As organizations begin to realize the importance of CX and its ties to revenue and profit margins, C-level executives are actively shaping the customer’s journey using digital technology.
In April 2022, the Chief Information Officer (CIO) of a prominent American retail chain announced that he was taking on the role of executive VP of customer experience.
The move would allow the former CIO to leverage his knowledge of customer-first technology to spearhead improvements in customer service and create an interconnected, frictionless experience for customers.
Moreover, a North-American financial institution with over 71 million customers and 25,000 agents decided that any decisions regarding CX should be made through a board-level or CEO-level decision-making process when discovered that the contact center was integral to business performance.
The alleviation in decision-making indicates how CX has grown in importance over the past few months, with more firms realizing that providing a seamless, digital experience for customers is critical for its success.
Why are executives spearheading digital CX?
CX has become significant in the past few years because companies have had to reinvent how they interact with customers.
Cloud-based technology and automation have expanded what organizations can do with CX by giving them the option to assess how customers interact with their CX network and tweak them to improve the customer experience.
Furthermore, recent events such as the pandemic forced organizations to restructure how CX is delivered. These changes not only required expansive changes to technology but also protocol and processes.
These changes were so expansive that IT teams needed approval from their CEO to implement them, bringing CX into the executive’s radar.
Finally, many companies recognize that seamless CX is critical for improving customer retention, which, in turn, improves revenue and profitability. Studies show that customer retention improves revenue and profitability by over 23%.
How will this affect CX decisions going forward?
Despite executive attention, IT and communication professionals will still play a key role in shaping CX. Their insight into technology and “frontline” experience in customer communications will be invaluable in shaping a seamless CX journey.
This includes suggesting appropriate CCaaS vendors and relevant CX management platforms, which are critical for optimizing outcomes, reducing costs, and providing a seamless experience on digital channels.
With C-level executives taking on more responsibilities in shaping the customer experience, we are starting to see CX evolve from an idea that was good to do in the past into an integral part of their strategy. It would be interesting to see how CX will evolve in the future.