putting the "experience" in your customers' digital experience

www.cognizant.comCopyright © 2015 Cognizant

“PUTTING THE EXPERIENCE IN DIGITAL CUSTOMER EXPERIENCE”

HIGHLIGHTS OF A MAJOR NEW STUDY

Ben Pring

Cognizant’s Center for the Future of

Work

www.cognizant.comCopyright © 2015 Cognizant 2

THE DIGITAL CUSTOMER EXPERIENCE IS THE KEY TO DELIGHT, ENGAGE, AND MONETIZE CUSTOMERS IN THE MODERN WORLD.


OUR EXPECTATIONS ARE BEING CHANGED BY CODE HALO EXPERIENCES …


WE’RE BEGINNING TO EXPECT (AND DIFFERENTIATE) ON THE SUBLIME …


AND FIND THE RIDICULOUS, RIDICULOUS

“Press 1 for English”


CODE HALOS?

www.cognizant.comCopyright © 2015 Cognizant

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updateCODE HALOS ARE CREATED BY

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update… EVERY DIGITAL INTERACTION ANY BODY AND/OR ANY

THING HAS


AND YET…

Poor Fair Moderate Good Excellent

3%

24%

45%

25%

3%0% 1%

31%

14%

How would you rate the overall quality of your customers' experience and engagement with your company today and in three years? ["Good" and

"Excellent" responses shown]

54%


“HOUSTON, WE HAVE A PROBLEM …”


GREAT EXPECTATIONS … TINY STEPSWhat type of customer information do you collect? Select all that apply.

Browsing history

Spending history

Demographic information

Likes/Interests

Social graph

Product registrations

API traffic

Service enrollments

None of the above

41% 40% 39% 38% 37%

21% 18% 12%

10%


THE METADATA WARS ARE HEATING UP…How effective is your company at… Today? In three years?

…analyzing customer

metadata?

…collecting customer

data?

…integrating customer data

with other business

information?

…analyzingcustomer data?

…collecting customer

metadata?

TODAY26%

TODAY16%

IN 3 YEARS52%

TODAY44%

IN 3 YEARS68%

TODAY19%

IN 3 YEARS39%

TODAY29%

IN 3 YEARS56%

IN 3 YEARS52%


Say customer data and analysisis a key element

of their company’s innovation efforts.

Say digitizing the customer experienceto deliver mass personalization is a core

strategic goal.

58% 47%

DO YOU KNOW THE “MARKET OF ME”?To what extent do you agree with the following statements about your company’s

approach to attracting and retaining customers and personalizing their experience? [“Agree” and “Strongly agree” responses shown]


To what extent does your company focus on the following customer experience issues today?

[“Relatively high focus” and “key focus” responses shown]

MASS PERSONALIZATION PUTS CUSTOMERS AT THE CORE …

54%

53%

51%

48%

45%

44%

42%

40%

40%

Co-creating with customers

Creating personalized products, services and

experiences

Improving communication with customers

Building customer loyalty

Addressing shifting customer demands

Creating a customer-centric organization

Analyzing customer data

Reaching new customer markets

Collecting customer data

0% 10% 20% 30% 40% 50% 60%


LEADERS EXPECT BOTTOM LINE IMPACTS…What value do you expect to gain from improved customer experience and

engagement based on your use of digital profiles? [“Good benefit” and “Substantial benefit” responses shown]

Increased

profitability

Improvedcustomerretention

Increasedmarket share

Increased

revenue

Improved abilityto develop

new products& services

Expansion

into new lines

of business

Attractingnext

generationof customers

45%

38%

30%

37%

28%

14%17%

0

10

20

30

40

50


BETTER CUSTOMER UNDERSTANDING HAS A CLEAR ROIPlease rate the level of measurable ROI your company has seen from its data-

mining efforts.

Noquantifiable return

Slight quantifiable return

Moderatequantifiable return

Goodquantifiable return

Significantquantifiable return

DATA MINING

1% 11%

29%

46%

12%


“IF IT WERE EASY, WE’D HIRE HAIRDRESSERS …”

23%Data security

8%19%

Customer privacyconcerns

30%Data

access

30%Disseminating

insights internally

26%Data security

29%Forming partnerships

with third-partyvendors

42%Adequate toolsto analyze data

42%Adequate internal

skill sets to analyze data


WE ARE INCREDIBLY LUCKY


“By 2025 the Second Economy will be as large

as the 1995 physical

economy”

WE HAVE THE OPPORTUNITY TO BUILD (AND MANAGE) THE “VAST, SILENT, UNSEEN SECOND ECONOMY”

SOURCE: W. Brian Arthur, Santa Fe Institute – McKinsey Quarterly, Oct 2011; http://www.mckinsey.com/insights/strategy/the_second_economy


BECAUSE WE’RE INCREASINGLY CARRYING OUR VIRTUAL LIVES WITH US IN THE PHYSICAL WORLD (AND VICE VERSA) …


… WE CAN PUT ALGORITHMS AROUND “ANYTHING” – EVERYTHING CAN HAVE A CODE HALO


INDUSTRIAL DATA

SYSTEM

BIG DATAANALYTICS

REMOTE AND CENTRALIZED

DATA VISUALIZATION

PHYSICALHUMAN

NETWORKS

INSTRUMENTEDINDUSTRIAL

MACHINE

Data sharing with the right

people and machines

Extraction and storage of proprietary machine data stream

Intelligence flows back into

machines

Machine-based algorithms and data analysis

SECURECLOUD-BASED

NETWORK


EVERYTHING IS UP FOR GRABS (AGAIN) .…

“We are in era where we are re-imagining nearly everything … powered by new devices, plus connectivity, plus new user interfaces, plus beauty….” —Mary Meeker - Kleiner Perkins Caufield & Byers


WHICH IS GREAT … AND TERRIFYNG


“GET DILBERT ON LINE 1”


YOUR NEW MISSION …

(You should choose to accept it …)


REIMAGINE CODE


REIMAGINE COMMERCE


FOUR RECOMMENDATIONS FOR SUCCESS IN THE CODE HALO ERA …


EXPERIENCESOVER TRANSACTIONS


JOURNEYS OVER MOMENTS


SUGGESTINGOVER CLOSING


ANNUITIES OVER PURCHASE ORDERS


WE ARE INCREDIBLY LUCKY


“ACTION THIS DAY!”


DOWNLOAD THE FULL REPORT AT http://cogniz.at/1ESjAip

[email protected]

Cognizant’s Center for the Future of Work community site www.futureofwork.com

putting the "experience" in your customers' digital experience

Technology

customer data

customer metadata

customer loyalty

type of customer information

shifting customer demands

key focus responses

excellent responses

digital interaction