How Digital Businesses Can Thrive in an Experience-Driven Economy

7 January 2020 | Ricky Chau, Vice President, Enterprise, Asia Pacific
The modern business landscape is rapidly changing with the proliferation of new technologies such as artificial intelligence (AI) and the Internet of Things (IoT). Find out how you can succeed in transforming customer and employee experiences.

A prevailing trend we see is the shift towards an "experience economy", where digital businesses must consistently deliver an exceptional customer experience across different channels to keep customers engaged.

Employees have started carrying the same expectations when it comes to their workplace experiences. This means workplace technologies must constantly evolve to empower employees to innovate and become more productive.

CenturyLink is investing US$200 million in transformation to improve customer and employee experience 

250+

Robotics Process Automation projects

30+

Artificial Intelligence projects

Within the organization, CenturyLink is stepping up various transformation initiatives to elevate our customer and employee experience1. These include Robotics Process Automation (RPA) projects to automate mundane tasks and improve employee efficiency, as well as AI-enabled chatbots to improve customer experience and problem resolution.

Let’s examine the key factors which shape how digital businesses are taking customer and employee experience to the next level.

Transforming the customer experience with applications

Trailblazers across various industries have been tapping on applications, fuelled by data, to deliver an enriched, more personalized experience for today’s digitally engaged, always-connected customers.

Applications have become the primary touchpoint across the customer journey — the dominant interface between digital businesses and their customers. As such, strong application delivery capabilities are required to keep pace with rising customer expectations and ensure new, innovative business services can be rolled out in a timely fashion. 

Advances in AI and machine learning open up new avenues for businesses to personalize their customers' experience.
 
In the banking and financial services industry, BBVA is a good case-in-point. The Spanish banking institution developed an AI-powered app designed to predict their customers’ future income and expenses to aid financial planning2. Leveraging actionable data insights to deliver a more personalized experience, BBVA has built a strong reputation for customer-centricity and staying competitive in an industry that’s rapidly transformed by fintech innovations. 

Empowering employees through workplace transformation

To achieve greater job satisfaction, employees are increasingly seeking differentiated, digitally-empowered work experiences — on par with how they are engaged through digital channels in the products and services they consume on an everyday basis.

This trend plays out when attracting and retaining talent, where organizations increasingly have to anticipate their employees’ needs in terms of positive workplace experience. A 2017 survey conducted by Deloitte found that 79% of executives rate employee experience as important or very important to them and their companies, ahead of other factors like leadership and performance management3.

Digital businesses are transforming the employee experience with:

Cloud-based collaboration applications to enable real-time access to work documents and improve workforce interaction.

Internal chatbots to provide quick responses to employee queries, ensuring quick problem resolution.

Augmented reality for a more immersive conferencing experience in the near future, enabling remote workers to collaborate seamlessly.

Besides empowering greater productivity and workforce efficiency, technology is becoming an important contributing factor to positive employee experience. A study by business consultancy firm Mercer found that up to 85% of HR teams in Singapore, for instance, are investing in technology to improve the employee experience4.

Building blocks for digital businesses to thrive in the experience economy 

In their next phase of transformation, digital businesses will increasingly look to adopt new technology tools and applications to keep up with customer and workplace demands.

Having a secure and reliable IT infrastructure that can provide the network performance, bandwidth, and cloud capacity to support next-generation technologies is critical. Achieving these transformative objectives boils down to having the greater IT agility, adaptive networking and security foundations to enhance every aspect of the customer and employee experience. 

Unlocking IT agility with cloud solutions

Cloud solutions are key for digital businesses to gain access to data collected from IoT devices and customer applications to build more personalized offerings. Hybrid cloud solutions are at the heart of these application-driven business models, empowering IT managers and business leaders with the IT agility required to deliver customer applications at greater speed.
Digital businesses are increasingly leveraging the flexibility and scalability of cloud infrastructure to keep pace with heightened application demands.
 
According to recent research conducted by Forrester, 48% of enterprises surveyed cite the need to meet rising customer expectations as a top priority in its efforts to improve IT agility through solutions such as hybrid cloud platforms.

The top priorities for firms today, according to the companies surveyed5:

Meet rising customer expectations

Increased security

Build/expand digital business

Building up robust network capabilities from core to edge

With the proliferation of IoT devices and applications, enterprises are operating in business environments with more data coming in and gathered from a variety of sources. From the real-time data needed to deliver a seamless customer experience to enabling effective collaboration in multiple locations across your business, having the network performance to quickly acquire, analyze and act on the data collected is crucial.
Adaptive Networking solutions can improve your network speed by 80% while maintaining a consistent uptime of 99.999%, though software-defined network optimizations6.

Protecting applications and IT infrastructure with connected security

Data breaches can be detrimental in terms of lost productivity, the erosion of customer trust, and negative customer experiences. Distributed Denial of Service (DDoS) attacks, for example, can disrupt the use of business-critical services, causing frustration among those affected.

Cybersecurity risks are ever-growing in scale and complexity. According to the CenturyLink 2019 Threat report, the focus on digital innovation is pushing the world towards a “new era of unprecedented cyber threats and risks”. Enterprises can adopt multi-layered security measures to better arm themselves against emerging threats, thus building a positive experience for end-use customers and employees.

VIDEO: Find out how CenturyLink protects your organization from cybersecurity threats.

Building the foundations of an experience-driven business

By partnering with a technology leader like CenturyLink, you will be able to leverage a wide berth of experience, global reach, and powerful capabilities to aid you in making the right decisions and augmenting your operations. To learn more about how CenturyLink can help your organization transform end-user customer and employee experience and ultimately thrive in this digital economy, get in touch with us today.

1 CenturyLink, Customer and Employee Experience Story, Sep 2019
2 BBVA, BBVA and Google Cloud develop an AI model to improve the prediction of expenses and revenues, 2018
3 Deloitte, Deloitte Global Human Capital Trends, 2017
4 Mercer, Global Talent Trends study, 2019
5 Forrester, The Business Benefits of Improved IT Agility, Mar 2019
6 Network World, WAN Transformation: Real-World Experience and Advice from IT Leaders, April 2019 

 

This blog is provided for informational purposes only and may require additional research and substantiation by the end-user. In addition, the information is provided "as is" without any warranty or condition of any kind, either express or implied. The use of this information is at the end user's own risk. CenturyLink does not warrant that the information will meet the end user's requirements or that the implementation or usage of this information will result in the desired outcome of the end-user.

Links to CenturyLink’s products and offerings are represented as of the date of the issue.  Services not available everywhere.  Business customers only. CenturyLink may change or cancel products and services or substitute similar products and services at its sole discretion without notice. ©2019 CenturyLink. All Rights Reserved.




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