New ISG research says enterprises will
replace many CX point solutions with multifunction software suites
by 2028
By 2028, companies will replace many customer experience (CX)
point solutions with broad, cross-functional suites to manage CX at
the enterprise level, new research from leading global technology
research and advisory firm Information Services Group (ISG)
(Nasdaq: III) finds.
“Enterprises are realizing they need platforms that manage
processes across the customer’s lifecycle,” says Keith Dawson,
director of Customer Experience Research, ISG Software Research.
“We are seeing the emergence of tools that integrate the
communications components of customer needs with analytic
assessments of customer value, loyalty and intent. This is a
significant and accelerating change in the marketplace.”
The ISG Buyers Guide™ for Customer Experience Management (CXM)
defines CXM as a suite of applications built on a common platform
that facilitates an interdepartmental view of customer activity and
provides mechanisms for managing that activity. Some elements of
that activity come from the contact center while others are derived
from marketing technology. The report finds the precise mix of
applications in a software provider’s suite depends on the legacy
expertise of that particular software provider.
CXM has evolved to address the shortcomings of the decades-old
Customer Resource Management (CRM) software category and its more
departmental and application-centric approach, the report says. In
contrast, CXM is based on the customer journey and the customer’s
interactions with the organization across any channel.
The report finds it can be difficult for buyers to effectively
compare similar or overlapping offerings from providers that stem
from their different origins and, in many cases, do not directly
compete against one another. The breadth of scope and expertise
explains why the mix of components, users and use cases has been so
diverse across CXM products.
The ISG Buyers Guides for CXM define five core areas of platform
functionality across departments that combine to form an enterprise
software solution: knowledge management, resource management,
automation, analytics and customer journey management.
CXM software is early in its development maturity, the report
finds, and it is rare to find a single offering that fits into all
five areas. Many software providers start with an emphasis on their
areas of origin and build additional capabilities over time.
The ISG Buyers Guide for CXM evaluates software providers and
products based on support for analytics, customer journey
management, knowledge management, CRM platform support, operational
resource management, and process control and optimization. To be
included in the CXM Buyers Guide, products must include
capabilities from three of four of the following areas: resource
management, automation, analytics and customer journey management.
Separate Buyers Guides on Customer Journey Management (CJM) and
Knowledge Management (KM) are available to more specifically
examine those software categories.
For its 2024 Buyers Guides for CXM, CJM, and KM, a total of 19
providers were assessed: Adobe, eGain, Emplifi, Freshworks,
Genesys, HubSpot, Microsoft, Nextiva, NICE, Oracle, Qualtrics,
Salesforce, SAP, ServiceNow, Sprinklr, SugarCRM, Verint, Zendesk
and Zoho.
ISG Software Research designates the top three software
providers as Leaders in each category. For the 2024 studies, the
leading providers in ranked order are:
Customer Experience Management: Oracle, Salesforce and
Verint
Customer Journey Management: Salesforce, Verint and
NICE
Knowledge Management: Salesforce, Verint and NICE
“Every organization must manage customer experience, but too
often, they lack the technology to orchestrate the customer journey
across channels,” said Mark Smith, partner, Software Research, ISG.
“The Buyers Guide for CXM provides research insights to help
understand, optimize and select software providers and products
that can move the enterprise beyond the departmentally designed
approaches of CRM.”
The ISG Buyers Guides for CXM, CJM and KM are the distillation
of more than a year of market and product research efforts. The
research is not sponsored nor influenced by software providers and
is conducted solely to help enterprises optimize their business and
IT software investments.
Visit this webpage to learn more about the ISG Buyers Guides for
CXM, CJM, and KM and read executive summaries of each of the three
reports. The complete reports, including provider rankings across
seven product and customer experience dimensions and detailed
research findings on each provider, are available by contacting ISG
Software Research.
Organizations seeking guidance on customer experience service
providers can explore existing ISG Provider Lens™ research,
upcoming studies and additional details in this digital
brochure.
About ISG Software Research ISG Software Research,
previously Ventana Research, provides authoritative market research
and coverage of the business and IT software industry. It
distributes research and insights daily through its user community,
and provides a portfolio of consulting, advisory, research and
education services for enterprises, software and service providers,
and investment firms. Its on-demand service provides structured
education and advisory support through subject-matter experts. ISG
Buyers Guides support the RFI/RFP process and help enterprises
evaluate and select software providers through tailored assessment
services and the ISG Software Research Value Index methodology.
Visit www.ventanaresearch.com for more information and to sign up
for free community membership.
About ISG ISG (Information Services Group) (Nasdaq: III)
is a leading global technology research and advisory firm. A
trusted business partner to more than 900 clients, including more
than 75 of the world’s top 100 enterprises, ISG is committed to
helping corporations, public sector organizations, and service and
technology providers achieve operational excellence and faster
growth. The firm specializes in digital transformation services,
including AI and automation, cloud and data analytics; sourcing
advisory; managed governance and risk services; network carrier
services; strategy and operations design; change management; market
intelligence and technology research and analysis. Founded in 2006,
and based in Stamford, Conn., ISG employs 1,600 digital-ready
professionals operating in more than 20 countries—a global team
known for its innovative thinking, market influence, deep industry
and technology expertise, and world-class research and analytical
capabilities based on the industry’s most comprehensive marketplace
data. For more information, visit www.isg-one.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240815438441/en/
Press Contacts:
Will Thoretz, ISG +1 203 517 3119 will.thoretz@isg-one.com
Julianna Sheridan, Matter Communications for ISG +1 978-518-4520
isg@matternow.com
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