For any well-established organization or a start-up venture, success is always defined by the level of customer experience (CX) delivered. So, while making new technology investments, it is essential for you to consider the ‘CX’ factor – how good will it be and what will you gain further out of it? In this article at TechRepublic, Alison DeNisco Rayome shares some practices to extract the best possible ROI from your tech investments.
The ‘CX’ Factor
A report from KPMG highlights that organizations doing well in terms of customer experience achieved 54% higher revenue growth than the ones poorly rated by their customers. KPMG used the six excellence pillars of customer experience while making this assessment – personalization, integrity, expectations, resolution, time and effort, and empathy. As evident, customer experience (CX) plays a vital role in building your brand value and establishing your credibility in the market. Thus, better customer experience can be directly equated with higher ROI. So, as a business, you should be intelligent enough to make smart investment moves that enhance your overall customer journey and proves to be a winning formula.
How to Lead the Investments?
Technology has the power to transform your operational infrastructure and revamp the way you interact with your customers. Still, many companies fail to establish a strong customer connect primarily owing to poor internal alignment around business goals. Using emerging technologies like remote diagnostics and Internet of Things (IoT) to understand the pulse of the customer and then applying them to their leverage can be the next step for such organizations. Companies need to carefully evaluate if the technology they are investing in minimizes the overall cost, reduces friction and delivers better value to customers. Only then, they should move ahead with the investments, else no.
To read the original article in full, visit the following link: https://www.techrepublic.com/article/how-business-leaders-can-get-the-best-return-on-their-tech-investments/