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Leading Firms' Secret Sauce for CX

 
 
Posted 01-22-2018
 
 
 
 
 
 
 
 
 
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    Leading Firms' Secret Sauce for CX
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    Leading Firms' Secret Sauce for CX

    Leading-edge companies invest in the latest technologies, like AI, to optimize CX, but do not see technology as the main solution to CX challenges.
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    Iconic Firms Are Omnichannel Leaders
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    Iconic Firms Are Omnichannel Leaders

    90% of iconic firms compared to 75% overall and 66% of poor performers said they were adept at managing CX from an omnichannel perspective, and that they have a multichannel approach to sales that provides a seamless shopping experience regardless of whether they shop online or in a brick-and-mortar store.
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    The Right Mix
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    The Right Mix

    60% of iconic firms claimed to have the right mix of live and automated channels, compared to 40% overall and 26% of poor performers.
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    Leading-Edge Technology Solutions
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    Leading-Edge Technology Solutions

    Iconic firms are twice as likely to use leading-edge technology solutions for omnichannel CX, like next-generation self-service, loyalty program management, and "voice of the customer" survey analytics, and three times more likely to invest in them.
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    AI Deployment
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    AI Deployment

    91% of respondents from iconic firms said they use AI solutions to some degree to increase customer satisfaction, compared with 42% of overall respondents.
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    What AI Is Used For
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    What AI Is Used For

    58% of iconic firm respondents said AI is being used in their customer analytic capabilities, 20% higher than the average of responses.
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    Attitude Toward Technology
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    Attitude Toward Technology

    63% of iconic firms regard themselves as technology leaders compared to 24% on average, but they are less likely to see technology as the primary solution to their CX experience challenges, and are 20% less likely to resort to a technology-based solution.
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    CX Driven by Satisfaction, Not Efficiency
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    CX Driven by Satisfaction, Not Efficiency

    Iconic firms are 20% more likely to drive their CX strategy based on six customer satisfaction rather than efficiency, especially during the later stages of the customer journey. Low-performing firms are one third more likely to be driven primarily by efficiency.
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    Adherence to Standards
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    Adherence to Standards

    Iconic firms are twice as likely than average ones to demand that their partners adhere to their CX experience standards. They are almost three times more likely to integrate their CX experience with their partners.
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    Resistance to Sharing Analytics
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    Resistance to Sharing Analytics

    34% of iconic firms do not share analytics and other customer insights across their ecosystems, compared with 22% on average, because they recognize the competitive advantage of maintaining unique insight into their customers.
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    Corporate Social Responsibility
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    Corporate Social Responsibility

    75% of iconic firms feel that corporate social responsibility is one of the most important components of their brand value, compared with 46% on average and 21% of low-performing firms.
 

Companies that use technology to improve customer experience and balance it with investment in human resources distinguish themselves from the pack, says a new report. Such "iconic companies," those businesses that maintain the highest levels of customer experience (CX) and have world-leading brand recognition, display seven distinctions outlined in the study, which was conducted by MIT Technology Review. "AI is not seen as a panacea for iconic firms, and indeed these firms exercise caution when putting AI in place," the report said. "As efficiency must be tempered with human 'ears' to hear customer concerns. Ultimately, leading firms feel that AI's primary contribution to CX will not be to automate lower-value inquiries and interaction (which AI tools already do), but to support human agents in making complex decisions that will improve customer experience even further." The global survey, "Getting to Iconic: How World-Leading Brands Balance Talent and Technology for CX Excellence," polled and interviewed 550 business leaders between May and July 2017 and was sponsored by omnichannel customer experience and solutions provider Genesys.

 
 
 
 
 

 
 
 
 
 
 

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