Customer expectations have transformed quite radically in the last decade. They aren’t willing to tolerate long waits, slow response times or poor services. They are well aware that the market place is extremely competitive, and they can find someone else willing to do business with them on their terms. New age customers ask for personalization and expect information they want in a crisp, efficient, and visually engaging manner. They seek flexibility in modes of communication and if you are not communicating with them through digital modes like e-mail, text messages, social media, mobile, and web, then you are falling behind your competition in reaching them. What’s more, they still expect each of these channels to deliver a personalized experience with appropriate relevance and context. Enterprises that rapidly adapt to emerging customer needs by delivering instant, personalized, simplified, and engaging artifacts, documents and correspondence are definitely more likely to retain the competitive edge in today’s digital world.
Secondly, you have to tackle the constant demand to innovate your products with shrinking time to market. Government, regulatory, and legal mandates require frequent and quick changes to documents and artifacts as well. Your enterprise correspondence should be more agile than ever before to fulfil such fast paced business needs.
These trends are outpacing investments made by enterprises in recent years in building their customized enterprise level correspondence communication. Some of the typical challenges faced by businesses in customer communication management today are:
- Poor or lengthy textual documents with less dynamism and personalization due to technological limitations pushing customer experience to the back burner
- Aging legacy systems failing to meet trending customer needs other than traditional paper friendly correspondences
- Multiple document generation platforms having technological limitations for rapid adaptation
- Heavy dependency on IT with complex integration requirements for different communication modes
- Inability to create harmony and a consistent branding experience across delivery channels
- Longer reaction time due to delays and failures instead of instant 24/7 automated communications
- Limitations in adaptability to trending digital innovations including cloud, automation, analytics, and mobile
- Increasing cost and longer time to market due to redundant and inefficient documents and correspondences
So where should the journey begin?
Leading enterprises with a vision of large scale digitalization and customer experience transformation are now seeing effective enterprise correspondence communication as more than just an obligation. They have already shifted their focus to CCM (Customer Communication Management) products and are appreciating the strategic advantage it will bring to their business.
As per the TMR analysis report, the US CCM market has grown by about 10% last year to US$423 M and is likely to reach US$1.06 B by 2025 with a CAGR of 11%. These numbers multiply when considered worldwide. As per the report by Credence research the CCM global market is expected to grow at a CAGR 13.4% and will reach US$ 3.9 B by 2025.
Market leading CCM products are powerful enough to delight, retain and convert customers. These products have powerful WYSIWYG design utilities to build and maintain document and correspondence templates rapidly. Tailoring a document or correspondence for context driven communications and achieving a high level of personalization is no longer a complicated ask. Features like content sharing and repurposing across many templates, natural language rules, graphical utilities, accessibility, and isolation of core content from data semantics, branding styles, and presentation layouts for different digital delivery channels have emerged to meet current day trends. With modern CCM systems, you can now produce numerous variations of intelligent contextual documents with minimum, single source content and templates.
These CCM products can be used to create documents and correspondences at very high volume in batch and ad-hoc modes. The output can be in various formats, compatible for distribution over new age digital channels as well as traditional print channels. A high level of personalization can also be achieved by using interactive and post editing features.
Fitting these products into an organizational ecosystem is no longer difficult because these possesses multiple integration options to communicate with core enterprise systems and new age digital ecosystems like digital marketing, campaign management, digital experience management, CRM, ERP, BPM, cloud, analytics, and automation. You can now empower your enterprise users to create, edit, and manage content without relying on IT, thanks to simplified document editing, out-of-thebox approval workflows, and version control.
Will the adoption of CCM solutions accelerate?
Correspondence communication solutions will not only improve the customer experience but also result in better customer engagement; more up-sell and cross-sell opportunities, high brand advocacy and cost reduction. Are you ready to re-imagine your enterprise correspondence communications? Meet us at Expo Room 5 in OpenText Enterprise World 2017, Toronto, from July 10 through July 13, to help you start your journey.