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Industry Research : Technological Tsunami to Change CX
Kinetic, a customer experience consulting company, has released its latest findings on how the next wave of technology will impact the competitive landscape in a number of industries. A recent survey of CEOs worldwide identified that digital disruption has become a leading concern. Respondents believed that 4 out 10 companies in their industry would not exist in the next 5 years. Kinetic’s latest research identifies the companies and their technologies most likely to change our lives in the coming decade. The report labels the next wave as a "technological tsunami" because of the rapid convergence of a number of technologies reaching commercialisation stage, which will impact on a number of industry sectors
The report identifies the evolution of technology and how it attempts to change people’s lives. Many of the technological innovations over the past 50 years have focused on delivering utilitarian benefits for customers. The report outlines how the current wave of innovation is different; there is a trend evolving that takes the customer experience to the next level.
"Our findings indicate that the next wave of digital disruption will focus on elevating the human experience by providing an emotional payback deeply seeded in the human psyche. These pioneering companies are no longer confining their product and service to a single customer experience journey. They are broadening their scope by producing innovations that enhance the users’ overall life experience", said CEO of Kinetic, Joe Tawfik.
These companies will dominate their industry sectors because they will be able to produce products and services that effortlessly deliver an ongoing experience of positive emotion. The underlying goal of these companies is the eradication of negative emotions and replacement with positive emotions. The extent of the emotional payback will create a relationship with the user, which will surpass one generated through conventional approaches towards customer experience management.
The appetite of consumers for life enhancing technologies is significant. For example, Pepper the Robot was created by SoftBank as an "emotional companion" to make the user happy.
The report warns of the potential emergence of ‘megacorporations’, as some companies, i.e. Google, are working on a diverse range of technological innovations capable of impacting most areas of our lives. Our growing demand for technologies that enhance our lives will encourage new industry sectors to be created and, at the same time, will erode others. Organizations able to adapt and innovate around this new paradigm of customer experience will have the opportunity to grow and prosper. Those unable to innovate and adapt to the changes in their industry will eventually perish.
The report outlines that the timing of this technological tsunami is sooner than most people realise.
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Published: Monday, August 17, 2015