REDWOOD SHORES, CA: While taking into account 300 C-level executives across 10 industries, it was found that 84 percent of the respondents, stated that their organization had experienced a trend toward customers wanting a more individualized experience, according to a survey conducted by Oracle. It was also found that 70 percent of the respondents experienced this trend from employees. The survey titled “The Era I Enterprise: Ready for Anything”, by Oracle found that only 20% of organizations give their organization a good ranking in its ability to offer those experiences and services.
It was found that almost two-third of the respondents across various industries say the shift to provide individualized services is a growing challenge in their ability to compete effectively and that if the organizations were able to successfully offer customers and employees a highly personalized experience, they would earn an additional 18 percent in annual revenue.
The 10 industries included in the survey are Communications, Education and Research, Engineering and Construction, Financial Services, Healthcare, Hospitality, Life Sciences, Public Sector, Retail, and Utilities industries.
Cloud to the Rescue
According to the survey, 97% of respondents believe that in order to gain to gain the flexibility needed to succeed in Era I, they needed to focus on IT investments– right from business intelligence tools to customer experience solutions and industry-specific applications—as they will play a vital role in improving their ability to offer individualized customer and employee experiences. Taking into context the same scenario, 81 percent of respondents believe that cloud-based IT solutions play an important role with the organization’s ability offer an individualized experience.
In terms of benefits, managers believe that if organizations want to increase employee satisfaction by 94 percent they need to offer highly individualized employee experiences and more flexible, industry-specific applications that help them to thrive on the job.
“Today, whether shopping for an item, making reservations, examining a bill, evaluating projects, or viewing medical information, the digital age has brought us to a point where we now expect the ability to make real-time decisions, transact, and customize options at the tap of the screen. In the new service-driven economy, innovative enterprises must focus on two things: taking care of their customers and taking care of their employees,” says Bob Weiler, executive vice president, Global Business Units, Oracle. “Our study reveals that organizations are unprepared to manage the need for personalization in Era I, but those seeking a competitive advantage stand to gain tremendously. Those that invest in their customers and employees will reap the benefits now and into the future.”