The official blog of Oracle Corporation. This blog shares News from Oracle's Database Team. They use this space to tell you the latest about the #1 database in the industry helping you optimize your move from on-premises to the cloud.
When retailers throughout Europe adopt a new set of privacy and security regulations this week, it will be the first major revision of data protection guidelines in more than 20 years. The 2018 regulations address personal as well as financial data, and require that retailers use systems already designed to fulfill these protections by default.
In 1995, the European Commission adopted a Data Protection Directive that regulates the processing of personal data within the European Union. This gave rise to 27 different national data regulations, all of which remain intact today. In 2012, the EC announced that it would supersede these national regulations and unify data protection law across the EU by adopting a new set of requirements called the General Data Protection Regulation (GDPR).
The rules apply to any retailer selling to European consumers. The GDPR, which takes effect May 25, 2018, pertains to any company doing business in, or with citizens of, the European Union, and to both new and existing products and services. Organizations found to be in violation of the GDPR will face a steep penalty of 20 million euros or four percent of their gross annual revenue, whichever is greater.
Retailers Must Protect Consumers While Personalizing Offers
GDPR regulations will encompass personal as well as financial data, including much of the data found in a robust customer engagement system, CRM, or loyalty program. It also includes information not historically considered to be personal data: device IDs, IP addresses, log data, geolocation data, and, very likely, cookies.
For the majority of retailers relying on customer data to personalize offers, it is critically important to understand how to fulfill GDPR requirements and execute core retail, customer, and marketing operations. Developing an intimate relationship with consumers and delivering personalized offers means tapping into myriad data sources.
This can be done, but systems must be GDPR-compliant by design and by default. A key concept underlying the GDPR is Privacy by Design (PBD), which essentially stipulates that systems be designed to minimize the amount of personal data they collect. Beginning this week, Privacy by Design features will become a regulatory requirement for both Oracle and our customers and GDPR stipulates that these protections are, by default, turned on.
Implementing Security Control Features
While the GDPR requires “appropriate security and confidentiality,” exact security controls are not specified. However, a number of security control features are discussed in the text and will likely be required for certain types of data or processing. Among them are multi-factor authentication for cloud services, customer-configurable IP whitelisting, granular access controls (by record, data element, data type, or logs), encryption, anonymization, and tokenization.
Other security controls likely to be required are “separation of duties” (a customer option requiring two people to perform certain administrative tasks); customer options for marking some fields as sensitive and restricted; limited access on the part of the data controller (i.e. Oracle) to customer information; displaying only a portion of a data field; and the permanent removal of portions of a data element.
Summary of Critical GDPR Requirements
The GDPR includes a number of recommendations and requirements governing users’ overall approach to data gathering and use. Among the more important are:
Minimization. Users are required to minimize the amount of data used, length of time it is stored, the number of people who have access to it, and the extent of that access.
Retention and purging. Data may be retained for only as long as reasonably necessary. This applies in particular to personal data, which should be processed only if the purpose of processing cannot reasonably be fulfilled by other means. Services must delete customer data on completion of the services.
Exports and portability. End users must be provided with copies of their data in a structured, commonly used digital format. Customers will be required to allow end users to send data directly to a competing service provider for some services.
Access, correction, and deletion. End-user requests for data access, correction, and deletion for data they store in any service. Users may have a “right to be forgotten”—a right to have all their data erased.
Notice and consent. When information is collected, end-user notice and consent for data processing is generally required.
Backup and disaster recovery. Timely availability of end-user data must be ensured.
Are you prepared?
Oracle is prepared for the EU General Data Protection Regulation (GDPR) that was adopted by the European Parliament in April 2016 and will become effective on May 25, 2018. We welcome the positive changes it is expected to bring to our service offerings by providing a consistent and unified data protection regime for businesses across Europe. Oracle is committed to helping its customers address the GDPR’s new requirements that are relevant to our service offerings, including any applicable processor accountability requirements.
Our customers can rest assured that Oracle Retail’s omnichannel suite will empower them to continue delivering personalized customer experiences that meet complex global data privacy regulations. Contact Oracle Retail to learn more about Oracle systems, services and GDPR compliance: firstname.lastname@example.org
Oracle is pleased to announce the availability of the Oracle E-Business Suite Person Data Removal Tool, designed to remove (obfuscate) data associated with people in E-Business Suite systems. Customers can apply the tool to select information in their E-Business Suite production systems to help address internal operational and external regulatory requirements, such as the EU General Data Protection Regulation (GDPR).
Global trade enabler DP World has extended its partnership with Oracle to implement its digital transformation programme that supports its strategy to develop complementary sectors in the global supply chain such as industrial parks, free zones and logistics.
Suhail Al Banna, Senior Vice President, DP World, Middle East and Africa Region; Arun Khehar, Senior Vice President – Business Applications, ECEMEA, Oracle; Mohammed Al Muallem, CEO and Managing Director, DP World, UAE Region and CEO, JAFZA.
The move follows an announcement by DP World earlier this year to use the Oracle Cloud Suite of Applications drive business transformation. Oracle Consulting will now implement the full suite of Fusion Enterprise Resource Planning (ERP), Human Capital Management (HCM) and Enterprise Performance Management (EPM) Cloud solutions using its True Cloud methodology. The technology roll out across the Group has already started with the Group’s UAE Region and Middle East and Africa Region the first to sign up.
Teo Chin Seng, Senior Vice President IT, DP World Group, said:“Our focus on building our digital capability follows our vision to become a digitised global trade enabler and we working to achieve a new operational efficiency level while creating value for our stakeholders.”
Arun Khehar, Senior Vice President – Business Applications, ECEMEA, Oracle said:“Following the recent announcement of our strategic partnership to help DP World drive its global digital transformation with our best-in-class Cloud Suite of Applications (SaaS), we are proud to extend our collaboration by leveraging the deep expertise of Oracle Consulting to drive this large scale project. We are confident that this strategic cloud deployment will help them deliver the next level of innovation and differentiation.”
The Oracle Consulting team is focused exclusively on Oracle Cloud solutions and staffed with more than 7,000 experts in 175 countries serving more than 20 million users to help organizations implement Oracle Cloud in an efficient and cost-effective manner.
Well, it's only 5 days to go until the infamous GDPR deadline of 25th May 2018 and you can certainly see the activity accelerating.
You would have thought that with the deadline so close, most organisations would be sat back, relaxing, safe in the knowledge that they have had 2 years to prepare for GDPR, and therefore, are completely ready for it. It's true, some organisations are prepared and have spent the last 24 months working hard to meet the regulations. Sadly, there are also a significant proportion of companies who aren't quite ready. Some, because they have left it too late. Others, by choice.
Earlier this week I had the pleasure of being invited to sit on a panel discussing GDPR at Equinix's Innovation through Interconnection conference in London.
As with most panels, we had a very interesting discussion, talking about all aspects of GDPR including readiness, data sovereignty, healthcare, the role of Cloud, and the dreaded Brexit!
I have written before about GDPR, but this time I thought I would take a bit of time to summarise three of the more interesting discussion topics from the panel, particularly areas where I feel companies are struggling.
Are you including all of your personal right data?
There is a clear recognition that an organisation's customer data is in scope for GDPR. Indeed, my own personal email account has been inundated with opt-in consent emails from loads of companies, many of whom I had forgotten even had my data. Clearly, companies are making sure that they are addressing GDPR for their customers. However, I think there is a general concern that some organisations are missing some of the data, especially internal data, such as that of their employees. HR data is just as important when it comes to GDPR. I see some companies paying far less attention to this area than their customer's data.
Does Cloud help or hinder GDPR compliance?
A lot was discussed on the panel around the use of cloud. Personally, I think that cloud can be a great enabler, taking away some of the responsibility and overhead of implementing security controls, processes, and procedures and allowing the Data Processor (the Cloud Service Provider) to bring all of their experience, skill and resources into delivering you a secure environment. Of course, the use of Cloud also changes the dynamic. As the Data Controller, an organisation still has plenty of their own responsibility, including that of the data itself. Therefore, putting your systems and data into the Cloud doesn't allow you to wash your hands of the responsibility. However, it does allow you to focus on your smaller, more focused areas of responsibility. You can read more about shared responsiblity from Oracle's CISO, Gail Coury in this article. Of course, you need to make sure you pick the right cloud service provider to partner with. I'm sure I must have mentioned before that Oracle does Cloud and does it extremely well.
What are the real challenges customers are facing with GDPR?
I talk to lots of customers about GDPR and my observations were acknowledged during the panel discussion. Subject access rights is causing lots of headaches. To put it simply, I think we can break GDPR down into two main areas: Information Security and Subject Access Rights. Organisations have been implementing Information Security for many years (to varying degrees), especially if they have been subject to other legislations like PCI, HIPAA, SOX etc. However, whilst the UK Data Protection Act has always had principles around data subjects, GDPR really brings that front and centre. Implementing many of the principles associated with data subjects, i.e. me and you, can mean changes to applications, implementing new processes, identifying sources of data across an organisation etc. None of this is proving simple.
On a similar theme, responding to subject access rights due to this spread of data across an organisation is worrying many company service desks, concerned that come 25th May, they will be inundated with requests they cannot fulfil in a timely manner.
Oh and of course, that's before you even get to paper-based and unstructured data, which is proving to be a whole new level of challenge.
I could continue, but the above 3 areas are some of the main topics I am hearing over and over again with the customers I talk to. Hopefully, everyone has realised that there is no silver bullet for achieving GDPR compliance, and, for those companies who won't be ready in 5 days time, I hope you at least have a strong plan in place.
In a world increasingly defined by instant-gratification, the demand for positive and direct shopping experiences has risen exponentially. Today’s always-on customers are drawn to the most convenient products and services available. As a result, we are witnessing higher customer switching rates, with consumers focusing more on convenience than on branding, reputation, or even on price.
In this switching economy – where information and services are always just a click away – we tend to reach for what suits our needs in the shortest amount of time. This shift in decision making has made it harder than ever for businesses to build loyalty among their customers and to guarantee repeat purchases. According to recent research, only 1 in 5 consumers now consider it a hassle to switch between brands, while a third would rather shop for better deals than stay loyal to a single organization.
The consumer mindset for one. And the switching tools available to customers have also changed. Customers now have the ability to research extensively before they purchase, with access to reviews and price comparison sites often meaning that consumers don’t even make it to a your website before being captured by a competitor.
This poses a serious concern for those brands that have devoted their time – and marketing budgets – to building great customer experiences across their websites.
Clearly this is not to say that on-site experiences aren’t important, but rather that they are only one part of the wider customer journey. In an environment as complex and fast moving as the switching economy, you must look to take a more omnichannel approach to experience, examining how your websites, mobile apps, customer service teams, external reviews and in-store experiences are all shaping the customers’ perceptions of your brand.
What Still Needs to Change?
Only by getting to know your customers across all of these different channels can you future-proof your brand in the switching economy. To achieve this, you must establish a new set of metrics that go beyond website conversion. The days of conversion optimization being viewed as the secret sauce for competitive differentiation are over; now brands must recognize that high conversion rates are not necessarily synonymous with a great customer experience – or lifetime loyalty.
Today, the real measure of success does not come from conversion, but from building a true understanding of your customers – across every touchpoint in the omnichannel journey. Through the rise of experience analytics, you finally have the tools and technologies needed to understand customers in this way, and to tailor all aspects of your brand to maximize convenience, encourage positive mindsets and pre-empt when your customers are planning to switch to a different brand.
It is only through this additional layer of insight that businesses and brands will rebuild the notion of customer loyalty, and ultimately, overcome the challenges of the switching economy.
As we approach the end of May, thoughts of summer and vacations begin. Naturally, a key component is finding the best place to stay and often that means considering the hotel options at your chosen destination. But what’s the best way to decide? That’s where reading reviews is so important.
And that brings us to the latest blog in the series of taking datasets from ‘less typical’ sources and analyzing them with Oracle Data Visualization. Here, we’ve pulled the reviews from Booking.com as a dataset and visualized it to see how we – the general public - rate the hotels we stay in.
Working with Ismail Syed, pre-sales intern, and Harry Snart, pre-sales consultant, both from Oracle UK, we ran the analysis and created visualizations. We decided to look at the most common words used in both positive and negative reviews, see how long each of them is – and work out which countries are the most discerning when they give their feedback.
So, what are the main irritations when we go away? Conversely - what's making a good impression?
Words of discontent
First, we wanted to combine the most commonly used words in a positive review with those most likely used in a negative review. You can see these in the stacked bar chart below. Interestingly, 'room' and 'staff' both appear in the positive and negative comments list. However, there are far more positive reviews around staff than negative ones, and likewise a lot more negative reviews around the room than positive reviews.
It seems then, across the board, guests find customer service better than the standard of the rooms they receive – implying an effective way to boost client retention would be by starting with improving rooms. In particular the small size of the rooms was complained about, that’s a tough fix, but people were more upset about the standard of the beds, their bathrooms and the toilets, which can be updated a bit more easily.
You’ll also notice 'breakfast' appears prominently in both the positive and negative word clouds – so a more achievable fix could be to start there. A bad breakfast can leave a bad taste, but a good one is obviously remembered.
Who’ll give a good review?
Next, we wanted to see who the most complimentary reviewers were, by nationality. While North Americans, Australians and Kyrgyz (highlighted in green) tend to leave the most favorable reviews, hotels have a harder time impressing those from Madagascar, Nepal and Mali (in red). Europeans sit somewhere in the middle – except for Bosnia and Herzegovina, who like to leave an upbeat review.
Next, we wanted to see who is the most verbose in their feedback – the negative reviewers or the positive reviewers – and which countries leave the longest posts.
Are shorter reviews sweeter?
Overall, negative reviews were slightly longer, but only by a small amount – contrary to the popular belief that we tend to ‘rant’ more when we’re perturbed about something. People from Trinidad and Tobago left the longest good reviews, at an average of 29 words. Those from Belarus, the USA and Canada followed as the wordiest positive reviewers. On the flip side, the Romanians, Swedish, Russians and Germans had a lot to say about their bad experiences – leaving an average of 22 words showing their displeasure.
It's business, but also personal...
Clearly data visualization doesn't necessarily just need to be a tool just for the workplace; you can deploy it to gain an insight into other aspects as well – including helping you prepare for some valuable time off.
The only constant in today’s work environment is change. If you’re going to grow and stay competitive in this era of digital transformation, your business has to keep up—and HR must too.
A wide range of factors all mean that HR constantly has to grow and transform—changing demographics, new business models, economic uncertainty, evolving employee expectations, the bring-your-own-device revolution, increased automation, AI, the relentless search for cost savings, and more.
Things are different today. In the past, business change processes typically had a start and target end date, with specific deliverables that were defined in advance. Now change is open-ended, and its objectives evolve over time—based on the world as it is, rather than a set of assumptions. An agile model for transformation is therefore essential, along with a decision-making process that can survive constant change.
The fact is that people are still—and will always be—the most important part of any business, so HR has to be closely aligned to your overall business goals, delivering benefits to the whole organisation. Every move your HR team makes should be focused on how to deliver the right skills in the right place, at the right time and at the right price, to achieve your business’s goals.
To manage your workforce effectively as the needs of your business change, you need to know what talent you have, where it’s located—and also what skills you are likely to need in the future. It’s much easier to fill skills gaps when you can see, or anticipate, them.
Deliver maximum value from your own people
And it’s much easier to do if you’ve already nurtured a culture of personal improvement. Giving people new opportunities to learn and develop, and a sense of control over their own careers will help you maintain up-to-date skills within your business and also identify the most ideal candidates—whether for promotion, relocation within the company or to take on specific roles. Moreover, it should enable them to, for example, pursue areas of personal interest, train for qualifications, or perhaps work flexibly—all of which will improve loyalty and morale.
You can also look for skills gaps that you absolutely must recruit externally to fill, and understand how best to do that, especially at short notice. What are the most cost-efficient and effective channels, for example? You might consider whether offshoring for skills is helpful, or maintaining a base of experienced temporary workers that you can call on.
Yet these are all known gaps. Organisations now also have to consider recruiting people for unknown jobs too. Some estimates suggest that as much as two-thirds of primary school children will end up working in jobs that don’t yet exist. So what new roles are being created in your industry, and how are you selecting people that will be able to grow into them?
Maximise the value of your HR function
Your HR organisation must be capable of, and ready to support these changes, and that means three things. First, the strategic workforce planning activities described above, supported by modern data and analytics. Next, HR has to provide the very best employee experience possible, enabling personal development and support. Finally, they need to be able to support the process of constant change itself, and move to a more agile way of operating.
Get the culture right
Creating and nurturing a strong culture is essential here, and that relies on close co-ordination between HR, line managers and employees. Having a core system of record on everyone’s roles and various skills supports all these objectives, and can help you to grow your business through the modern era of change.
Continuous improvement across your entire mix of products and services is essential to innovate and stay competitive nowadays. Digital disruption requires companies to transform, successfully manage a portfolio of profitable offerings, and deliver unprecedented levels of innovation and quality. But creating your product portfolio strategy is only the first part—four key best practices are necessary to successfully implement it.
New technologies—the Internet of Things (IoT), Big Data, Social Media, 3D printing, and digital collaboration and modelling tools—are creating powerful opportunities to innovate. Increasingly customer-centric propositions are being delivered ‘as-a-service’ via the cloud, with just-in-time fulfilment joining up multiple parts of the supply chain. Your products and services have to evolve continually to keep up, causing massive amounts of data to be generated that has to be fed back in to inform future development.
To minimise complexity, it’s essential that there is just one context for all communication. You therefore need a standardised—and well-understood—enterprise product record that acts as a common denominator for your business processes. And that means every last piece of information—from core service features to how your product uses IoT sensors; from business processes to your roadmap for innovation, and all other details—gets recorded in one place, in the same way, for every one of your products, from innovation through development to commercialisation.
That will make it far easier for you to collect and interpret product information; define service levels and deliver on them; support new business models, and manage the overall future design of your connected offerings. Moreover, it enables your product development methods to become more flexible, so they can be updated more frequently, enabled by innovations in your supply chain, supported more effectively by IT, and improved over time.
Greater quality control in the digital world…
By including form, fit and function rules—that describe the characteristics of your product, or part of it—within the product record, you add a vital layer of change control. It enables you to create a formal approvals process for quality assurance. For example, changes made in one area—whether to a product or part of it—may create problems in other areas. The form, fit and function rules force you to perform cross-functional impact analyses and ensure you’re aware of any consequences.
As part of this, you can run simulations with ‘digital twins’ to predict changes in performance and product behaviour before anything goes wrong. This obviously has major cost-saving implications, enabling far more to be understood at the drawing-board stage. Moreover, IoT applications can be leveraged to help product teams test and gather data of your connected assets or production facilities.
Transparency and effective communications
The enterprise product record should also contain a full audit trail of decisions about the product, including data from third parties, and from your supply chain. The objective is full traceability from the customer perspective—with evidence of regulatory compliance, provenance of preferred suppliers, and fully-auditable internal quality processes. Additionally, it’s often helpful to be able to prove the safety and quality of your product and processes, as that can be a key market differentiator. Powerful project management and social networking capabilities support the collaborative nature of the innovation process.
Lean and efficient
Overall, your innovation platform should be both lean and efficient, based on the continual iteration of the following key stages:
Ideation, where you capture, collaborate and analyse ideas
Proposal, where you create business cases and model potential features
Requirements, where you evaluate, collaborate and manage product needs
Concepts, where you accelerate product development and define structures
Portfolio analysis, where you revise and optimise your product investment
Seamless Integration with downstream ERP and Supply Chain processes
The result: Powerful ROI
Being able to innovate effectively in a digital supply chain delivers returns from both top-line growth—with increased revenues and market share—and reduced costs from improved safety, security, sustainability and fewer returns.
All around the world, finance teams are now fully embracing the cloud to simplify their operations. The heady allure of reduced costs, increased functionality, and other benefits are driving the migration. Yet what’s getting people really excited is the unexpected flush of new business agility they experience after they’ve made the change.
At long last, the cloud is becoming accepted as the default environment to simplify ERP and EPM. Fifty-six percent* of finance teams have already moved to the cloud—or will do so within the next year—and 24% more plan to move at some point soon.
Major cost benefits in the cloud
Businesses are making the change to enjoy a wide range of benefits. According to a recent survey by Oracle*, reducing costs is (predictably) the main motivation, with improved functionality in second place—and culture, timing and the ability to write-off existing investments also key factors. The financial motivation breaks down into a desire to avoid infrastructure investment and on-premises upgrades, and also to achieve a lower total cost of ownership.
And Cloud is delivering on its promise in all these areas—across both ERP and EPM, 70% say they have experienced economic benefits after moving to the cloud.
Leap for joy at cloud agility
But the biggest overall benefit of moving to the cloud—quoted by 85% of those who have made the change—is staying current on technology. Moreover, 75% say that cloud improves usability, 71% say it increases flexibility and 68% say that it enables them to deploy faster. Financial gain is the top motivation for moving to the cloud, but that’s only the fourth-ranked advantage overall once there. It turns out that the main strengths of the cloud are in areas that help finance organisations improve business agility.
These are pretty amazing numbers. It would be unheard of, until fairly recently, for any decent-sized organisation to consider migrating its core ERP or EPM systems without a very, very good reason. Now, the majority of companies believe that the advantages of such a move—and specifically, moving to the cloud—overwhelm any downside.
The commercial imperative
Indeed, the benefits are more likely viewed as a competitive necessity. Cloud eliminates the old cycle of new system launches every two or three years—replacing it with incremental upgrades several times each year, and easy, instant access to additional features and capabilities.
And that is, no doubt, what’s behind the figures above. Finance professionals have an increasingly strong appetite to experiment with and exploit the latest technologies. AI, robotic process automation, internet of things, intelligent bots, augmented reality and blockchain are all being evaluated and used by significant numbers of organisations.
They’re improving efficiency in their day-to-day operations, joining-up operating processes across their business and reducing manual effort (and human error) through increased automation. Moreover, AI is increasingly being applied to analytics to find answers to compelling new questions that were, themselves, previously unthinkable—providing powerful new strategic insights.
Finance organisations are becoming more agile—able to think smarter, work more flexibly, and act faster using the very latest technical capabilities.
But it’s only available via cloud-based ERP and EPM
Increasingly, all these advances are only being developed as part of cloud-based platforms. And more and more advanced features are filtering down to entry-level cloud solutions—at least in basic form—encouraging finance people everywhere to experiment with what’s possible. That means, if you’re not yet using these tools in the cloud, you’re most likely falling behind your competitors that are—and that applies both from the broader business perspective as well as from the internal operating competency viewpoint.
The cloud makes it simple to deploy, integrate and experiment with new capabilities, alongside whatever you may already have in place. It has become the new normal in finance. It seems like we’re now at a watershed moment where those that embrace the potential of cloud will accelerate away from those that do not, and potentially achieve unassailable new operating efficiencies.
The good news is that it’s easy to get started. According to MIT Technology Review in a 2017 report, 86% of those making a transition to the cloud said the costs were in line with, or better than expected, and 87% said that the timeframe of transition to the cloud was in line with, or better than expected.
* Except where stated otherwise, all figures in this article are taken from ‘Combined ERP and EPM Cloud Trends for 2018’, Oracle, 2018.
Visionary business leader Steve Jobs once remarked: ‘You’ve got to start with the customer experience and work backwards to the technology.’ From someone who spent his life creating definitive customer experiences in technology itself, these words should carry some weight—and are as true today as ever.
The fact is that customer experience is a science, and relevance is its key goal. A powerful customer experience is essential to compete today. And relevance is what cuts through the noise of the market to actually make the connection with customers.
The fundamentals of success
For companies to transform their customer experience, they need to be able to streamline their processes and create innovative customer experiences. They also have to be able to deliver by connecting all their internal teams together so they always speak with one consistent voice.
But that’s only part of the story. Customers have real choice today. They’re inundated with similar messages to yours and are becoming increasingly discerning in their tastes.
Making yourself relevant depends on the strength of your offering and content, and the effectiveness of your audience targeting. It also depends on your technical capabilities. Many of your competitors will already be experimenting with powerful new technologies to increase loyalty and drive stronger margins.
The value of data
Learning to collect and use relevant customer data is essential. Data is the lifeblood of modern business—it’s the basis of being able to deliver any kind of personalised service on a large scale. Businesses need to use data to analyse behaviour, create profiles for potential new customers, build propositions around those target personas and then deliver a compelling experience. They also need to continually capture new data at every touchpoint to constantly improve their offerings.
Artificial intelligence (AI) and machine learning (ML) have a key role to play both in the analysis of the data and also in the automation of the customer experience. These technologies are developing at speed to enable us to improve our data analysis, pre-empt changing customer tastes and automate parts of service delivery.
More mature digital marketing
You can also now add in all kinds of technologies to the customer experience mix that are straight out of sci-fi. The internet of things (IoT) is here, with connected devices providing help in all kinds of areas—from keeping you on the right road to telling you when your vehicle needs maintenance, from providing updates on your order status to delivering personal service wherever you are, and much more—enabling you to drive real transformation.
Moreover, intelligent bots are making it much easier to provide high-quality, cost-effective, round-the-clock customer support—able to deal with a wide range of issues—and using ML to improve their own performance over time.
Augmented reality makes it possible to add contextual information, based on your own products and services, to real-world moments. So, if you’re a car manufacturer you may wish to provide help with simple roadside repairs (e.g. change of tire) via a smartphone app.
Finally, whether at the pre-sale or delivery stage, your customer experience platform must give you the ability to deliver consistency at every touchpoint. Whatever channel, whatever time, whatever context, your customers must all believe that your whole business is one person.
Indeed, as Michael Schrage, author of the Harvard Business Review, said: ‘Innovation is an investment in the capabilities and competencies of your customers. Your future depends on their future.’ So you have to get as close as possible to your customers to learn what they want today, and understand what experiences they are likely to want tomorrow. Work backwards from that and use any technology that can help you deliver it.
Read Full Article
Read for later
Articles marked as Favorite are saved for later viewing.
Scroll to Top
Separate tags by commas
To access this feature, please upgrade your account.