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If businesses are to avoid disruption from technology businesses, they must transform their CX. Which steps can companies take to transform their Customer Experience capabilities?
In the digital age, the empowered customers are demanding more than ever. We want to have things our way, all the time – regardless of whether we’re dealing with a B2C or B2B company. Businesses today have to contend with new market entrants: companies such as Amazon, PayPal and Uber that harness digital technologies such as mobile, cloud, the Internet of Things (IoT) and big data analytics to differentiate through innovative customer experiences. If businesses are to avoid disruption from technology businesses, they must transform their CX.
Companies that can transform their CX for the digital age will benefit from increased customer loyalty and revenue growth. In fact, McKinsey estimates that a transformational approach to CX will enable businesses to grow revenue between five and ten percent and reduce costs by up to 25 percent. The secret to a great customer experience? It all comes down to understanding the customer through advanced analytics of their data.
How well prepared are brands to meet the hyper-personalization agenda?
With the economic potential of individualization so clear, there’s an opportunity for organizations to push ahead with hyper-personalized services to enable rapid growth. Oracle’s view is that it’s now essential that brands utilize digital technologies including cloud-based applications, platforms and infrastructure, mobile devices and data analytics to create the hyper-personalized customer experiences people demand.
Brands need to ensure they invest in digital technologies
Oracle recommends organizations to focus on flexibility and agility, building a customer experience based on insights from customer, product and operational data. To meet this need, the cloud is a must as it simplifies IT, reduces costs and drives innovation. By becoming a cloud leader, businesses will find they have the scalability and agility needed to deliver transformational hyper-personalised customer experiences.
Technology innovations have reshaped customer behavior and their relationships with brands. How can you deliver a better end-to-end experience by innovating in your sales, marketing and service functions?
The secret to making your customers loyal
Forrester notes that Oracle “delivers leading capabilities across the board in terms of depth and breadth,” as well as its well-defined user experience. Oracle received the highest scores in the current offering category, as well as the sales force automation and ecommerce criteria.