In a hypercompetitive market, customer experience (CX) is the foundation of future success and an opportunity for organisations looking to distinguish themselves from competitors. Digital technologies have changed the way consumers engage with all businesses. Providing an outstanding CX that drives satisfaction and loyalty becomes an extremely challenging task, as consumers digitalise more and more aspects of their lives, adopting smart devices, connected by new technology such as the Internet of Things (IoT), and wearables. As a result, IDC is predicting that the volume of consumer data created will quadruple by 2020. Many new data sources will be live data streams instead of static data sets; to prepare for this, customer-centric industries are undergoing a monumental shift to experiences that are personalised and converge the digital and physical.
In the new digital economy that has data at its core, winners can be differentiated by how they sense and respond to the new environment. To drive customer expectations beyond the reach of their competitors, customer-centric organisations must view data as a strategic asset not only for gaining internal decision support, but also for generating new revenue sources. This should be done by collecting as many data points as possible and using all available 3rd Platform technologies (i.e., big data/analytics, mobility, cloud, social enterprise) and innovation accelerators (i.e., artificial intelligence [AI], machine learning [ML], IoT, robotic process automation) to manage and analyse the data from the edge to the core to the cloud and leverage it to deliver meaningful insights, value-added predictions, and personalised actions.
This IDC Market Presentation highlights the most significant trends around customer experience (CX) across Australia and New Zealand, including:
- How CX is driving analytics software deployment
- Big data analytics: the fuel for CX
- The enablers of CX excellence
- Future outlook on CX and key takeaways
Analytic applications, Big data analytics and discovery, Cognitive/artificial intelligence, Customer relationship management applications, Governance, risk and compliance infrastructure, Information protection and control