The future of HX
Each year, new data comes out that indicates customer service and the customer experience (CX) are more important than ever. According to Forrester, 72% of businesses say that improving the customer experience is their top priority. A study from NewVoiceMedia indicates that companies lose more than $62 billion due to poor customer service. No company can afford to be a customer service laggard. So, what can leadership do to ensure they stay up, stay competitive and stay relevant? Pay close attention to what’s trending in the world of customer service and CX. Here are 10 trends you shouldn’t ignore. There’s something here that will impact every type of business.
Let's start with two interconnected trends: high tech, power of the individual and integration. They are leading to the rise of predictive and prescriptive analytics.
The Future of CX: Humanistic, Prescriptive, and Responsive
Bruce Temkin will identify three areas that will shape future CX efforts: (1) Humanistic (experiences that tap into human emotions and behaviors), (2) Prescriptive (analytics and interfaces that deliver situation-specific insights), and (3) Responsive (organizations enabled to respond faster to customer insights).
We believe that there are four pillars that the future of HR will be built on.
The rising power of the individual
Predictive & prescriptive analytics
High tech + high touch
Integration of human experience data
These pillars xxx
POWER OF THE INDIVIDUAL
Over the next 15 to 20 years, continued giving from groups like the World Health Organization and the Bill and Melinda Gates Foundation will lift millions of people out of poverty, the report found, to the extent that the majority of the world's population will no longer be impoverished.
This new wealth will produce millions more empowered individuals that will have the means to add to local and national economies.
The report hedged slightly, however, because more empowered people will also have greater access to lethal weapons and networks, which is "a capability formerly the monopoly of states." TRUST IS KEY
HIGH TECH + HIGH TOUCH
Emotion AI Will PersonalizeInteractions https://www.gartner.com/smarterwithgartner/emotion-ai-will-personalize-interactions/
PREDICT, PRESCRIBE, PREVENT
The Internet of Things (IoT), or digitalization of assets, is a balancing act today between focusing on internal and external use cases. In 2016, most businesses focused on internal initiatives. They started with simple use cases such as optimizing internal workflow management, and enabling smart connected products to send data to the enterprise. This is changing already with more externally focused use cases around customer engagement and retention.
IoT opens completely new business opportunities in utility companies. This industry is rapidly moving beyond capturing operational efficiencies to more directly enable strategic digital transformation, as they become platform providers for the energy-sharing economy.
Car manufacturers already capture data for predictive maintenance. Now they are exploring a completely new business model of engagement. This model moves from the sale of cars to business provisioning. As a result, it will eliminate the car sale as the terminal stage of the customer journey. Full lifecycle servicing of customers requires robust omnichannel capabilities to get that contextual insight into customers.
BREAKING DOWN THE SILOS