Why do you need Enterprise Incubation?
In a digital era, CX is centric on buying influence; the experience that the customer expects is some magic to happen. By definition, there is a novelty in a startup product or service. For example, the search engine of Google or the connectivity of Facebook, or the visual impact of Instagram is what is happening now, and all are pointing to an experience a customer never felt before. The experience is to create a wow where the user also participates and develops on a given platform. Thousands of miracles are happening today because of technology. The User Experience is based upon harnessing the ever-evolving technology of algorithms of user behavior. The way a platform is developed, the manner in which it generates traction, and the discovery of new possibilities, e.g., Instant translation simulating human intelligence, broad networking, and new ideas of connectivity – with people, with information, with machine thinking do form part of myriad possibilities. The miracle is not just fulfilling a customer’s expectation but providing him with a bounty in the form of an unexpected. The platform educates the user on what he wants and gives him an unexpected experience that ignites excitement and prods him to know more about the product and use it more and more and also invites others to participate in his new experience, like Facebook, which becomes infectious. The experience becomes exponential, resulting in add-ons to the product. The function of an incubation center, as the term implies, is to validate or invalidate an idea and to take it forward, give it shape and content and generate traction. Simplicity and efficiency are the key drivers of CX.
The Enterprise Incubation Lab (EIL) is a strategic program of CRMIT that is focused on enhancing the target organization’s capabilities by leveraging high-end engineering talent and best-in-class infrastructure available at CRMIT. The key message from EIL is “Building the right CX products the right way.”
A quick look at the Importance of CX from industry leaders
Customer Experience is at the top of every business’s priority list. It concerns the CEO, the CMO, and even the CIO. Emerging technology, changing consumer needs, and effective use of customer data are critical elements to ensuring your CX Strategy is as powerful as possible in a competitive and digital landscape. Gartner Customer Experience & Technologies Summit 24-25th May 2018.
“We see our customers as invited guests to a party, and we are the hosts” – Customer experience is not a new idea — however, the proliferation of ‘digital’ and abundance of choice has empowered customers more than ever before. Selecting (and dismissing) brands is effortless; these decisions are often made without even a glimmer of a second thought. Today there’s a huge difference between merely servicing customers and ensuring an absolutely delightful experience at every turn… “Customer delight’ is the ultimate pursuit”.
(Jeff Bezos, CEO of Amazon).
“A 5% increase in customer retention can increase a company’s profitability by 75%”. Retention is a direct result of impeccable customer experience. Both are inherently linked, and neither exists alone!
(Source: Bain & Company)
‘Customer Experience’ is the measure of a customer’s opinion and sentiment towards your brand and the value it provides based on the customer’s entire journey from the first to the current touch point. When customers are rewarded with exceptional experiences, the effects on revenue and profitability are undisputed… “The revenue growth of CX leaders is 5.1x that of laggards”.
Customers highly value great customer experience.
- 86 % of buyers will pay more for a better customer experience.
- By 2020 customer experience will overtake price and product as the key brand differentiator.
(Source: Walker Study)
CX Trends and buying influence
End-End experiences – Relishing the sheer joy customer feel each and every time they interact with a specific brand and its offerings.
Key Takeaway – Organizations can dominate their market by offering dazzling end-to-end experiences, even when competitors may beat them on price and/or product.
Proactive Engagement – Pre-empt what customers are thinking prior to them spending time and energy reaching out to you. Their appreciation and loyalty will be boundless.
Personalization at Run Time – “81% of consumers want brands to get to know them and understand when to approach them (and when not to).”
On-Demand Service– By 2020, 85% of the customers will manage their relationship with an enterprise without interacting with Humans – Gartner.
“By 2020, 40% of commerce transactions will be enabled by cognitive/AI personal shoppers and conversational commerce.” – IDC.
Connectivity & Integration – “70% of retail decision makers globally are ready to adopt IoT to improve customer experiences “– Zebra. Technology Trends Shaping Vision 2020
|Internet of Things||Machine Learning/Cognitive Computing||Tools & Automation|
|Gives a digital voice to people, the process of things to improve the customer experience, enhance supply chain visibility and expand revenue opportunities.||Analytics and predictive models to help users to personalize CX and enhance inventory demand, forecasting, and visibility.||Automation of packing and shipping orders, inventory tracking, checking in-store inventory levels, and assisting customers in finding items.|
|“By 2025, Internet of Things applications could have $11 trillion impacts.” – (Source: McKinsey)|
Augmented (AR) and Virtual Reality (VR)
AR can be defined as the integration of digital information with the user’s environment in real time. Some benefits of AR in the CX world are:
- AR educates the user with product information and pricing. For example, in the retail industry, customers can scan products in the store to quickly identify which groceries meet their requirements for price and nutrition and access product suggestions.
- AR enables one-to-one personalization – Users can scan products in the store to quickly identify which groceries meet their requirements for price and nutrition and access product suggestions. AR drives customer satisfaction.
Virtual Reality (VR) literally makes it possible to experience anything, anywhere, anytime. It is the most immersive type of reality technology and can convince the human brain that it is somewhere it is really not. Some benefits of VR are
- VR creates a rich, immersive, and interactive user experience.
- Personalized content is tailored to the user’s particular needs and adopted fast.
- VR allows readers to truly connect with the published content.
- It reduces language barriers.
- Increase in Brand Awareness through social shares.
- VR helps in decision-making.
- For the seller – detailed analytics is generated on user behavior.
Key takeaway – Cutting through any hype — VR and AR literally add new dimensions to the CX, strengthens the bonds and perception of the brand, and benefit the customer and the seller.
Summary – Why EIL at CRMIT?
- To unlock business value through Digital Transformation Program (DTP) and to “Drive Customer Experience Transformation Program” across different Lines Of Business.
- EIL captures and spends effort on capturing the trends of the CX world. This could be through customer feedback, Analyst reports, and incubating those solutions to be market ready.
- EIL works on 3 fundamentals in the field of customer experience –
1. Digital Foundation: Today’s CX works are all about “Faster,” “Better,” and “Impact.”
- Analytics plays an important role in guiding real-time decisions, making 360 views of the customer come to the forefront more than ever before.
- Apart from analytics, content management, listening tools, visualization, and one-one personalization are essential in creating a strong digital foundation.
2. Content Management & Content Strategy: For better customer experience, companies need to have appropriate data as the pivot of their content strategy. Placing data to map to all the various touch points along the customer journey is the key to any successful CX program
3. Cultural Alignment: At EIL, every member has been taught the principles of innovation as their culture. CX innovation is learning-based. The development methodology is more agile and iterative. The lifespan of the product today is 6 months from extinction; hence the change in development methods and Go-to-Market (GTM) criteria are a lot more challenging but are the need of the hour.
EIL understands that delivering great customer experiences is no longer just a nice-to-have; it’s a competitive requirement.
Tags: Augmented Realty and Virtual Reality, Buying Influence, CX Trends, Enterprise Incubation