19 May 2021
IDC Reveals New CX Technology Index to Help Organizations Capitalize and Pivot to Opportunities in the New Normal
SINGAPORE, May 20, 2021 – Organizations must build resiliency into the relationships they have with their customers. According to IDC's latest report Asia/Pacific excluding Japan (APEJ) Future of Customers and Consumers Technology Index: Building Resiliency into Customer Relationships leading organizations who are well-positioned in their technology and data capabilities are in a better position to capitalize and pivot to opportunities arising from the pandemic. This key finding is derived from the IDC-developed Future of Customers and Consumers (FoCC) technology index based on two key areas of customer experience (CX) – technology landscape and data leverage – to understand how organizations are progressing toward becoming customer-centric enterprises and deliver empathy at scale.
During the pandemic, organizations faced gaps in customer reach and engagement through digital channels and touchpoints. The study shows that more leading CX organizations (CX leaders) than CX followers are better positioned to take advantage of competitor weakness to capture market share, and to pivot into new business opportunities. At the same time, CX leaders, supported by the right technology and use of data are better able to:
- Handle customer interaction and engagements across multiple touchpoints, using AI and data to contextualize interactions at scale.
- Orchestrate multipath journeys across channels, use real-time behavioral data to adapt to the individual customer's context, and coordinate stakeholders and partners in customer-impacting operations.
- Learn about the customer based on real-/near-real-time data and apply this intelligence in a timely fashion to adapt and transform experiences according to the customers' needs.
- Continuously optimize and transform processes based on a continuous customer feedback loop and maintain a pulse on shifting customer and market sentiments
Figure 1: How Organizations Are Adjusting CX Roadmap in Response to the COVID-19 Pandemic
“These CX traits have allowed leading organizations to adapt and recover more quickly from the disruptions caused by the pandemic. Where others struggle with maintaining customer engagements, sales, and support, these organizations see opportunities and are positioned to capitalize on them,” says Lawrence Cheok, Senior Research Manager for Future of Customers and Consumers research at IDC Asia/Pacific.
The study further identifies CX leaders in customer empathy, with the goal to help other organizations address shifting customer requirements in the new normal. This is done by examining the CX technology deployment and data leverage within four technology dimensions of contextual awareness, frictionless engagement, active learning, and sentiment measurement. These four technology dimensions are aligned to the digital customer's needs in terms of customer conversation, journeys, experience, and satisfaction. For organizations, addressing these shifting needs are critical to build market resiliency in a constantly shifting landscape filled with uncertainties.
"In the next normal, organizations must be able to rapidly respond and adapt to both incremental and extreme change. To do this requires digital resiliency. The study shows that organizations that build on empathetic foundations are also building digital resiliency into their relationships with their customers," ends Daniel - Zoe Jimenez, Associate Vice President of Digital Transformation, Future of Customers and Consumers research at IDC Asia/Pacific.
IDC's Asia Pacific Future of Customers and Consumers service looks at how technology is playing a key role in customer experience and the digital transformation of that experience. Organizations should leverage technologies such as AI, connected devices, ubiquitous services, and an underlying foundation of trust to understand customers’ needs and address them dynamically. This service analyzes the necessary changes required across business and IT functions providing actionable recommendations on how to thrive in the next normal. To learn more, contact Daniel Zoe Jimenez at email@example.com or click HERE.
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,100 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly-owned subsidiary of International Data Group (IDG), the world's leading tech media, data and marketing services company. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDC and LinkedIn. Subscribe to the IDC Blog for industry news and insights: http://bit.ly/IDCBlog_Subscribe.
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