itb-au logo
Story image

AI continues to widen CX success gap

01 May 2019

LogMeIn has released the results of a new study conducted by Forrester Consulting to determine how customer experience strategies affect overall business success.  

The study, Build Competitive Advantage Through Customer Engagement and AI, surveyed 479 global customer engagement decision makers and found that organisations with a more mature strategy - including those who make customer experience (CX) an organisational priority and leverage omnichannel and artificial Intelligence (AI) technologies - see an increase in revenue and conversion at double the rate of other businesses. 

The results also show that as the maturity gap continues to widen, organisations that are falling behind may never be able to catch up to their more mature competitors.

''Exceptional customer experience is a cornerstone of business success. Better customer engagement leads not only to higher customer satisfaction but also to greater top-line revenue growth and more satisfied customer-facing employees,'' according to the study. 

“Organisations with greater engagement maturity reap benefits not only more often, but of greater value than less mature businesses.”

Emerging technologies like AI are also accelerating the divide.

Businesses with a more mature engagement approach can more quickly adapt and incorporate powerful use cases of AI that propel them forward. 36% of the least mature respondents use AI, but only in proof of concepts. 

Meanwhile 58% of CX ''experts'' have implemented a holistic AI strategy and roadmap. 

The comparison between long-term and short-term strategies of these organisations represent a significant set-back for the less mature businesses who have not been able to capitalise on the business intelligence that AI-powered technology can provide.

The study showed that 37% of less mature organisations rely too much on obsolete technology especially in the area of digital channel support. 

Furthermore, poor self-service and automation capabilities are leading to frustrated customers and increased call centre volume which conversely is not a typical challenge for the most mature of the group who are successfully leveraging these capabilities to create better overall customer experiences. 

Additional challenges that less mature organisations run into include lack of visibility into both customer data (37%) and the performance of engagement channels (42%). These limited views inhibit a business’s ability to quickly address weaknesses and understand how to best serve their customers. 

For the most mature of those surveyed, 63% saw an increase in NPS as a result of their current customer engagement strategies and reported an average of 8 points higher than their lesser mature counterparts. 

Further, half of these organisations saw an increase in conversation rates, 56% reported an increase in revenue and 40% saw an increase in order size. 

Even agent satisfaction increased under the more mature organisations with nearly 50% reporting an increase in overall job happiness. 

“With all of the hype around AI's place in customer experience, it can be hard for businesses to separate fact from fiction,” says LogMeIn customer engagement technologies senior director Ryan Lester. 

“The results of this study helped provide some clarity around the importance of continuing to evolve customer engagement strategies. Technologies like AI are creating a significant competitive advantage for leaders and leaving the rest falling irreparably behind.”

Story image
Four reasons why application delivery is critical to DevOps
Selecting an application delivery solution that maximises automation and integrates into an existing DevOps environment is critical, writes Radware senior security solutions architect for APAC Yaniv Hoffman.More
Link image
What you should consider when choosing a cloud communications solution
Businesses must choose a communications solution with DNA rooted in the benefits of a true cloud offering, which includes microservices and a wide distribution of active data centres.More
Story image
What to watch for when accelerating cloud adoption
There are seven key areas that organisations must consider as they accelerate their move to the cloud, writes Empired practice manager for modern workplace Jaen Snyman.More
Story image
Kaseya acquires RocketCyber to bring SOC solutions to more businesses
"With this acquisition, we've doubled down on our security investments to provide our customers with access to experts who can continuously monitoring their IT environments without the cost and complexity of disparate tools.”More
Story image
Customer churn costing Australian businesses millions, report finds
52% of sales professionals in Australia believe that their CRM systems are unfit for purpose, while customer churn is costing mid-market companies an average of US$5.5 million per year each.More
Story image
Pure Storage upgrades its flagship software
The revamped solution delivers enhanced ransomware protection makes hybrid storage for data centre workloads obsolete with a third-generation FlashArray//C all-QLC platform.More