New Study Finds AI Widens the Success Gap Between CX Leaders & Laggards
BOSTON, April 24, 2019 (GLOBE NEWSWIRE) -- LogMeIn (Nasdaq: LOGM) today announced the results of a new study conducted by Forrester Consulting to determine how customer experience strategies affects overall business success. The study, Build Competitive Advantage Through Customer Engagement and AI1, surveyed 479 global customer engagement decision makers and found that organizations with a more mature strategy – including those who make Customer Experience (CX), an organizational priority and leverage omni-channel and Artificial Intelligence (AI) technologies -- see an increase in revenue and conversion at double the rate of other companies. The results also show that as the maturity gap continues to widen, organizations that are falling behind may never be able to catch-up to their more mature competitors.
“Exceptional customer experience is a cornerstone of business success. Better customer engagement leads not only to higher customer satisfaction, but also to greater top-line revenue growth and more satisfied customer-facing employees,” according to the study. Organizations with greater engagement maturity reap benefits, not only more often, but of greater value, than less mature companies.”
The Impact of Technology
Emerging technologies like artificial intelligence are also accelerating the divide. Companies with a more mature engagement approach can more quickly adapt and incorporate powerful use cases of AI that propel them forward. 36% of the least mature respondents use AI, but only in proofs of concepts. Meanwhile 58% of CX “experts” have implemented a holistic AI strategy and roadmap. The comparison between long-term and short-term strategies of these organizations represent a significant set-back for the less mature companies who have not been able to capitalize on the business intelligence that AI-powered technology can provide.
Challenges Facing Less Mature Organizations
The study showed that 37% of less mature organizations rely too much on obsolete technology – especially in the area of digital channel support. Furthermore, poor self-service and automation capabilities are leading to frustrated customers and increased call center volume – which conversely is not a typical challenge for the most mature of the group who are successfully leveraging these capabilities to create better overall customer experiences. Additional challenges that less mature organizations run into include lack of visibility into both customer data (37%) and the performance of engagement channels (42%). These limited views inhibit a company’s ability to quickly address weaknesses and understand how to best serve their customers.
For the most mature of those surveyed, 63% saw an increase in NPS as a result of their current customer engagement strategies and reported an average of 8 points higher than their lesser mature counterparts. Further, half of these organizations saw an increase in conversation rates, 56% reported an increase in revenue and 40% saw an increase in order size. Even agent satisfaction increased under the more mature organizations with nearly 50% reporting an increase in overall job happiness.
“With all of the hype around AI’s place in customer experience, it can be hard for companies to separate fact from fiction,” said Ryan Lester, Senior Director of Customer Engagement Technologies at LogMeIn. “The results of this study helped provide some clarity around the importance of continuing to evolve customer engagement strategies. Technologies like AI are creating a significant competitive advantage for leaders and leaving the rest falling irreparably behind.”
- Full Study: Build Competitive Advantage Through Customer Engagement & AI
- Blog: How Big of a Game Changer is AI for Businesses?
- Webinar: The Risks and Rewards of Digital Transformation: Bets That You Can’t Afford Not to Make
About LogMeIn’s Customer Engagement & Support Portfolio
LogMeIn delivers industry leading solutions designed to empower companies to deliver smarter, more personalized customer engagement and support. Supporting over 1 billion customer interactions every year, LogMeIn is helping companies transform how they interact with their customers in real-time, creating experiences that drive increased satisfaction and brand loyalty.
About LogMeIn, Inc.
LogMeIn, Inc. (Nasdaq:LOGM) simplifies how people connect with each other and the world around them to drive meaningful interactions, deepen relationships, and create better outcomes for individuals and businesses. One of the world’s top 10 public SaaS companies, and a market leader in unified communications & collaboration, identity & access management, and customer engagement & support solutions, LogMeIn has millions of customers spanning virtually every country across the globe. LogMeIn is headquartered in Boston with additional locations in North America, South America, Europe, Asia and Australia.
1 Build Competitive Advantage Through Customer Engagement and AI, a February 2019 commissioned study conducted by Forrester Consulting on behalf of LogMeIn.
Source: LogMeIn, Inc.