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Trends in the Customer Experience Management Market : Organisations Wanting to be Truly Customer-centric Must Actively Manage the Customer Journey
Frost & Sullivan discusses the real benefits provided by customer experience management (CXM) solutions, illustrating the 9 hottest trends characterising the CXM space in 2015 and offering advice to end users and vendors on how to procure and promote CXM solutions. Vendors claiming to offer CXM solutions cluster into 1 of 5 groups depending on the breadth of the solution and the degree to which it requires integration. Data analytics is the engine at the heart of a CXM solution, managing the whole customer journey. Silos are the key barrier to CXM adoption.
Customer Experience Management (CXM) is a concept that has been misused a great deal in recent years, causing confusion in the marketplace. Fundamentally dissimilar solutions are branded as CXM, making it difficult for end-user organisations to gain an overview of the market without analysing each solution in detail. Market participants have even been unable to agree on a single abbreviation to represent the concept. When it emerged about years ago, Customer Experience Management was commonly abbreviated “CEM.” That abbreviation is still in use, although “CXM” is gaining ground alongside “CX,” which simply stands for customer experience. There is no real difference between CXM and CEM, but using different abbreviations is clearly not helpful to end users who are struggling to understand the concept and to promote its benefits in their organisations. This Market Insight is relevant to end-user organisations that want to adopt a CXM solution, and to solution vendors that want to engage with them. Frost & Sullivan aims to clarify the real benefits provided by CXM solutions, to illustrate the latest trends in CXM, and to offer advice to end users and vendors on how to procure and promote CXM solutions.
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