"Smaller companies have a lot to gain in the digital era - provided they adopt the right mind-set."
This is according to Werner Vogels, chief technology officer at Amazon, who adds that the "winners will be those that view their business from the eyes of their customers and understand that fast-paced innovation is the key to long-term growth. With this mind-set they can take on even the largest enterprises who are slow to adapt to the fast moving digital reality."
Vogels says digitalisation of a small and/or medium enterprise starts with having the right outlook which is aimed at creating innovative digital experiences. "Continuous customer-centric experimentation has been the leading principle. In the past decade, our company has introduced 2 500 plus new services and features, and around 90% of them were the result of wishes articulated directly by customers."
This week, the company launched Amazon Connect, a self-service, cloud-based contact centre service that is based on the same contact centre technology used by Amazon customer service associate which has been made available to other businesses. "The first requirement for developing an innovation mind-set is to adapt your offerings fast to changing customer behaviour," he adds.
True to the testament, research firm Forrester's Series of 2017 Predictions report indicated that 2017 will see many organisations shifting their focus on technology to improve customer experience. The report further predicted that the next wave of customer experience will profoundly impact companies, pointing to a clear correlation between customer experience and revenue growth. At the time Cliff Condon, chief research and product officer at Forrester, said: "Our research shows that more than a third of all US online adults want new and engaging digital experiences. They will switch companies to find these experiences. In this environment, being customer-obsessed can be your only competitive strategy."
Bruce von Maltitz, co-founder and joint CEO of 1Stream, a call centre solutions and multimedia solutions company in Cape Town, agrees, adding that companies should also consider that by 2025, most consumers with spending power will be from the millennial generation. "So while adapting to the changing demands and trends that come with each new generation is nothing new - businesses have already have to shift expectations and strategies to accommodate Generation X and Generation Y. This is the generation that is tech savvy, enjoys instant gratification and goes where the best deal can be found - rather than remaining loyal to a particular brand. For instance voice calls are no longer the primary means of communication, and most millennials favour e-mail and chat, or self-help services like chatbots. These are the type of digital strategies small/medium or large companies need to implement to improve customer experience."
Vogels concludes that even though adaptation of digital strategies opens up new opportunities for companies to create value, it is not something that will happen speedily, but will prove to be worth the exercise.
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