Genesys (www.genesys.com/in),
the global leader in omnichannel
customer experience and contact
centre solutions, has released The
2016 IoT-Enabled Customer Experience (CX) Report. Interestingly, the
research reveals India ranks the second highest, behind China, in IoT-Enabled
customer maturity compared with other APAC markets.
The study, commissioned by Genesys in
partnership with Frost & Sullivan,
offers insights into how companies in APAC perceive Internet of Things (IoT)
and to what extent companies are adopting it to enhance customer
experience.
The research examined the way organisations
view IoT as a key enabler in enhancing CX and their readiness to take advantage
of this emerging technology.
Across India, the research revealed
organisations see high value in integrating IoT into their CX initiatives
compared to other markets in the region. Close to 80 per cent of respondents
cited IoT as a neutral or somewhat important priority compared to other CX
initiatives, and almost 40 per cent of businesses said they are thinking about
how to incorporate IoT.
“Our research found the overwhelming majority
of respondents across APAC believe customer lifetime value is the most
significant business benefit delivered by an effective customer experience
strategy,” said Keith Budge, senior vice president, APAC at Genesys. “Indian organisations
are open to implementing new technologies and have an optimistic view of IoT as
a key enabler of sophisticated customer experiences. Most organisations in
India are not bogged down by having to integrate IoT into existing legacy
infrastructure and as a consequence, this market was ahead of the region when
it comes to the adoption of IoT-enabled CX solutions.”
Gap between awareness and implementation
An IoT-enabled customer experience drives the
convergence of customer
journeys across digital and physical environments, in turn enabling
organisations to consistently deliver personalised, predictive and productive
experiences for their customers.
Overall, the report reveals 83 per cent of
respondents across APAC have some level of familiarity with IoT and nearly 50
per cent believe IoT is important in enhancing CX. Despite this, only 15 per
cent of respondents across APAC have already implemented IoT.
Budge said: "The findings underscore the
role of technology providers such as Genesys in helping APAC companies roll out
successful implementations and, hence, truly realise the potential of IoT to
improve CX.
Benefits of implementation
Of those that have deployed IoT to deliver
better CX, more than 70 per cent said their IoT solution enables them to
influence their customers’ buying and engagement decisions. More than a third
of surveyed organisations recognised the very high impact IoT had on enhancing
customer satisfaction.
Other benefits cited by respondents include
positive impacts on brand equity (33 per cent), improvements in operational
efficiency (33 per cent) and an increase in employee productivity (35 per
cent).
Across APAC, the study found businesses are
realising the wide reaching benefits of implementing IoT. More than half (60
per cent) of respondents indicate at least having a starting point for their
IoT journey, with 16 per cent looking to incorporate IoT in to their organisation
within the year. A further 29 per cent hope to accomplish this within the next
two years.
Barriers preventing adoption
Surprisingly, more mature economies – including
Australia and New Zealand – are less likely to have immediate plans to incorporate
IoT in their organisation to enhance their CX.
The report identified a number of challenges
preventing businesses from deploying IoT for CX, including a significant issue
with organisations “understanding of IoT value proposition.” A low level of C-suite
awareness about the importance or value of IoT-enabled CX solutions was also
commonly cited.
Other key findings from the report
- There is a strong
correlation between IoT deployment and higher Net Promoter Scores(NPS).*
- The perception of
benefits provided by IoT-enabled CX was the lowest among C-level respondents
- More than 70 per cent
of respondents that have implemented IoT believe it has a positive impact on
the development of new disruptive business models
- The three industry
sectors at the forefront of IoT-enabled CX adoption are communication service
providers; logistics, transportation and automotive; and retail, travel and
hospitality
“This research helps put to rest the
misconception that IoT is not ready or too difficult to build into customer
experience solutions,” Budge said.
“The success of an organisation hinges on its
ability to understand what customers want in order to deliver differentiated
services,” said Krishna Baidya, associate director of Frost & Sullivan’s
Digital Transformation Practice for Asia Pacific. “Using behavioural data
made available to organisations through IoT solutions, organisations can
proactively engage customers in ways that are more personalised, convenient,
and deliver more value.”
On 22 March at 9 a.m. Indian Standard Time
(IST), Genesys and Frost & Sullivan will host a webinar
to discuss the key findings of the report, as well as how to overcome adoption
challenges and use IoT-Enabled Customer Experience as a competitive
differentiator.
Register to attend
at: http://www.genesys.com/asia/about-genesys/webinars/internet-of-things-cx-strategy