With the EU’s General Data Protection Regulation expected to come into force in 2018, and data sovereignty concerns riding high on CIO agendas, time is of the essence for SaaS vendors to prove to their customers that they have the capability and the understanding to provide services which continue to leverage cloud economics and ‘consumerised IT’ features… but do so in a more controllable and compliant fashion.
Category: Data Management
The result of Project Blue Carbon – which OpenText trailed at its big customer conference in 2015 – is now coming to market. For customers wanting to deploy on-premise the result is Suite 16; for customers wanting to deploy hosted, it’s Cloud 16. Pretty much the whole of OpenText’s portfolio of products is being refreshed.
Unsurprisingly, OpenText is framing the arrival of its new wave of product releases in the context of a ‘digital revolution’, which is transforming organisations and industries and along the way creating new waves of information management requirements.
OpenText needs its new release wave to have a big impact. Although revenues grew by 14% in its last full financial year (to June 2015), performance over the past couple of quarters has been moribund – with revenue from software licenses, cloud services / subscriptions and consulting services all down year-on-year.
The cost of keeping an existing customer is in general around 10% of the cost of acquiring a new one. Reducing churn to increase client retention therefore is a major reason to optimise the customer journey. And to do so, you need a proper cross-channel view of your customer journeys.
The company in this case operates in a very competitive market, where retention is a key success factor. Therefore, they wanted to optimise the cross-channel customer journeys to make sure their customers get the experience and the service they are looking for. A special cross-channel team was in charge of establishing and maintaining this process.
Do you know what your customers want when they visit your website? And do you know what makes them bounce away to visit another site instead of choosing products or services and continuing to checkout on your site?
All too often, business owners and executives accept customer behaviour on their websites as something natural and unavoidable. This is particularly unfortunate when they could be using big data and analytics to not only find out what obstacles or challenges are preventing them from completing more sales, getting higher overall values per sale, and increasing customer retention as well. All of this is possible with the help of big data and a digital transformation.
What Is a Digital Transformation and Why Is It Important?
Before we go any further, we must be clear – big data and analytics are nothing more or less than tools. The key to success in the twenty-first century is to perform a digital transformation. Your business needs to do more than adopt a few cool technologies and have presences online and on social media platforms – it needs to transform to incorporate these changes into its fabric and structure.