Perfecting your digital transformation is not a game. Many businesses do not understand how critical end-to-end engagement is for their customers. While difficult to architect and deploy, the good news is that there is a formula to follow that can swiftly, and smartly, help you outmaneuver the competition and stay ahead of the technology curve.
By definition, digital transformation is transforming from an older state to a more modern one. This means that in order for businesses to digitally transform they need to ensure that the new systems they put in place enables their customers and does not add friction. With the customer journey heavily influencing how a company will digitally transform, customers have now come to expect the benefits of cognitive technologies, blockchain, quote-to-cash (QTC) and customer relationship management (CRM) – or what we call the Connect 4 of technology for a winning end-to-end engagement experience.
However, many businesses are struggling to successfully pull off a digital transformation because they are not leveraging these technologies to the fullest – which is necessary to make end-to-end customer experiences possible. Although IDC reports worldwide spending on digital transformation technologies is increasing and expected to reach $1.3 trillion in 2018 and $2.1 trillion by 2021, without the right strategy around how to leverage, implement and integrate technologies into existing business environments, it will not help to drive bottom line results and growth.
For businesses to be successful at digital transformation initiatives, they need to know what success looks like and strategically consider the KPI’s they want to use to measure progress toward success. Once success is known and KPI’s are defined, it is much easier for organizations to outline the technologies that will help them accomplish these goals and deliver a frictionless, end-to-end customer experience.
In this two-part blog series, we’ll discuss how cognitive technologies, blockchain, QTC and CRM work, the benefits of each and how CommerceCX can help you have the winning technology combination to create excellent customer experiences and outperform the competition.
First up: Cognitive Technology and Blockchain.
Cognitive Technology is an intelligent system that has been taught or learned how to carry out a specific task without having an algorithm or programming to do so, meaning it can adapt and consequently help businesses with repetitive or menial tasks. These technologies fall into three main categories: product, process, or insight. Product applications embed the technology in a product or service to provide end-customer benefits. Process applications embed the technology in an organization’s workflow to automate or improve operations. And insight applications use cognitive technologies—specifically advanced analytical capabilities such as machine learning—to uncover insights that can inform operational and strategic decisions across an organization. For example, cognitive technology can help businesses better understand user intent and provide real-time guidance and information to enable informed decision making. It can also be used to analyze real-time customer and market behavior so that businesses can adjust to changing marketing conditions.
While companies used to fear these types of technologies, many now see them as a positive addition to their business. For example, IDC notes that 40 percent of digital transformation initiatives will use artificial intelligence services by 2019.
CommerceCX can help businesses find opportunities within their current business processes where cognitive technologies may unlock business potential. We can then help businesses deploy this technology into their solutions providing real-time analysis of behavior and intent for enhanced personalization at every touchpoint of the user journey.
Blockchain at its core is a distributed ledger that stores data in an encrypted format. The data is encrypted and distributed across various businesses which create highly robust databases that can only be updated with permission.
Blockchain allows businesses to have the ability to connect systems and data for control and insight through the encrypted ledger, creating a seamless experience for users through the entire journey. This technology helps connect parts of the end-to-end experience that may be out of the control of a given product or service and it also aides with data integrity by documenting the history or state of any person, place or thing – think of it as the CARFAX of the digital world!
CommerceCX can help businesses with blockchain by building it into existing operations, providing the ability to store and remember the data pertaining to assets and services. This allows for businesses to have real-time insights that they know are secure and can help with increasing efficiency by streamlining information and processes.
What this means
As I’ve detailed out above, the benefits of leveraging cognitive technology and blockchain technologies will help businesses achieve successful digital transformation by making the customer journey more personalized and secure at every user touchpoint. The combination of cognitive technology and blockchain allows businesses to learn about the intent of customers and provide end-to-end guidance beyond the boundaries of the product.
Check back for the second blog in the winning technology combo of end-to-end engagement series that will expand on how Quote-to-Cash and CRM technologies complete the Connect 4 winning combination. Find out how they support customer-focused strategies and the role CommerceCX can play in getting them integrated into your business.