Intelligence Report: 62% Companies are Renewing their Long-Term CX Strategy
Brands in the Middle East are ready to bolster digital CX capabilities, 74% of them are set to invest above USD 200K finds the latest intelligence report which was launched during the CX live show, Middle East.
Investments in Customer Experience (CX) technology are all set to soar as 74% of organizations in the Middle East plan to invest more than 200,000 US$ in 2022 reveals the Intelligence Report launched on the sidelines of Customer Experience Live Show Middle East. Providing key insights on the regional CX industry the report states that Middle Eastern organizations are building their CX capabilities and constantly undergoing a metamorphosis in order to adapt to business pressures and uncertain economic conditions.
Businesses are showcasing agility and undertaking a tactical approach to CX as 62% of companies plan to revisit their long-term CX strategies while 40% plan to make significant investments within 1 year. This investment is set to increase as the metaverse ambitions of organizations are getting materialized, and over 75% of companies that took the survey have either completed a pilot or have an active team working on metaverse projects.
Artificial intelligence has changed the way brands connect with customers, making it easier to create personalized experiences and nurture long-term relationships. As organizations seek to increase customer understanding, improve loyalty, and reduce churn rate, 48% believe that digital transformation implementation or expanding AI, chatbots, analytics, and cloud capabilities are of utmost importance to meet consumer demand and enhance the experience.
Riding the wave of digital transformation, Middle Eastern businesses have a vital task at hand of taking all these customer experience challenges heads-on and delivering on increasing customer expectations. Leaders of the region’s growing businesses came together at Customer Experience Live Show Middle East held over two days from 24-25 May 2022 at The Meydan Hotel, Dubai to delve deep into exploring emerging technologies, business models, and customer-centric strategies to deliver strong corporate performance and tackle current challenges.
Organized by Customer Experience Live, a digital platform, the event is dedicated to the regional CX industry, enabling organizations such as Emaar, Azadea, Mediclinic, Mashreq, First Abu Dhabi Bank, Al Rawabi, Unilever, Careem, OSN Talabat, GE Healthcare amongst others to create seamless interactions that reflect and enhance the value of a brand at every touchpoint. Supported by Sprinklr, Oracle, SAP, Ujet.cx, First Hive, Hootsuite, Qualtrics, Emplifi, Valtech, Freshworks, Calabrio, Uniphore, and Verint, the event saw over 600 senior leaders gather and share insights on how they transformed CX and automation into a growth lever for their organizations.
Speaking at the launch of the Customer Experience Live Intelligence Report for 2022, Ayusha Tyagi, Managing Director, Customer Experience Live, said, “Organisations have struggled with unique challenges like the great resignation, change management, organizational inertia in the uncertain economic times, subsequently, there is growing reliance on intelligent automation, AI and cloud to create the enterprise of the future and reduce pressure on employees, customer service and contact center agents. Cloud experience management is enabling organizations to equip their employees with analytics that can assist them in delivering exemplary service to their customers. This is seen in the results wherein 57% companies are investing in total experience management and cloud experience management solutions while 42% are re-evaluating VOC platforms”.
Adding further Ayusha Tyagi said, “The Middle East is clearly a market growing in global prominence for the CX industry with organizations showing quickness in adapting next-gen solutions driven by the vision of the top executive leadership. The role of the CX is evolving fast and CX leaders who can predict performance gains and risks, ahead of the competition, will be able to create a competitive advantage for their organization. By analyzing patterns in customer behavior, businesses can foresee demand, forecast revenue, and estimate the impact external forces will have on their business. Time and again data is touted as a magic ingredient in CX's success. Accordingly, 56% of companies are reevaluating their data analytics and data security platforms and 42% are enhancing their CRM and CDP.”
“To deliver a happier and more engaged customer, organizations must break the silos by unifying care and marketing under one platform,” said Haitham Elkhatib, Divisional Vice President, Sprinklr.
Organizations that have effectively invested in the digitization of the CX journey and made a mark to that effect were recognized at the Customer Experience Live Awards held on the first day of the Customer Experience Live Show Middle East. Mashreq Bank, AXA GIG Gulf, Spotify, Medcare, Raya CX, Verint, channels by STC, Riyad Bank, Fakeeh Care, flyadeal, ADES Arabia Al Mouj, Omantel, PDO, solutions by STC, and Beema were winners in 2022.
As the future of work evolves, stakeholders will need to adapt to constantly changing work situations. There is no doubt digital CX and IA will enable enterprises to stay competitive and be future-ready. Subsequently, business leaders will reap triple wins ie cost redemption, efficiency gains, and preparing work for future readiness.
