Preliminary research by Ovum shows that 90 per cent of organizations are at risk of becoming irrelevant to their customers unless they can learn to adapt much faster and in ways that customers value. While CRM systems are prevalent, businesses are being held back by slow decision cycles, a lack of workforce engagement, operational and channel silos and a serendipitous attitude toward innovation.
At its recent CX forum, Ovum has revealed that the average score across all the key attributes of a customer-adaptive enterprise (CAE) was 52 per cent, indicating that organizations are insufficiently connected to their customers and do not have the insight or discipline to enable them to sense and respond at speed in ways that will ensure their relevance to customers.
Jeremy Cox, Principal Analyst, Ovum, stated, No sector is impervious to the rapid march of technology developments or the rise of the increasingly choosy and powerful consumer, whose often vociferous voice can make or break reputations in minutes. Given the advanced nature of a ‘customer-adaptive enterprise’, it is unsurprising that no single enterprise scored 80 per cent or more across all attributes. Yet, Ovum has found that organizations displaying a high degree of successful orchestration of these attributes are leaders in their field, and have exemplary customer satisfaction and loyalty as well as faster growth than their peers.
The key challenge, according to Ovum, is a lack of leadership to break through departmental or channel silos, and create the conditions to fully engage the workforce and start to create a more rounded view of the customer journey to be supported.
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