Welcome!

@CloudExpo Authors: Kevin Benedict, Elizabeth White, Miska Kaipiainen, Ed Featherston, Chris Kocher

News Feed Item

New Oracle Global Research Study Finds that Brands Could Lose up to 20% of Revenue Due to Poor Customer Experiences, Yet Many Struggle to Develop Successful Strategies

Report Highlights Need for New Approaches to Succeed in Customer Experience

REDWOOD SHORES, CA -- (Marketwire) -- 02/04/13 -- Oracle (NASDAQ: ORCL)

News Facts

  • Today Oracle announced the results of its "Global Insights on Succeeding in the Customer Experience Era" report. This global survey of 1,342 senior-level executives from 18 countries in North America, Europe, Asia Pacific and Latin America yields new insights on the challenges, strategies and lessons learned for succeeding in the customer experience era.

Key Findings

  • Global Strategic Priority with Huge Financial Stakes: Ninety-seven percent of executives agree that delivering a great customer experience is critical to business advantage and results, and respondents estimate that the average potential revenue loss for not offering a positive, consistent and brand-relevant customer experience is 20% of annual revenue.
  • Businesses Stuck in Idle: Ninety-three percent of executives say that improving the customer experience is one of their organization's top three priorities in the next two years, and 91% wish to be considered a customer experience leader in their industry. However, many organizations are stuck in an execution chasm; 37% are just getting started with a formal customer experience initiative, and only 20% consider the state of their customer experience initiative to be advanced.
  • The Perception Chasm: The study revealed that business executives underestimate the impact of customer experience on behavior. Forty-nine percent of executives surveyed indicated that customers will switch brands due to a poor customer experience, but a full 89% of customers say that they actually have switched brands due to a bad customer experience. (1)
  • Social Media - A Key Driver for the Future: Social media amplifies the customer voice, and businesses are scrambling to answer. Eighty-one percent of executives believe that delivering a great customer experience today requires leveraging social media effectively. But, 35% do not have social media for sales channels, and 35% do not have social media for customer service.
  • Technology, People and Processes Present Significant Obstacles: Executives cite limitations from inflexible technology, siloed organizations and systems, and insufficient investment as the biggest obstacles to delivering the best possible customer experience.
  • Businesses Are Investing in Customer Experience: On average, businesses estimate that they will increase spending on customer experience technology by 18% in the next two years. Improving the cross-channel experience and customer analytics are top priorities.
  • Lessons Learned: A good customer experience strategy requires fundamental organizational changes. Successful initiatives that have improved the customer experience span people, process and technology. Executives at organizations that consider their customer experience initiatives as "advanced" appear to have been most successful in engaging their employees by:
    • Building training programs and incentives for employees to offer a great experience
    • Updating company core values to include customer experience
    • Implementing a specific technology to improve customer service
  • Access the full report -- which delves extensively into the obstacles organizations face and the programs they are putting in place to deliver excellent customer experiences.

Supporting Quotes

  • "This report demonstrates that organizations around the globe and across many industries are beginning to understand the real business impact of not offering great customer experiences, but are facing execution challenges. We recommend that organizations map their customers' journeys to identify specific improvement areas that will help them cross the execution chasm. By empowering customers and employees, breaking down organizational silos, and implementing flexible processes and technology tools, organizations can deliver personalized, seamless customer service through the entire experience lifecycle," said David Vap, group vice president, Oracle.

Supporting Resources

About Oracle
Oracle engineers hardware and software to work together in the cloud and in your data center. For more information about Oracle (NASDAQ: ORCL), visit www.oracle.com.

Trademarks
Oracle and Java are registered trademarks of Oracle and/or its affiliates. Other names may be trademarks of their respective owners.

Footnotes
(1) According to The 2011 U.S. Customer Experience Impact (CEI) Report by RightNow (acquired by Oracle in March 2012)

Add to Digg Bookmark with del.icio.us Add to Newsvine

Contacts
Christine Randle
Oracle
+1.703.364.0598
Email Contact

Janice Clayton
O'Keeffe & Company
+1.443.759.8151
Email Contact

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@CloudExpo Stories
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Developing software for the Internet of Things (IoT) comes with its own set of challenges. Security, privacy, and unified standards are a few key issues. In addition, each IoT product is comprised of (at least) three separate application components: the software embedded in the device, the back-end service, and the mobile application for the end user’s controls. Each component is developed by a different team, using different technologies and practices, and deployed to a different stack/target –...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of So...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abil...
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Interne...
Digital innovation is the next big wave of business transformation based on digital technologies of which IoT and Big Data are key components, For example: Business boundary innovation is a challenge to excavate third-party business value using IoT and BigData, like Nest Business structure innovation may propose re-building business structure from scratch, as Uber does in the taxicab industry The social model innovation is also a big challenge to the new social architecture with the design fr...
Whether they’re located in a public, private, or hybrid cloud environment, cloud technologies are constantly evolving. While the innovation is exciting, the end mission of delivering business value and rapidly producing incremental product features is paramount. In his session at @DevOpsSummit at 19th Cloud Expo, Kiran Chitturi, CTO Architect at Sungard AS, will discuss DevOps culture, its evolution of frameworks and technologies, and how it is achieving maturity. He will also cover various st...
If you had a chance to enter on the ground level of the largest e-commerce market in the world – would you? China is the world’s most populated country with the second largest economy and the world’s fastest growing market. It is estimated that by 2018 the Chinese market will be reaching over $30 billion in gaming revenue alone. Admittedly for a foreign company, doing business in China can be challenging. Often changing laws, administrative regulations and the often inscrutable Chinese Interne...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, provided tips on how to be successful in large scale machine learning...
In his session at @ThingsExpo, Kausik Sridharabalan, founder and CTO of Pulzze Systems, Inc., will focus on key challenges in building an Internet of Things solution infrastructure. He will shed light on efficient ways of defining interactions within IoT solutions, leading to cost and time reduction. He will also introduce ways to handle data and how one can develop IoT solutions that are lean, flexible and configurable, thus making IoT infrastructure agile and scalable.
Creating replica copies to tolerate a certain number of failures is easy, but very expensive at cloud-scale. Conventional RAID has lower overhead, but it is limited in the number of failures it can tolerate. And the management is like herding cats (overseeing capacity, rebuilds, migrations, and degraded performance). Download Slide Deck: ▸ Here In his general session at 18th Cloud Expo, Scott Cleland, Senior Director of Product Marketing for the HGST Cloud Infrastructure Business Unit, discusse...
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2016 Silicon Valley. The 6thInternet of @ThingsExpo will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....