The pandemic is accelerating adoption of digital technologies and digital transformation. For all the disruption of 2020, enterprises are developing better — and sometimes more profitable — business processes to deliver the customer experience.
Customers expect their suppliers to provide more and vastly richer content and data, available on demand, and they are now far more informed at the first point of contact. Enterprises need to deliver across the entire customer journey, which requires better integration across functional silos and new and better ways to measure performance and customer satisfaction.
Different CX channels are not necessarily lesser CX channels. Digital interactions can deliver equal or greater customer satisfaction at lower costs, and allow vendors to uncover previously hidden or unprofitable opportunities in long-tail customer segments.
The business case for digital transformation requires faith and fuzzy logic. Technology change is both subordinate to and a prerequisite for business change, and the eventual sources of ROI can take some time to be revealed.
Enterprises can innovate in their business models and ecosystems based on sharing and/or monetizing new sources of data. Product co-creation, predictive services, and shared cost savings only start to define the possibilities arising from data collaboration with customers.