PHOTO - Shivanu Shukla, associate director at Frost & Sullivan.
KUALA LUMPUR, 12 JUNE 2011 - Analyst firm Frost & Sullivan is to host a conference in Kuala Lumpur that will focus on enhancing customer interactions, which is a top driver to grow business, it said.
"The Customer Interaction Malaysia Summit, which will be held on 15 June 2011 at the DoubleTree by Hilton, Kuala Lumpur, includes various industry experts, who will discuss how enterprises need to be anticipating their customers' needs and proactively reaching out to their customers to optimise customer experience," said Frost & Sullivan associate director, Shivanu Shukla.
"In an increasingly complex environment, improving the customer experience continues to be a top priority for businesses who want to drive revenue and profitability," said Shukla. "Achieving this goal is more difficult as customers exert power in a multi-channel world, companies struggle with an explosion of data, and sustaining operational excellence becomes increasingly more challenging."
He said the event, themed 'Preparing for the next decade of Customer Interaction', would include discussion of trends, technologies and strategies that intelligent leaders are approaching to address customers' multi-channel environments by understanding customer profiles and behaviour. "Achieving and sustaining greater customer loyalty requires new operating models that embed this 'new intelligence' to ensure their people, processes, infrastructure, and governance drive optimal customer interactions."
"The changing demographics and the emerging importance of a new generation, Generation Y, should not be taken lightly," said Shukla. "Frost & Sullivan's Mega Trends research has shown that the Gen Y population will account for 33 per cent of global population by 2020 which amounts to 2.56 billion people and 42 per cent of that figure will be from the Asia Pacific."
He added that Gen Y's consumption patterns and preferences vary greatly from other demographic segments. "Gen Y is accustomed to products and services that are highly personalised and prefers to communicate in a broadcast than a one-on-one mode, as proven by the success of Twitter and Facebook. Organisations will have to dedicate teams to manage their communication through social media. Gen Y is also demanding, impatient and global i.e. Gen Y expects immediate solutions and is good at multi-tasking, with an overall faster pace."
"While Gen Y is highly impatient, it is also used to self-service," he said. "Gen Y looks to social media to help shape its consumer decisions, looking to members of an online community for help and recommendations. Thus, a negative comment has the potential to influence thousands, if not millions, of consumer opinions. Companies will have to address negative situations immediately or face the possibility of long term damage."
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