In not the too distant past, companies carried out business the old fashion way, where paper was the norm and customers walked into a brick and mortar buildings to obtain and buy a product or service. Customers had a certain degree of expectations but generally all transactions, customer records, receipts were done on paper.
But this began to change as we entered the Third Industrial Revolution and organizations began to computerize their operations. Now, in the midst of the Fourth Industrial Revolution—or Industry 4.0—paper is the exception. Companies are transforming from a hybrid to a fully digital world. For example, many FinTech companies are now offering financial products on the internet and underwriting them instantly. In healthcare, where healthcare IoT devices are becoming the norm, physicians now have a complete 360-degree view of the patient record including real time clinical IoT patient information. So, what impact is Industry 4.0 having on organizations?
The evolving workplace
In this evolving workplace, many organizations are struggling to address the impact of digital transformation. The velocity at which product and services are being promoted, sold, delivered and supported puts enormous stress and demands on organizations to quickly transition to a digital world.
For instance, the Chief Marketing Office is thinking about how to improve their customer experience and how to deeply understand their buying journey. They need to drive revenue through a data driven approach as opposed to a traditional marketing approach.
The line of business (LOB) executive faces tremendous demands as the business begins its shift from analog to digital. They are thinking of how they can eliminate manual tasks, improve productivity and increase profit margins.
Meanwhile, the CIO – working in tandem with the LOB Executive and CMO – is executing IT strategies to support the rapid pace of the business, figuring out how to better support a mobile workforce and customer base and expand the company’s footprint to global markets, all while considering which IT ecosystem they need to acquire and implement.
Delivering exceptional customer experience
Not only are organizations faced with the challenges of Industry 4.0, but customers increasingly expect an exceptional experience across every interaction. Customers are looking for businesses that can solve their problems and provide products and services faster than ever before.
Faced with these challenges, companies need to ensure that they are aggregating, tracking and analyzing customer service and product request information from the various touchpoints or input channels to deliver an exceptional customer experience.
Why is this important? Because organizations that are able to provide insights to the complete customer journey are also capable of interactively providing their customers with a personalized customer experience. Organizations that embrace a digital experience ecosystem, leveraging solutions like our very own OpenText™ Experience platform will indisputably gain a competitive advantage, elevate their brand, increase market share, greatly improve customer satisfaction and increase revenue and profit margins.
To learn more about how OpenText can help you accelerate your Industry 4.0 Customer Experience and digital strategy, check out our website for Customer Experience Solutions.