Global Study Reveals Over 90% of Organizations are Missing Key CXM Capabilities to Drive Business Results

Rhea-AI Summary

Sprinklr (NYSE: CXM) has released a study by Forrester Consulting highlighting challenges in customer experience management. Despite 82% of decision makers prioritizing customer experience (CX), over 90% report lacking essential technology capabilities. Key findings reveal that nearly 50% struggle with a unified view of the customer and effective data management. Furthermore, 86% of respondents express interest in a unified CX management platform, which they believe could enhance competitive advantage. The study emphasizes the need for organizations to unify their CX strategies for improved customer satisfaction and business growth.

Positive

• 82% of decision makers prioritize customer experience.
• 86% of respondents would implement a unified customer experience management platform.

Negative

• Over 90% report missing key technology capabilities for effective CX.
• Nearly 50% lack a comprehensive view of the customer due to ineffective tools.

Research highlights how companies are approaching customer experience management and the technology challenges they face

86% of respondents would implement a unified customer experience management platform if it was made available to them

NEW YORK--(BUSINESS WIRE)-- Sprinklr (NYSE: CXM), the unified customer experience management (Unified-CXM) platform for modern enterprises, today released the results of its commissioned study conducted by Forrester Consulting to explore how decision makers are using data insights to deliver better customer experiences.

The study, Boost Customer Experience Success With A Unified Approach, reveals that customer experience (CX) is a priority for 82% of decision makers, yet over 90% said they are missing key capabilities in their current technology stack to support a CX strategy that drives business results. These key capabilities include advanced AI to manage risk and efficiency, better data privacy, and ability to share insights with different customer-facing departments.

Additional key findings after surveying more than 300 global decision makers:

• Companies don’t have effective customer experience management technology. As a result of missing key capabilities in their tech stack, nearly 50% of respondents said that current tools don’t provide a comprehensive, single view of the customer and nearly 50% said they don’t have a great way of understanding unstructured data (blogs, forums, ratings, reviews, social media mentions).
• Companies are struggling to deliver great customer experiences. Over 70% of customer experience decision makers said that quickly resolving customer issues across digital channels and acting on competitive insights was very important. Yet less than 30% said that their organizations execute these capabilities well.
• 86% of respondents would implement a unified customer experience management platform if it was made available to them. Respondents said that a unified CX management platform would yield a competitive advantage and untapped business benefits.

“Organizations understand that insight-driven strategies are the key to successful customer experience management, yet it’s surprising to see how many are challenged with siloed data, inefficient processes, and a disconnected stack of customer experience tools,” said Ragy Thomas, Sprinklr Founder & CEO. “As the Forrester study showcases, organizations have a tremendous opportunity to invest in unifying their CXM strategy in order to make their customers happier and ultimately grow their business.”

Download the full study here.

About Sprinklr

Sprinklr is a leading enterprise software company for all customer-facing functions. With advanced AI, Sprinklr's unified customer experience management (Unified-CXM) platform helps companies deliver human experiences to every customer, every time, across any modern channel. Headquartered in New York City with employees around the world, Sprinklr works with more than 1,000 of the world’s most valuable enterprises — global brands like Microsoft, P&G, Samsung and more than 50% of the Fortune 100.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210915005382/en/

Public Relations

Rachel Alvarez

PR@Sprinklr.com

Source: Sprinklr

FAQ

What does the latest Sprinklr study reveal about customer experience management?

The study reveals that 82% of decision makers prioritize customer experience, yet over 90% lack essential technology for effective management.

How many decision makers believe a unified CX platform would help their business?

86% of respondents indicated they would implement a unified CX management platform if available.

What challenges do companies face in customer experience management according to the study?

Companies struggle with siloed data and inefficient processes, resulting in nearly 50% lacking a unified view of the customer.