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Ecosystm Insights - Page 28 of 86 - A new age Technology Research platform to help you access latest market insights,expert opinions and research data
Ecosystm-VendorSphere-Oracle-CloudWorld-Tour-Singapore
Ecosystm VendorSphere: Oracle CloudWorld Tour Singapore

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In November 2021 Ecosystm had said: “With their global expansion plans and targeted offerings to help enterprises achieve their transformation goals, Oracle is positioned well to claim a larger share of the cloud market. Their strength lies in the enterprise market, and their cloud  offerings should see them firmly entrenched in that segment.”

At the recently held Oracle CloudWorld Tour in Singapore, Oracle showcased their momentum in the enterprise segment first-hand. There are a number of reasons for this, and the customer and partner testimonials made it clear that Oracle’s vision is firmly aligned to what their customers require in the Asia Pacific region.  

Read on to find out what Ecosystm Advisors Darian Bird, Sash Mukherjee, Tim Sheedy and Ullrich Loeffler say about the announcements and messaging during the session.

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Download “Ecosystm VendorSphere: Oracle CloudWorld Tour Singapore” as a PDF

More Insights to tech Buyer Guidance
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A 12-Step Plan for Governance of Customer Data​

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In my last Ecosystm Insight, I spoke about the 5 strategies that leading CX leaders follow to stay ahead of the curve. Data is at the core of these CX strategies. But a customer data breach can have an enormous financial and reputational impact on a brand. ​

Here are 12 essential steps to effective governance that will help you unlock the power of customer data. 

  1. Understand data protection​ laws and regulations 
  2. Create a data governance framework
  3. ​Establish data privacy and security policies
  4. Implement data​ minimisation
  5. Ensure data accuracy
  6. Obtain explicit consent
  7. Mask, anonymise and pseudonymise data
  8. Implement strong access controls
  9. Train employees
  10. Conduct risk assessments and audits
  11. Develop a data breach ​response plan
  12. Monitor and ​review

Read on to find out more.

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Download ‘A 12-Step Plan for Governance of Customer Data’​ as a PDF

The Experience Economy
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5 Strategies for CX Leaders

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In good times and in bad, a great customer experience (CX) differentiates your company from your competitors and creates happy customers who turn into brand advocates. While some organisations in Asia Pacific are just starting out on their CX journey, many have made deep investments. But in the fast-paced world of digital, physical and omnichannel experience improvement, if you stand still, you fall behind.

We interviewed CX leaders across the region, and here are the top 5 top actions that they are taking to stay ahead of the curve.

#1 Better Governance of Customer Data

Most businesses accelerate their CX journeys by collecting and analysing data. They copy data from one channel to another, share data across touchpoints, create data silos to better understand data, and attempt to create a single view of the customer. Without effective governance, every time create copies of customer data are created, moved, and shared with partners, it increases the attack surface of the business. And there is nothing worse than telling customers that their data was accessed, stolen or compromised – and that they need to get a new credit card, driver’s license or passport.

To govern customer data effectively, it is essential to collaborate with different stakeholders, such as legal, risk, IT, and CX leaders – data owners, consumers, and managers, analytics leaders, data owners, and data managers – in the strategy discussions.

#2 Creating Human Experiences

To create a human-centric experience, it is important to understand what humans want. However, given that each brand has different values, the expectations of customers may not always be consistent.

Much of the investment in CX by Asian companies over the past five years have been focused on making transactions easy and effective – but ultimately it is the emotional attachment which brings customers back repeatedly.  In creating human experiences, brands create a brand voice that is authentic, relatable, empathetic and is consistent across all channels.

Humanising the experience and brand requires:

  • Hyperpersonalisation of customer interactions. By efforts such as using names, understanding location requirements, remembering past purchases, and providing tailored recommendations based on their expectations, businesses can make customers feel valued and understood. Understanding the weather, knowing whether the customer’s favourite team won or lost on the weekend, mentioning an important birthday, etc. can all drive real, human experiences – with or without an actual human involved in the process!
  • Transparency. Honesty and transparency can go a long way in building trust with customers. Businesses should be open about their processes, pricing, and policies. Organisations should be transparent about mistakes and what they are doing to fix the problem.

#3 Building Co-creation Opportunities

Co-creation is a collaborative approach where organisations involve their customers in the development and improvement of products, services, and experiences. This process can foster innovation, enhance customer satisfaction, and contribute to long-term business success. Co-creation can increase customer satisfaction and loyalty, drive innovation, enhance brand reputation, boost market relevance, and reduce risks and costs.

Strategies for co-creation include:

  • Creating open innovation platforms where customers can submit ideas, feedback, and suggestions
  • Organising workshops or focus groups that bring together customers, designers, and developers to brainstorm and generate new ideas
  • Running contests or crowdsourcing initiatives to engage customers in problem-solving and idea generation
  • Establishing feedback loops and engaging customers in the iterative development process
  • Partnering with customers or external stakeholders, such as suppliers or distributors, to co-create new products or services

#4 Collecting Data – But Telling Stories

Organisations use storytelling as a powerful CX tool to connect with their customers, convey their brand values, and build trust.

Here are some ways organisations share stories with their customers:

  • Brand storytelling. Creating narratives around their brand that showcase their mission, vision, and values
  • Customer testimonials and case studies. Sharing real-life experiences of satisfied customers to showcase the value of a product or service
  • Content marketing. Creating engaging content in the form of blog posts, articles, videos, podcasts, and more to educate, entertain, and inform their customers
  • Social media. Posting photos, videos, or updates that showcase the brand’s personality, to strengthen relationships with the audience
  • Packaging and in-store experiences. Creative packaging and well-designed in-store experiences to tell a brand story and create memorable customer interactions
  • Corporate social responsibility (CSR) initiatives. Helping customers understand the values the organisation stands for and build trust

#5 Finally – Not Telling Just Positive Stories!

Many companies focus on telling the good stories: “Here’s what happens when you use our products”; “Our customers are super-successful” and; “Don’t just take it from us, listen to what our customers say.”

But memorable stories are created with contrast – like telling the story of what happened when someone didn’t use the product or service. Successful brands don’t want to just leave the audience with a vision of what could be possible, but also what will be likely if they don’t invest. Advertisers have understood this for years, but customers don’t just hear stories through advertisements – they hear it through social media, word of mouth, traditional media, and from sales and account executives.

The Experience Economy
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3-Phases-from-VoC-Insights-to-Action
3 Phases from VoC Insights to Action

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In her earlier Ecosystm Insight Melanie Disse spoke about how to measure customer experience (CX) success through an effective Voice of Customer (VoC) program.

In this Ecosystm byte, Melanie talks about why every VoC program needs to have an Insight to Action framework at its core, to detect and drive continuous improvement opportunities and positively impact organisations’ bottom line.

Read on to find out more about the “Listen – Analyse – Act” VoC Insights to Action framework. Each phase of the framework has its own challenges, and the success of the entire framework depends on the quality of each phase.

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Download 3-Phases-from-VoC-Insights-to-Action as a PDF

The Experience Economy
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5 Sustainability Actions for BFSI Tech Leaders

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Leading Banking and Financial Services organisations play a crucial role in financing sustainability transition. They have the infrastructure and resources to kickstart their own sustainability journey. But beyond that, they also have a greater role in building a sustainable value chain. 

This extends to helping the traditional economy to transition; green investments to promote organisations with the right intentions; and empowering their customers to make environmentally-friendly choices.

As a technology leader in BFSI, you are an integral part of your organisation’s sustainability journey. Here are 5 ways in which BFSI tech leaders can support their organisations to turn sustainability intentions into reality.

Align tech with business goals and strategy. Think like a business leader and understand larger goals beyond technology deployments to empower your team.

View reporting as more than a checklist. You are in an ideal position to demonstrate the value of data insights beyond reporting mandates to the leadership team – link them to larger business outcomes.

Build intelligence into your facilities and assets. Consider investing in an intelligent enterprise asset management solution to automate asset and infrastructure management, remotely monitor and manage asset operations, and achieve sustainable business outcomes.

Automate your infrastructure allocation. You are increasingly using FinOps tools and other predictive analytics dashboards for cost and resource optimisation – extend the use for greater energy efficiency.

Understand your organisation’s unique sustainability journey. Seek independent opinion from third parties to empower your organisation to take the first step in the sustainability strategy, derive insights from data assets, and create market differentiation.

Read on to find more.

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Download 5 Sustainability Actions for BFSI Tech Leaders as a PDF

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Whitepaper – How Personal Is Too Personal? – The Right Personalization to Improve Customer Experience.

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