The study, commissioned by Genesys in partnership with Frost & Sullivan, discusses how the companies in the APAC region view Internet of Things (IoT) and to what extent are they are accelerating IoT adoption in order to enhance customer experience
A new 2016 IoT-Enabled Customer Experience (CX) Report by Genesys reveals that India ranks second, after China, in IoT-enabled customer maturity compared to other APAC markets.
The study, commissioned by Genesys in partnership with Frost & Sullivan, discusses how the companies in the APAC region view Internet of Things (IoT) and to what extent are they are accelerating IoT adoption in order to enhance customer experience.
According to the report, 80% of respondents think of IoT as a neutral or somewhat important priority compared to other CX initiatives, and almost 40% of organizations said they are thinking of ways on how to incorporate IoT within their businesses.
“Indian organizations are open to implementing new technologies and have an optimistic view of IoT as a key enabler of sophisticated customer experiences. Most organisations in India are not bogged down by having to integrate IoT into existing legacy infrastructure and as a consequence, this market was ahead of the region when it comes to the adoption of IoT-enabled CX solutions,” said Keith Budge, Senior Vice President, APAC at Genesys.
However, the report pointed out the gap between awareness and implementation of IoT.
The report reveals that 83% of respondents across APAC have some level of familiarity with IoT and nearly 50% believe IoT is important in enhancing customer experience. However, only 15% of respondents across APAC have implemented IoT.
Of those that have deployed IoT to deliver better customer experience, more than 70% said their IoT solution enables them to influence their customers’ buying and engagement decisions. More than a third of surveyed organizations recognised the very high impact IoT had on enhancing customer satisfaction.
Other benefits of IoT adoption include the following:
1. Positive impacts on brand equity (33%)
2. Improvements in operational efficiency (33%)
3. Increase in employee productivity (35%)
If developing economies, such as India are to incorporate IoT in their organisation to enhance customer experience, more mature economies – including Australia and New Zealand – are less likely to have immediate plans to do so.
Other key findings from the report include:
1. The perception of benefits provided by IoT-enabled CX was the lowest among C-level respondents
2. More than 70% respondents that have implemented IoT believe it has a positive impact on the development of new disruptive business models
3. The three industry sectors at the forefront of IoT-enabled CX adoption are communication service providers; logistics, transportation and automotive; and retail, travel and hospitality