New Oracle and Forbes Insights Study Shows Companies Moving Toward Modern Customer Service
Investments grow despite organizational barriers to adopting modern customer service strategy and best practices
Redwood Shores, Calif. – February 18, 2015 – Oracle today announced the results of a Forbes Insights study that examined the adoption of modern customer service best practices. Commissioned by Oracle, the study “Modern Customer Service: Are You Outpacing Your Executive Peers?” surveyed 415 customer service executives, from organizations representing 10 different industries. The study shows that while companies are investing in new technologies to realize the business benefits of modern customer service best practices, the majority of organizations (62 percent) still fail to grasp the full importance and impact customer service can have when it is an organization-wide strategic goal.
And although 88 percent of respondents believe they are making significant progress delivering modern customer service, the study identified a number of barriers that are preventing companies from leveraging customer service as a true organizational strategy, including limited definitions of customer service, poor knowledge management and customer visibility, and a reliance on traditional channels and metrics.
Despite the barriers to adopting customer service as an organizational strategy, companies are realizing the importance of investing in modern customer service technologies to deliver the best customer experiences when, where, and how customers want it. Popular areas slated for investment in 2015 include additional online customer service capabilities (55 percent), self-service technology (47 percent), mobile apps (52 percent), social media (43 percent) and knowledge management systems (51 percent).
“Consumers today are engaged and empowered like never before and want to get answers to their questions anytime, anywhere, and on any device,” said David Vap, group vice president, Oracle Applications. “The jump from good to excellent customer service is a fairly big one and involves consistent, personalized customer service in every interaction, across every channel. But it can have a huge business impact by helping organizations increase sales, strengthen relationships, and reduce costs.”
“Brands realize that customer service is a great opportunity, especially in this omni-channel environment, to begin a dialogue with consumers and to engage and interact with them in creative ways” said Frank Pettinato, senior vice president and general manager of Consumer Connexions, Telerx. “In the world of social media, we see two-way communication and, candidly, millennials are expecting that.”
Summary of Key Findings:
“Customer service is paramount to our organization because we are a monthly recurring revenue business,” said Denise Connors, vice president customer service, at Trupanion. “We know that to be successful we have to retain our customers. Our whole approach is around having a highly engaged customer base and keeping them happy.”
Oracle and Forbes Insights defined “modern customer service” as going beyond standardizing services across channels to achieve personalized customer engagement at every touchpoint.
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