Delivering superior CX while with tightening budget has become critical to maintain the CX-Cost Equation
Indian organizations’ strategic investments in the last couple of years resulted in their customer readiness for 2023
In 2023, organizations across industries are facing the threat of a recession, and this is impacting their budgets, workforce plans, and customer engagement strategies. The challenging economic environment for businesses and consumers – means that while organizations are still expected to meet rising customer expectations, they may find themselves doing so despite budget cuts and an ever-present pressure to further reduce costs. Verint® (NASDAQ: VRNT), the Customer Engagement Company® came up with the third edition of Verint’s annual study – Verint Engagement Capacity Gap (ECG) Benchmark Diagnostic, examining the customer engagement challenges organizations face, and the strategies they are using to close the Engagement Capacity Gap™ (ECG)—the gap between customers’ expectations for service and an organization’s ability to fulfil them.
Verint has been in India for over 25 years and has over 43% market share here, positioning India amongst the top 2 markets contributing to Verint’s APAC revenue. The customer engagement organization conducted the study in December 2022 to understand the challenging business climate, organizations’ strategies to address the CX-Cost Equation – the need to deliver exceptional customer experiences while also lowering the cost to serve. The new study was conducted across 13 countries covering 2,875 respondents, out of which, 9% were from India who oversee customer engagement and experience solutions for their organizations.
India related findings from the ECG report:
The study unveiled that Indian organizations are highly confident in their ability to provide high quality customer experiences during 2023. This is the result of the strategic efforts made during the past two years including the use of digital engagement channels to improve customer experience. The study further reflected Indian organizations’ readiness in deploying the right AI and automation solutions in 2022 which has made their CX and EX journey promising in 2023 and that, they plan to further increase the investments in 2023.
Key India related statistics:
87% of organizations in India are highly confident in their company’s ability to provide high quality customer experiences during 2023.
Over 76% of the Indian respondents said that the efforts made during the past two years in ten customer engagement and experience areas were highly effective.
82% were highly effective at implementing or expanding their use of AI and automation for customer engagement during 2022.
89% of respondents said that the use of digital engagement channels to improve customer experience has been highly effective.
87% of the respondents plan to further increase investment in overall customer engagement initiatives in 2023.
Workforce Management, Knowledge Management and CCaaS tools will be implemented across every organization by the end of 2023.
To move beyond traditional/manual quality processes, 98% of the organizations have already implemented or plan to implement four key solutions i.e., feedback from customers on the quality of the interaction, Automated quality of the text interactions, Real-time coaching of the employees, Automated quality evaluation of voice recordings.
Comment on the study by Anil Chawla, Managing Director, Customer Engagement Solutions, Verint India – Today, we are engaged with almost all the top-tier organizations in banking, retail, e-commerce, etc. Indian organizations’ customer readiness is at par or even better than their global counterparts. Indian organizations’ CX readiness is reflective of the strategic investments made in areas like AI and Automation in the last couple of years. This has helped them to maintain the CX-Cost equation and counter cost and workforce challenges during the current uncertain business climate.