Digital transformation is a priority for a growing number of organizations across the board. Integrated Customer Experience (CX) as one of the levers of digital transformation is a fusion of multi channels, such as retail outlets, customer service desk,
self-service kiosks, online chat, chatbots, personalized physical robots or virtual assistants, and the list on modes of customer engagement seems infinite.
When it comes to CX transformation, there can be no single lever that can address thorough customer engagement across age groups, and before using specific transformation levers, mapping the customer journey thus becomes of paramount importance.
CX transformation - The most sought after area?
Integrated CX is of paramount importance today as studies reveal that as many as 86% of consumers are willing to pay more for a great CX. A study by Temkin Group believes that a moderate improvement in CX would impact revenues of a typical $1 billion company an average of $775 million over three years, i.e. a ~78% impact and loyal customers are seven times as likely to test an offering, five times as likely to repurchase and four times as likely to refer . If we look at the CXO suite today, 44% of CMOs said that CX transformation is the most important program they are looking to for driving innovation
Across industries, organizations are leveraging CX transformation initiatives to stay ahead in the game:
- An Australian telecommunication services provider was one of the world’s first movers to test remote assist solution, which was shared with customers via chat or mobile app to take control of the system and complete the troubleshooting steps, instead of guiding them through the steps manually. While the whole session would get recorded for security purpose, the customer also had an option to take the control back at any point in time. This led to increase in customer satisfaction and a much lower time spend on the troubleshooting activities.
- A large European telecom equipment manufacturer overhauled its entire order management system and processes by offering its customers and suppliers not just one but three modes of order submission – supplier portal, limited ERP access and email form submission. Considering the complexities involved, the suppliers are slowly migrating to the portal mode of submission to increase Straight through Processing (STP) to support larger number of orders.
Opportunities lost due to inefficient CX management
Cost to serve customers using self-serve to digital care can be 1/100th of what organizations typically would incur using just a single channel of a technical support, and can be reduced to 1/20th using just an email response, indicating that use of a single channel or a one size fits all approach is not sustainable (Figure 1).