KUALA LUMPUR, 12 March, 2015 (Thu): Oracle and Forbes announced the results of a joint insights study that examined the adoption of modern customer service best practices. Oracle and Forbes Insights defined “modern customer service” as going beyond standardizing services across channels to achieve personalized customer engagement at every touchpoint.
The study “Modern Customer Service: Are You Outpacing Your Executive Peers?” surveyed 415 customer service executives from 10 different industries; and the key highlight of the study showed that while companies invest in new technologies to reap the benefits of modern customer service best practices, the majority (62 per cent) still fail to grasp the full importance and impact of customer service as a organization-wide strategic goal.
The study identified a number of barriers that are preventing companies from leveraging customer service as a true organizational strategy, and this includes a) limited definitions of customer service b) poor knowledge management and customer visibility c)a reliance on traditional channels and metrics.
Popular areas slated for technological investment in 2015 to achieve modern customer service best practices, include additional online customer service capabilities, self-service technology, mobile apps, social media and knowledge management systems.
“The jump to excellent customer service involves consistent, personalized customer service in every interaction, across every channel. But it can have a huge business impact by helping organizations increase sales, strengthen relationships, and reduce costs,” said David Vap, group vice president, Oracle Applications.
Forbes & Oracle Study – Key Findings
- Modern customer service is not yet considered a high-priority strategic goal: Only 38 percent of respondents view modern customer service as a companywide priority.
- The role of customer service is still largely misunderstood: Many organizations still narrowly define customer service as a post-purchase function; instead of viewing it as a key agent for increasing sales, retaining existing customers, and enhancing their brand and marketing message.
- Organizations are more comfortable with traditional customer service channels and traditional measures of success: Concerns include integrating new customer service channels with existing systems, cost , implementation and technological limitations such as lack of support.
- Customer understanding is becoming a customer service priority: 51 percent plan to invest in knowledge management technology in the future, recognising this as important to deliver what the customer wants—consistent answers, delivered seamlessly.
- 2015 will be a year of modern customer service investment: Organizations plan to significantly increase investments in online customer service (55 percent), self-service technology (47 percent), social media (43 percent) and mobile apps (52 percent) as they strive to deliver a seamless omni-channel experience.