Oracle CX

In the last couple of days, Oracle made some very important announcements with respect to their Customer Experience Management (CEM / CXM / CX) Strategy.

To start with, Oracle’s Social Media Channels on CX were launched. They have tons of content/case studies/interviews/videos etc., which talk about what needs to be done for providing the best experience to your end customers:

https://www.facebook.com/OracleCustomerExperience
https://twitter.com/OracleCX
http://www.youtube.com/OracleCX

Next, Oracle planned a dedicated event, to talk about the importance of handling customer experiences, and why Oracle is positioned to provide the required technology and business support to make it happen. We have provided links to two important videos from this event, along with our notes from these videos

1. Oracle President Mr. Mark Hurd : http://medianetwork.oracle.com/video/player/1709741223001
2. Oracle Senior VP Mr. Anthony Lye : http://medianetwork.oracle.com/video/player/1709791302001

Oracle President Mark Hurd On The CX Revolution

• Having a good product is not enough; you need a great relationship with the customer, and provide great customer experience
• Customers who enjoy a great customer experience, are ready to pay 30% more for it
• A new set of customers evolving, people growing with the digital world: Digital Natives, Their expectations of service, are higher
• 3 Important Things:
• 1. Ability to connect with your customer, wherever they are
• 2. Meaningful Interactions that make a difference / knowing everything possible to make a difference
• 3. Execute a transaction when the opportunity exists
• Mostly starts with an Opportunity or a Crisis, meaningful information, and a chance to do something about it, and the relationship changed forever
• Sometimes, these opportunities are too short: For example, dialing a call center: Just 2 minutes available to know everything about my problem and give me a positive experience, that I will remember forever
• Oracle is the only company on the planet to do all the required steps to provide a better CX to your customers

Oracle Senior VP Anthony Lye on the CX Revolution

• Oracle has been in the CRM business for a long time. We have enabled organizations’ Sales / Marketing / Services teams based on workflows etc.,
• As the products were commoditized, the experience was the only thing that made a difference. The product can be copied, but Experience can’t be
• Companies need to interact with customers, where they are: Multi-Channel Experience
• Customers may start their experience in one channel, and continue it in another: In that case, are you going to start the process all over again?
• Create simple flows/journeys across these channels
• Channels can no longer be isolated from one another
• Enable an organization to work as a single entity to provide the best value to the customer
• Organizations need to know more about their customers, to provide the best experience
• The traditional thought process of “Customers spending more are the best customers” is not true anymore. We need to look at multiple values now: Transactional Value, Social Value (Referral Value) and Behavioral Value
• This new thought process on “Customer Lifetime Value”, changes your business, all elements of it from Marketing / Segmentation to sales, to service
• Companies expect customers to tell them who they are so that they can get the best experience, and reward them accordingly
• Social has to be implemented in the very core of the overall architecture
• Technologies for IT, which enables line of business, which enables end customers
• Solutions should be available on the cloud
• Oracle’s CX Strategy: Our Solutions: Organic Development + Acquisitions
• We Purchased companies that were great, but couldn’t cover the whole story independently: ATG (Selling Experience), Fatwire (Marketing Experience), Endeca (Search Experience), Inquira (Support Experience), RightNow (Service Experience), Vitrue (Social Experience), Collective Intellect (Social Experience)
• These apps work well with our CRM Solutions such as Siebel, and Fusion CRM / Master Data Management Solutions; they are complemented by our BI solutions, Social Capabilities