Today’s consumers have the ability to review, compare prices, and purchase nearly any product at any time. This shift in the balance of power makes it more important than ever for companies to focus on customer experience. Cloud computing offers a generational change in how data and communication is managed across organizations and this influx of data and rapid communications capabilities, along with advances in artificial intelligence, can help companies respond to new customer buying habits and expectations.
Enabling higher customer retention and satisfaction through cloud technology requires addressing three key obstacles that Oracle CEO Mark Hurd first identified five years ago and that still impede companies today: core technologies, organizational structures, and budget priorities. He contends that breaking down these barriers require CEOs “to become Customer-Experience evangelists” and highlights outdated technology as the most serious obstacle.
Hurd often discusses the importance of a modern cloud-based tech stack to customer-focused businesses. Five years ago, he noted that many enterprises’ core business applications were 15 years old, which means that after five more years have passed, if key systems have still not been replaced, these systems will have ossified even more as rapid progress takes place all around them. Hurd predicts that CEOs who become customer experience evangelists make the strategic decision to refocus their IT budgets towards better technology and support rather than just basic maintenance will be better able to understand customer needs and protect against future industry disruptions.