handling time, and dispatches, maintaining high customer satisfaction levels.
Similar outcomes can be achieved in other niche areas like inventory management, partner operations, finance back-end operations and other operationally intense processes leveraging AI and process reengineering.
From Data to Insightful Business Stories: How AI and Automation is Transforming Business Intelligence
Business Intelligence teams still spend most of their time traversing the cycle from data to insights, instead of considering ready-to-look insights and making decisions accordingly. However, more mature organisations are now envisioning a self-serve BI solution that is either fully or semi-automated. This is being enabled by advancements in tools and platforms, design thinking approach to BI and automation enablers.
eClerx’s approach is driven by laying the groundwork that creates high quality BI ready data, which is powered by robust data engineering pipelines. This leads to the creation of strong KPIs and deep-dive metrics that are contextual, insightful and intuitive.
The highlights of eClerx’s Visualization and Data Storytelling solution
Some of the unique selling propositions of eClerx’s BI capabilities are marked by next-gen visualisations and storyboards that tell dynamic data stories, dashboard automations and scenario-planners. Advanced features like forecasting, anomaly detection and alert mechanisms allow teams to proactively obtain signals, plan and avoid surprises.
For one of the world’s largest global retailers, they optimised the data-to-insights cycle time by 30-40% by setting up centralised business intelligence suites and command centres that helped business stakeholders optimise certain areas in day-to-day operations by 10-12% via easy to consume, self-serve insights across marketing, sales, ecommerce, operations and more.
Smarter Merchandising Decisions: Driving Revenue Growth with Analytics and AI
Industry manufacturers and distributors face the challenging task of making critical merchandising decisions every day, including what to sell, who to sell to, and how to sell it. To make these decisions, they often turn to eClerx, which offers an ecosystem of solutions to help drive revenue growth with analytics and AI.
The ecosystem includes accelerators like eRange and Market360, hybrid teams comprising data scientists, domain experts, product data management SMEs, rapid experimentation and stakeholder collaboration.
eClerx’s ecosystem has several proprietary tools that act as accelerators
For a large industrial manufacturer and distributor, eClerx developed a customised assortment and product portfolio optimisation engine combined with merchandising and trading scenario planners impacting realised value on revenue. The engine recognised ~£1M opportunities per product category, improved average order value by 2.9% and optimised margins by ~£0.5M annually for key product categories.
This success was achieved through the use of custom scenario planners, which were consumed by stakeholders such as category managers and merchandisers. eClerx’s solutions have been validated through an ISG Outstanding Case Study, demonstrating the value they bring to their clients’ businesses.
Customer-Centric Marketing and Campaign Optimisation
Companies are known to spend millions of dollars on their marketing initiatives in order to attract and engage customers. However, new forms of marketing are evolving as a result of changing customer engagement patterns. These include web-based, social, offline, virtual reality, calls, chats, and third-party marketplace-driven marketing. This has led to a growth in partner-driven marketing, offline-online integrated marketing, retargeting on external platforms, content marketing, brand marketing, and so on.
One of the biggest challenges in marketing is accurately measuring the impact of campaigns and initiatives. This often leads to sub-optimal planning of spends for the future. The reason for this is the disparate nature of data, complex navigation, evolving and messy tech stacks, and a lack of standardisation.
The key to bringing customer-centricity to marketing optimisation is to develop solutions that adopt both a top-down planning approach and a bottom-up execution approach highlighted in the figure below showing an overview of eClerx’s marketing and ad spends optimisation solution. This approach ensures that there is proper alignment between strategy and execution, which will in turn result in accurate measurement and optimisation.
eClerx’s ROI optimisation solution for ad spends
There are several marquee solutions available to address these challenges. These include multi-touch attribution, market mix modelling, marketing spends optimisation scenario planners, in-flight optimisation and recommendation engines, robust MarTech setup, content personalisation, next best campaign, and channel targeting recommendation engines. By leveraging these solutions, companies can improve the efficiency of their marketing initiatives, reduce costs, and achieve better customer engagement.
In conclusion, companies need to adopt a customer-centric approach to marketing optimisation, which will require a top-down planning approach and bottom-up execution. By leveraging marquee solutions like multi-touch attribution, market mix modelling, and marketing spend optimization, companies can ensure accurate measurement and optimization of their marketing initiatives. This will enable them to reduce costs, improve efficiency, and achieve better customer engagement.
For a leading global consumer services provider, eClerx optimised $200M worth of marketing spends and initiatives with a 15% higher RoI from marketing initiatives by developing an end-to-end marketing optimisation engine deployed on cloud. This was leveraged by campaign managers, channel marketing managers, and product marketing stakeholders across the organisation to measure, plan and optimise the marketing lifecycle.
With regard to the power of analytics and AI in driving business growth, it’s clear that the future belongs to those organisations that are able to leverage data and emerging technologies to make smarter decisions and stay ahead of the curve. eClerx is committed to helping its clients achieve just that, by providing them with cutting-edge solutions and services that are tailored to their unique needs and challenges.
In the next and final part of this series, some of the most exciting areas of innovation in the field of data and analytics will be explored, including Natural Language Processing (NLP)/Large Language Models (LLMs), AutoML, Cloud, Self-Serve BI and more. Our team of thought leaders will share their insights and perspectives on how these technologies can be harnessed to drive business value, and we look forward to continuing the conversation with you. Stay tuned for more!
The post “The Art and Science of Data, Analytics and AI: How eClerx is helping Fortune 500 Clients in Retail, Tech & Industrial Manufacturing” appeared first on Analytics India Magazine.
