This is a preview of the on-demand webinar, Digital Transformation of Customer Experience Management: The Role of Cloud Technology.
Cloud technology plays a key role in helping brands take their CX management to the next level. In a webinar co-hosted by Aberdeen and Oracle, Aberdeen VP and Principal Analyst Omer Minkara shares that brands that master their customer experience as part of digital transformation experience several key benefits:
• 94% greater annual increase in customer lifetime value, compared to businesses that struggle with digital transformation
• Improved profit margins of their clientele by 79% more year-over-year, compared to others
• 10.3 times annual increase in customer satisfaction rates
Read on to learn more from Minkara and Austin Miller, Director of Product Marketing for Oracle’s B2C portfolio, about the role cloud technologies play in driving digital customer experience success.
Embracing diverse cloud solutions
For brands migrating toward cloud-based CX technology, there are a range of solutions to consider. With a Software-as-a-Solution (SaaS) product, an application is hosted on a third party’s premises, and that third party is responsible for managing it. With hosted cloud, those applications are still hosted by the third party, but a brand’s IT team is responsible for managing it, which limits deployment costs. With a hybrid cloud, the solution offers a mix of maintaining some brand data and applications internally, while maintaining other applications externally.
Finally, with private internal cloud, a brand essentially builds a cloud infrastructure on their own premises. In the Aberdeen survey cited in the webinar, 92% of businesses said that they are going to be moving to a cloud-based infrastructure.
Making best-in-class adoption affordable + lower demand on IT
Minkara shares that in a recent Aberdeen survey, the number-one cited cloud technology benefit was that it allows brands to invest in CX solutions they otherwise couldn’t afford. With cloud applications, brands are better able to predict the cost of an application—and don’t need to incur as much upfront cost to incorporate that technology. In addition, the savings in areas such as hardware and IT support also help make cloud-based customer experience solutions more affordable. When it comes traditional deployments, businesses often rely on IT to maintain and manage those applications. By contrast, with a cloud infrastructure, brands minimize reliance on IT, and therefore facilitate them to focus on more strategic objectives.
Meeting changing customer needs
With a cloud-based infrastructure, brands can scale up when the customer demand increases and scale down when the customer demand drops. This flexibility is critical—because as brands scale up they add more licenses, and when they scale down they reduce the number of licenses. Cloud technology makes business and application costs more predictable versus having an unused upfront cost to businesses.
Staying on the cutting edge with better speed to market
Minkara notes that speed to market is another advantage of cloud technology that’s important in the current business environment. In the webinar, Miller discusses Moleskine, a leader in paper, writing instruments, and accessories. While they had traditionally depended largely on their brick-and-mortar locations for sales, they recognized the changing landscape in consumer tastes and shopping behavior, and decided they needed to develop a strong ecommerce presence very quickly. But it couldn’t be just any presence—it needed to be uniquely theirs and mimic the personalized experience customers get in store from them and from their partners.
Miller goes on to note that by partnering with Oracle CX, Moleskine launched their first ecommerce site, utilizing Oracle Commerce Cloud, in 12 weeks. Just 6 months later, they had other ecommerce sites up and running in 36 countries, in 10 different languages.
Effectively managing omnichannel customer interactions
Aberdeen reports that 51% of businesses use at least 8 different channels for customer engagement. Minkara notes that utilizing a rich set of customer experience technologies helps businesses achieve some significant performance improvements when it comes to managing those digital interactions.
Miller also highlights that increasingly, organizations are relying on cloud technology to manage these interactions and integrating every point of customer data into a central repository. From there, Miller says, brands can create data systems that put “the customer in the middle, being able to actually create that single journey for them across their research, their buys, their receives, and potentially their service issues, their referrals, their browsing, and really break down those silos.” No matter what channel customers choose for interactions, he concludes, brands are able to gather, centralize, and react to that data.
If you’re interested in learning more about how cloud technologies support strong customer experiences, watch the Digital Transformation of Customer Experience Management: The Role of Cloud Technology webinar.