This prediction is particularly salient today:
“Companies that adopt new capabilities to be more agile, responsive and innovative will not only thrive but are also 3x more likely to achieve above-average revenue and profit growth.” Accenture, 2018
Of course, there’s a flip side to this story: Accenture also estimates that in the U.S. alone, the estimated cost of customers switching due to poor service is $1 trillion.
Customers no longer view their experiences in silos. They expect the same degree of flexibility they already get from leading tech companies like Google, Amazon, and Apple. The ability to change, grow and innovate – at speed – to keep up with today’s consumers is a requirement, or organizations risk drowning under the weight of their own legacy.
Shedding the legacy systems – flexibility is key
With non-traditional innovators like Airbnb and Uber injecting the market with new business models and platforms, you can’t afford to remain tied to legacy systems that lack the agility required in today’s world.
In our view, the key is having a singular focus on today’s customer and their needs – while continuing to invest in experiments that guide tomorrow’s development of integrated solutions, whether the focus is on IoT, AI or your basic chatbot.
Of course, your front-line agents also play a critical role here – in both assisting customers and gathering valuable data on the success (or otherwise) of these experiments. As even Rurik Bradbury of the mobile and online messaging provider LivePerson concedes, “The big mistake with chatbots has been imagining they could suddenly take the entirety of a conversation and just work by magic.”
Data is the lifeblood of innovation. It’s vital that customer behavior in all channels is captured and translated into the actionable insight that determines future direction. With two decades of continuous innovation of our tools and technical capabilities, VXI can help you engage, delight and retain your customers.