How CXaaS is Transforming Customer Interactions? (And How to Choose the Right CXaaS Partner)
How CXaaS is Transforming Customer Interactions? (And How to Choose the Right CXaaS Partner)
The modern world of business has become increasingly competitive, and providing customers with an excellent experience has become one of the most significant advantages for organisations of any size. Stakeholders’ demands are growing stronger and businesses are now looking for more innovative and efficient ways to enhance the management of customer experience.
A Gartner survey conducted recently revealed that the number of organisations that plan to compete mostly on customer experience is set to rise drastically from 36%in 2020 to 89% in 2023. In addition, according to a research done by the PwC, it established that customers value customer experience in their choice of product and are willing to pay $0.16 more for good services.
With the linking of analytics, AI, and omnichannel, CXaaS (Customer Experience as a Service) builds a one-stop-shop for a customer’s full experience from marketing touchpoints to after-sales assistance. Let’s understand CXaas in terms of business solutions.
What is CXaaS?
CXaaS is a structured, flexible, fully cloud-service-based solution for organisations or line-of-business initiatives to outsource and streamline the complete customer experience management. While this model is different from conventional customer service models, CXaaS offers organisations a set of comprehensive tools, technologies, and professional services for efficient and effective customers’ engagement across all available points.
Fundamentally, CXaaS leverages the use of cutting-edge analytics, artificial intelligence, and omnichannel into a single hub creating a perfect base for customer journey optimisation. This is in areas including but not limited to contact centres, conversational AI, knowledge management, customer insight and workflow management all under one platform.
Suggested read: 6 Signals It’s Time to Level Up and Unlock Customer Satisfaction
The Rise of CXaaS
Customer journey optimisation is rising because of the expanding consumers’ requirements and the constraints of traditional customer experience management platforms. Customers are increasingly demanding high-touch digital self-service experiences that are integrated across chatbots/voice assistants, social, messaging, and online forums.
In a survey conducted by PwC within the last year, 73% of consumers indicated that customer experience is an important factor that influences the decision to purchase goods or services, and people are willing to spend more for the good and/or excellent service. Nevertheless, numerous companies fail to meet these increasing levels of expectations, usually because of inadequate funding, lack of modern tools and customer information fragmentation.
This is where customer experience as a service steps in, providing businesses with a comprehensive solution that can help them overcome these challenges and deliver exceptional customer experiences.
By outsourcing their CX operations to a specialised provider, companies can access the latest technologies, industry expertise, and scalable resources, allowing them to focus on their core business activities while consistently delighting their customers.
You might also want to read: How to Improve Customer Support with Chatbot?
How Does CXaaS Work?
A robust CX strategy typically includes the following key elements:
- Omnichannel Customer Engagement: CXaaS solutions allow multi-channel engagement with the customers and they include voice, chat, e-mail, social media interfaces, and self-service interfaces. This guarantees the customer a consistent experience, whether using the phone or the email to make the booking.
- Conversational AI and Intelligent Automation: Tools like the chatbot and virtual assistants can take up simple questions and concerns from the customers leaving the employees to tackle more complex problems. Other workflow solutions enhance the years of customer service interactions with efficiency and better responses.
- Customer Insights and Analytics: CXaaS platforms give insights into customers that are more advanced than those offered by other models, which means that organisations using CXaaS can make their decisions based on the present knowledge of the customer, and also predict future customer issues & work on improving customer experiences.
- Knowledge Management: A centralised knowledge base enables the provision of accurate information from both the customer’s perspective as well as the agent’s and increases customer satisfaction.
- Workforce Optimisation: Thus, CXaaS solutions can contain the following elements: workforce schedule, performance, and training management, which help to optimise the functionality and operations of the customer service teams for businesses.
- Scalability and Flexibility: CXaaS models are also dynamic to ensure that businesses meet varying demands from the customers and growth exploiting minimal infrastructure or human resource investment.
The Benefits of Implementing CXaaS
By embracing Customer Experience as a Service, businesses can unlock a wide range of benefits, including:
- Cost Savings and Efficiency Improvements: Since most of the CXaaS solutions entail outsourcing, providers can benefit from the scale, innovative technology, and deep domain knowledge to offer cost-efficient customer experience solutions, which in return optimise the operating expenses and operations.
- Enhanced Customer Insights and Personalisation: CXaaS platforms include deeper analysis and customer insights that help the company meet the customer needs and expect them to do better.
- Increased Customer Retention and Loyalty: The regular, more so consistent delivery of good customer experiences enables organisations to enhance the customer satisfaction levels, customer retention and achieve better relationships with the customers.
- Scalability and Flexibility: CXaaS models mean that companies can ramp up or down their customer experience capacities flexibly depending on the change in demand as they do not face the necessity to sort out the internal IT systems and human resources.
- Access to Cutting-Edge Technologies: The right CXaaS provider invests in advanced customer experience technologies, meaning that the organisations that want to propagate cutting-edge solutions including conversational AI and LLM will not need to request permanent capital expenditure.
The Impact of Implementing CXaaS Successfully
When businesses successfully implement a CXaaS solution, they can see a significant positive impact on their customer experience and overall business performance. Some of the key benefits include:
- Improvement in Customer Support Metrics: CXaaS can drive measurable improvements in key customer experience metrics, such as Net Promoter Score (NPS), Customer Satisfaction (CSAT), and Customer Effort Score (CES). By providing seamless, personalised, and efficient customer support, businesses can enhance customer satisfaction and loyalty.
- Improvement in Support-Related Operations and Cost Cutting: The advanced technologies and operational efficiencies offered by CXaaS can help businesses streamline their customer service operations, leading to cost savings and improved productivity. Automated workflows, AI-powered chatbots, and intelligent knowledge management can reduce the need for manual interventions, freeing up resources and driving down operational expenses.
- Improvement in Agent Productivity: CXaaS platforms often include workforce optimisation features, such as real-time performance monitoring, training tools, and intelligent routing, which can help customer service agents work more efficiently and effectively. By providing agents with the right information, resources, and support, businesses can improve overall agent productivity and morale, leading to better customer outcomes.
How to Choose the Right CXaaS Partner for your Business?
Selecting the right CXaaS provider is crucial for the success of your customer experience transformation. When evaluating potential partners, consider the following key factors:
- Assess Your Needs: Clearly define your CX objectives, pain points, and the specific capabilities you require from a CXaaS solution. This will help you identify the right provider that can address your unique business requirements.
- Evaluate Expertise and Experience: Look for a provider with a proven track record in delivering successful CXaaS implementations, as well as deep industry expertise and a strong understanding of your target market. This will ensure they can offer tailored solutions and best practices.
- Technology and Integration: Ensure that the CXaaS platform offers a comprehensive suite of tools and technologies that seamlessly integrate with your existing systems and workflows. This will enable smooth implementation and facilitate data exchange across your organisation.
- Customisation and Flexibility: Prioritise a provider that can tailor the CXaaS solution to your unique business requirements and offers the flexibility to adapt as your needs evolve. This will help you future-proof your customer experience strategy.
- Support and Training: Assess the level of customer support, training, and ongoing guidance the CXaaS provider offers to ensure a smooth implementation and long-term success. This includes measures such as dedicated account management, comprehensive training programs, and responsive technical support.
- Cost and ROI: Carefully evaluate the pricing structure and potential ROI of the CXaaS solution, considering both short-term and long-term benefits. Ensure that the provider can demonstrate a clear path to value and tangible business outcomes.
- Partnership and Collaboration: Choose a CXaaS provider that is committed to a collaborative and strategic partnership, working closely with your team to drive continuous improvement and innovation. This will foster a mutually beneficial relationship and help you maximise the value of the CXaaS solution.
Verloop.io: Your All-in-One CXaaS Solution
In an era where customer experience has become a critical competitive advantage, Customer Experience as a Service (CXaaS) emerges as a transformative solution that empowers businesses to deliver exceptional customer interactions at scale.
By leveraging the expertise, technologies, and resources of a specialised CXaaS provider like Verloop.io, companies can optimise their customer experience, improve operational efficiency, and drive long-term customer loyalty and business growth. As the demand for seamless and personalised customer experiences continues to rise, CXaaS is set to become the new standard in customer experience management.
Verloop.io stands at the forefront of transformation, automation and management of customer experience. With all the latest, state-of-the-art technologies, Verloop.io offers an entire customer support automation suite that can help businesses resolve all customer queries within a few minutes and ensure the best quality with automated quality assurance.
Reach out to us for all your customer experience related needs and grow your business with the right CXaaS partner by your side!
