New Study Finds AI Widens the Success Gap Between CX Leaders and Laggards

Apr 25, 2019


BEST PRACTICES SERIES

LogMeIn announced the results of a new study conducted by Forrester Consulting to determine how customer experience strategies affects overall business success. The study, Build Competitive Advantage Through Customer Engagement and A, surveyed 479 global customer engagement decision makers and found that organizations with a more mature strategy – including those who make Customer Experience (CX), an organizational priority and leverage omnichannel and Artificial Intelligence (AI) technologies -- see an increase in revenue and conversion at double the rate of other companies. The results also show that as the maturity gap continues to widen, organizations that are falling behind may never be able to catch-up to their more mature competitors.

The Impact of Technology

Emerging technologies like artificial intelligence are also accelerating the divide. Companies with a more mature engagement approach can more quickly adapt and incorporate powerful use cases of AI that propel them forward. 36% of the least mature respondents use AI, but only in proofs of concepts. Meanwhile, 58% of CX “experts” have implemented a holistic AI strategy and roadmap. The comparison between long-term and short-term strategies of these organizations represent a significant setback for the less mature companies who have not been able to capitalize on the business intelligence that AI-powered technology can provide.

Challenges Facing Less Mature Organizations

The study showed that 37% of less mature organizations rely too much on obsolete technology – especially in the area of digital channel support. Furthermore, poor self-service and automation capabilities are leading to frustrated customers and increased call center volume – which conversely is not a typical challenge for the most mature of the group who are successfully leveraging these capabilities to create better overall customer experiences. Additional challenges that less mature organizations run into include lack of visibility into both customer data (37%) and the performance of engagement channels (42%). These limited views inhibit a company’s ability to quickly address weaknesses and understand how to best serve their customers.

Measurable Impact

For the most mature of those surveyed, 63% saw an increase in NPS as a result of their current customer engagement strategies and reported an average of 8 points higher than their less mature counterparts. Further, half of these organizations saw an increase in conversation rates, 56% reported an increase in revenue and 40% saw an increase in order size. Even agent satisfaction increased under the more mature organizations with nearly 50% reporting an increase in overall job happiness.


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