Tech News

To Remain Relevant & Connect Better with Customers, a Clear CX Strategy Gives Competitive Advantage

Only 12.1% of the organizations globally, 17% in Asia Pacific and 24% in India say customers rate brand experiences as fully satisfactory, with satisfaction around AI and robotics experiences faring even worse. This is revealed from the latest research from NTT Ltd a global technology services provider, in its annual Global Customer Experience Benchmarking Report titled “The Connected Customer: Delivering an effortless experience.”

According to the research, only 12% of Asia Pacific (10% in India) organizations are delivering a fully functioning experience, yet more than half (64% in Asia and 74.6% in India) consider customer experience (CX) to be a primary of Asia Pacific (10% in India) organizations are delivering a fully functioning experience, yet more than half (64% in Asia and 74.6% in India) consider customer experience (CX) to be a primary differentiator.

Organizations struggle to align their CX strategies to voice of customer (VoC) feedback, with 54%
having no formal process for considering this data and 19% which capture no feedback at all. Only
34% fully define and track the value contribution of CX and roughly a third (34%) are able to connect
data relationships between channels – leaving the rest operating ‘blind’ with no full view of the
customer ecosystem.

“Businesses today are recognising the competitive advantage and differentiation that superior
customer experiences can deliver for its customers,” says Lux Rao, Director – Solutions &
Consulting, NTT India Pvt. Ltd.

With 74.6% of the organisations in India recognising CX as a primary differentiator, it now becomes
imperative to overcome the poor strategic execution that is thwarting progress to deliver a hyper-
personalised and effortless experience. A thoughtful, integrated and precise strategy for bringing the
power of digital technology to complex B2B relationships, will help organisations better connect with
and remain relevant to customers, at every touchpoint of their journey.

A successful CX strategy is proven to improve customer and brand engagement and drive
commercial performance.

The challenges include:
Faltering technology systems: One in five (20%) say their technology systems are failing to
meet current needs and many teams still struggle with legacy systems (42%) and the
integration of multiple technology systems (43%). Additionally, the inability to secure budgets
(48%) remains a concern and skills shortages is seen as a growing concern (26%).
Siloed channels and internal business organizations: Half (51%) of organizations agree
there is only partial collaboration between functions when it comes to designing CX, and 13%
don’t collaborate at all. Less than two thirds (60%) still have no cross-channel contact
management strategy and 30% claim to have good or complete consistency across contact
channels.
Inconsistent priorities: Personalization capabilities have surged from 62% to 78% in one
year, but just 17% of organizations place “customer delight” as the top driving force behind
their customer journey design strategy. This may account for why over one third (44%) of
assisted services enquires fail to be resolved during first contact, while automated channels
fare worse with a 57% fail rate.

Creating a smarter CX with data analytics
While more than three quarters (77%) of organizations indicate that they are satisfied with their
customer satisfaction capability, only 17% of their customers rate customer experience at ‘advocacy’
level. Worryingly, just 11% of AI and robotics users say customers rate their experience at advocacy
level, exposing the gap between emerging technologies and satisfaction levels.
This demonstrates that businesses need to create a smart strategy which bases AI on optimum data.
Organizations must learn to fill the gap between data management and integration, and prioritize an
efficient data management platform. As it stands, only half (50%) of data capture needs are defined
and aligned to desired business outcomes, and just 20% have a dedicated team managing the
company’s entire data lake. In fact, 15% have no data management strategy at all. Because of this,
data is becoming increasingly difficult to manage. Half (50%) of all teams are evaluating and learning
how to use available data and 22% do not have the required data management skills or resources to
do so.

An increasing number of organizations are moving towards the use of smart data to inform CX
decisions. Half of businesses confirmed data analytics and data management will be one of the top three tech initiatives prioritized by the CX team. Analytics (59%) is expected to be the top factor in reshaping the CX industry within the next five
years. This is closely followed by artificial intelligence (57%), service personalization (38%) and
technology integration (37%).

Overcoming business organizational structure challenges
Many organizations believe AI and automation is the future for creating operational efficiency, hyper
personalization and providing an effortless customer experience. The majority (71%) of businesses
believe customer operations will be positively affected by AI and CX robotics. Rules-based robotic
solutions “are the preferred option both now and in the short term with AI being the top five-year
priority.” However, the implementation of AI remains difficult. Looking forward, businesses must find a
solution for the current lack of skills across the business, which is currently considered a challenge for
more than half (59%) of organizations today.

“Businesses must look at how technologies such as AI and RPA can work as part of their
organizational team structures,” said Pranay Anand, Asia Pacific Director, Intelligent Workplace
for NTT Ltd. “But to do this successfully, AI needs to work with the voice of the customer data which
is collected by advanced social listening tools. This data must also be compiled from across the
business’s value chain in order to help AI realize its potential. Therefore, design thinking and an
ecosystem focused approach is imperative.”

(Image Courtesy: www.wundertre.com)

Leave a Comment

Your email address will not be published.

You may also like