Companies are racing to transform their customer experience (CX) by augmenting or replacing physical, in-person experiences with digital technologies. Mobile. The Internet of Things (IoT). Virtual showrooms. Virtual reality. Voice command. Digital printing. The list of opportunities is long and businesses are looking for the right mix that will differentiate their brand and drive the most value to their customers and their bottom line. But, building a business case and plan for experience reinvention can be tricky. Companies need to take into account not only the potential for growth, but also the efficiency benefits digital can deliver.
Businesses across multiple industries are feeling the heat from disruptors who are using digital to revolutionize how customers interact with brands. Armed with these new experiences, customers are becoming increasingly impatient with incumbents who don’t keep up.
Helping customers easily find what they need, simplifying signup, driving personalization and streamlining access to support – across all channels – is now critical to retain customers. Increasingly, the way customers experience a product or service is as important as the product or service itself.
Technology has always enabled companies to reinvent how they engage with customers. But now we are seeing a profound shift: the convergence of physical and digital customer interaction. This leads to new, often disruptive experiences that can quickly supplant incumbents and shift the competitive landscape of industries.
To better understand these emerging dynamics, the IBM Institute for Business Value (IBV) surveyed 338 C-suite and customer-focused executives across multiple regions and industries.1 The findings in this report – the first in the IBV Customer Experience study series – offers an assessment of the current state of play in this experience revolution and the digital technologies that are gaining the most traction.
We also explore the intricacies of building a business case for digital transformation that looks at the range of benefits digital can bring to an organization.
Four clear messages stand out:
The world will be radically different in 12 months
What you don’t measure, you won’t get
You need to build an ecosystem of talent
As organizations consider the implications of this physical/digital reinvention, they should focus on more than just the enhancements to their customer experience (CX); they should also consider the potential for more efficient processes, reduced costs and invaluable data that can provide insights for continual improvements.