We Incubate Innovation
In an age of immediacy, advancements in technology have allowed us to shrink the world down to the size of a mobile device. We see something we like and with a simple tap, we get it in an instant. The same instantaneous nature applies to how customers expect businesses to serve them. The fight swings in favor of those who can reach their customers globally and provide them with amazing customer experiences.
The race for innovation
Higher customer retention, satisfaction, and loyalty are just some of the many returns of investing in a customer experience strategy. Research by Avanade and Sitecore found that for every dollar of investment in a customer experience strategy, companies are yielding a three-dollar return. Given these, it may seem obvious for businesses to bolster their efforts. However, based on findings, only 14 percent of businesses are exceeding customer expectations—a massive opportunity missed by the majority.
Furthermore, the research suggests that companies who are lagging with their customer experience efforts may need to invest more in modern technology or work with a third-party partner to increase their expertise. However, in conjunction with the fancy tech and sophisticated software, CMSwire highlights the critical role that humans play in the customer’s journey. For instance, while the younger generations are attuned to communication with a chatbot, nearly half of American adults still prefer human-to-human interaction.
When it comes to customer experience, technological innovations go together with human capacity. In the experience industry, organizations are turning to advanced artificial intelligence to create frictionless experiences that help businesses reel in more customers. CEOWorld Magazine cites that investing in technology offers several opportunities and benefits, and it allows businesses to stay ahead of their competitors giving them a competitive edge. Further, technology enables organizations to keep pace with tech-savvy customers and it also lets employees work remotely resulting in a 20 percent increase in productivity. In addition, MIT Sloan, suggests how companies can leverage their own workforce to further harness the power of innovation. It boils down to utilizing human capital in business ideation and creating the necessary systems that would allow employees materialize their ideas.
“Perhaps the biggest organizational change is to think like a small start-up,” MIT Sloan Professor Christian Catalini said.
Across our global company, big changes are happening. As we dive deeper into our three values, we are leveraging artificial intelligence to create transformative experiences on a personal level. Through our partnership with Microsoft, Experience Labs, and innovations such as Ana—our smart EX assistant—we incubate new products on ourselves to further reinforce our digitally enabled workforce and deliver even more amazing customer experiences. We also created a data-driven methodology like Systematic Insights to solve customer problems at its roots. At Everise, we have a passion for innovation like no other company in the experience industry.