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Oracle: Communications Executives Say Customers Come First, but Many Struggle to Understand Customer Needs, According to Economist Intelligence Unit Study

March 2008 by oracle

Oracle today announced results of a global survey of 164 senior executives in the information, communications and media industries revealing that these companies are increasingly focused on becoming more customer-centric, yet many feel poorly equipped to do so.

The report by the Economist Intelligence Unit, titled "Conquering Convergence," explores why companies are increasing their focus on customer needs in light of proliferating Web technology, which enables customers to exert influence over companies through user-generated content, and which drives the ongoing convergence of products, companies, devices, platforms and customer groups.

Nearly all (92 percent) of the companies surveyed said they have a strategy in place for focusing on customers, while 69 percent said they plan to become even more customer-centric.

Yet less than 15 percent rank their customer focus programs as highly successful. This is due in part to insufficient technology. One-quarter of respondents feel their company’s technology is inadequate for staying abreast of customer preferences. Nearly one-third of companies are plagued with inaccurate customer data. Only 25 percent have developed methods to forecast patterns of consumer purchases, and just 26 percent said their company can produce customer analytics that enable up-selling or cross-selling at the time of interaction with a customer.

Just 38 percent of companies said they have a complete or 360-degree view of the customer that includes information on their purchase and contact history, preferences and demographics, and only one-quarter have developed predictive customer buying models.

The survey respondents see the value of emerging technologies such as blogs, home-grown commercials and personal videos. Sixty-eight percent said emerging technologies offer an opportunity to increase revenues or margins, while 39 percent said they are using emerging technologies to achieve customer-focus goals.
Supporting Quotes

"The survey results support what we have seen in the industry first hand - that communications service providers can no longer compete on products alone. Delivering a superior customer experience is paramount and a critical success factor in this business today," said David Sharpley, vice president, product marketing and channels, Oracle Communications.

"Many companies rely on technology to measure their customer focus but are dissatisfied with the results. They are confronting obstacles such as incomplete and inaccurate customer data, and while they may want better technology to address these shortcomings, they often find it challenging to even find the right tools. In addition, companies may have difficulty interpreting data correctly, or in training people to use technology in a way that ensures data are accurate," said Winter Wright, senior editor, the Economist Intelligence Unit.


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