"We are seeing the rise of the Chief Customer Experience Officer, and for good reason, too. While organisations recognise that every touch point of the customer journey is important, this is not how organisations are structured. In most large consumer organisations today, teams are only responsible for a particular segment, with different teams seldom interacting with one another. As such, it is fairly common for a consumer to have a different experience at various touchpoints due to this fragmented picture and silo-ed view. In the digital era, where winning the heart of the consumer is paramount, one of the biggest challenges is to create a consolidated platform that looks after the entire customer journey," she expounded.
With big data and analytics, Ng said businesses can identify potential churn risks and give them a better understanding with customer behaviour. "We all know that retaining existing customers is significantly more cost-efficient than marketing to new ones, and that unhappy customers don't remain loyal for very long. So when you discover who is likely to churn ahead of time, you can not only save the individual customer, but also garner important insights to prevent others from churning and even up-sell or cross-sell to the base."
Ng also encourages businesses to co-create with vendors to develop a solution that fits with the needs of the organisation. "With today's rapidly evolving standards, organisations cannot afford to sit and wait for the 'perfect vendor' to come by and deliver the 'perfect pitch'. The only way to differentiate oneself is to be an active co-creator in these domains," she said.
"The future is in the making, get on-board and be one that shapes the future... dream big, start small and move fast. There is no perfect formula. Get moving and start tweaking - and allow technology to optimise its contribution in today's dynamic business landscape," she concluded.
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