One of the first applications I learned about in the contact center market was customer relationship management (CRM). The core capabilities of a CRM system were to manage customer data, marketing campaigns, sales opportunities and service requests. Vendors also touted them as the source for a comprehensive “360 degree” view of the customer, which they could never actually deliver because they did not include customer financial data, interaction histories or customer sentiment in the form of feedback. In any case CRM applications became integral to contact centers as a source of information to answer customer queries, but in reality they did little to actually manage the customer relationship, which was a factor in why they gained a bad reputation. Over time, many vendors adopted a different approach and broke the CRM category into marketing, sales and service clouds, which although they include additional capabilities basically do the same thing, with one big drawback – customer data is managed in three different systems, reducing the availability of a single source of customer data even further.
In 2016 Ventana Research saw a significant shift in the customer engagement and contact center software markets. Our benchmark research into the next-generation contact center in the cloud shows that for 70 percent of companies, customer experience is and will be an important way of competing; the largest growth in ways of competing is to introduce digital self-service, which will increase by 12 percent. To support those changes, organizations have introduced more channels of engagement, to the extent that our research shows the average has grown to eight channels. Our benchmark research into next-generation customer engagement shows that in nearly half (47%) of organizations these channels are managed as silos, which indicates that most organizations still operate multiple channels rather than supporting omnichannel engagement. The next-generation contact center research confirms that customer engagement is an enterprise-wide issue but one-third (33%) of companies struggle to provide consistent responses across touch points.
Topics: Mobile, Customer Analytics, Customer Engagement, Customer Experience, cloud computing, Collaboration, Customer Service, Internet of Things, Contact Center, workforce optimization, analytics, Billing and Recurring Revenue
Our benchmark research into the next-generation contact center in the cloud shows that the telephone and other nondigital communication channels are far from obsolete: Participating organizations expect growth in all channels. As a consequence, contact centers are likely to remain a key channel to handle customer interactions, and it is likely that contact center agents will have to handle multiple forms of interactions, which are likely to be more complex. The research also shows that interactions are increasingly being handed by all business groups, not just the contact center. To meet these demanding customer expectations, organizations must continue to carefully manage the availability of skilled resources to handle these interactions.
Today’s rapid changes in technology have left many companies behind in the digital transformation that is shaping the future of marketing, sales, commerce and client engagement. At Ventana Research we have seen this change coming, having been close observers and analysts of technological shifts for almost 15 years, providing continuous research and guidance to the technology industry. Now the leading edge is the digital point of engagement with customers through websites and social media. Earlier this year I wrote about mastering marketing mayhem in a meaningful, meticulous manner explaining how organizations can adapt to the new digital reality. Well, we are taking our own advice. Ventana Research spent the first half of 2016 reflecting on lessons learned and best practices from our research and advisory efforts. The result is our new community and website, www.ventanaresearch.com that we have announced and is available for everyone on the Internet. With it we strive to set an example of simplicity in engaging an audience in need of insights and education on technology applied to business.
Oracle and NetSuite have completed their merger. The combination is likely to be positive for customers because NetSuite will have access to “more,” a word repeated many times over the course of Oracle’s post-acquisition webcast. Existing NetSuite customers will benefit from increased investment as well as economies of scale that Oracle can bring to R&D and sales and marketing. Oracle has stated that there’s little overlap between its target customer base and NetSuite’s. However, there is substantial overlap with NetSuite’s application partner network because of Oracle’s own broad application portfolio. As such, many of these partners are likely to shift their attention to NetSuite’s cloud-only competitors (for example, FinancialForce and Intacct), which will benefit those rivals’ sales and marketing efforts.
Topics: Sales, Customer Experience, Human Capital Management, Marketing, Office of Finance, Continuous Planning, revenue recognition, Customer Service, HRMS, recurring revenue, Price and Revenue Management, Billing and Recurring Revenue, Work and Resource Management, Digital Commerce, Operations & Supply Chain, Enterprise Resource Planning, Sales and Operations Planning