Getting To IconicElizabeth Bramson-Boudreau

CEO, Publisher

MIT Technology Review

Overview

1. About MIT Technology Review

2. 10 Breakthrough Technologies

3. Getting To Iconic

About MIT Technology Review

MIT Technology Review is an innovative, digitally-oriented media company.

By bringing to life the important conversations about the financial, business, and social changes impacted by technology, we help people understand and navigate through a world undergoing rapid and profound technological transformation.

We are inspired and driven by our connection to the Massachusetts Institute of Technology (MIT), the world’s foremost technology institution, and its commitment to learning, innovation, excellence, diversity, and community.

We produce a daily website, a bi-monthly print magazine, custom advertising and thought-leadership programs, and live events. We work all over the world.

10 Breakthrough Technologies

1. Reversing Paralysis

2. Self-Driving Trucks

3. Paying With Your Face

4. Practical Quantum Computers

5. The 360-Degree Selfie

6. Hot Solar Cells

7. Gene Therapy 2.0

8. The Cell Atlas

9. The Botnet of Things

10. Reinforcement Learning

https://www.technologyreview.com/lists/technologies/2017/

Paying With Your Face

Practical Quantum Computers

The Botnet of Things

Reinforcement Learning

• Content goes in here

The big goal

A study conducted in May-July 2017 to better understand how world-leading brands balance talent and technology for customer experience excellence.

• What comes first?

• What do they invest in?

• What drives their CX programs?

The big goal

Survey firmographics

MIT Technology Review’s custom research team surveyed over 550 senior executives (one-third of them CEOs)—from over 30 countries to understand how these executives manage their companies’ customer experience (CX) programs, introduce new technologies, and optimize human capital resources.

• One-third of firms had over 100m customers

• Another one-third serviced fewer than 5m customers

• A dozen industries represented globally

• Over 40% of respondents were global firms with more than $5bn in revenue

• Industries: FMCG, Retail, Financial Services, Hospitality & Leisure, IT, Manufacturing, Media, Pharma & Healthcare, Professional Services, Transportation

Survey firmographics

In addition to surveying, we conducted live interviews with the following executives: • Felix Liu, Head of Customer Experience Business Group, Alibaba

• Dr. Nicola Millard, Head of Customer Insights and Futures, BT Global Services

• Spiros Fotinos, Global Head of Brand Management and Marketing, LexusInternational

• Cristina Junqueira, Co-founder and VP of Branding and Business Development, Nubank

• Troy Stevenson, Global Head of Community Operations, Uber

• Monika Schulze, Global Head of Customer and Digital Experience, Zurich Insurance

Key insights

The world’s most influential and customer-centric firms lead with technology—but do not let technology lead their customer relationships.

Iconic firms:

• Rank among the highest scores in CX evaluations

• Have industry-leading levels of brand awareness

Key insights

What we learned about Iconic firms:

• They are more than twice as likely than their peers to employ leading-edge CX technology solutions

• They are further ahead in deploying AI

• They lead across channels; they believe they have the right mix of “live” and automated channels

• They see Corporate Social Responsibility as a source of differentiation

Iconic firms are technology leaders

• Iconic firms are much further along in the deployment of leading CX technologies

• 63% of Iconic firms had fully deployed leading CX technologies

• 25% among total respondents

• Low-performing firms average around 20%

• Many indicated no plans to invest in technology at all

Every customer expects Amazon-level completion times. That’s why future thinking technology is so vital. At the same time…technology cannot be looked at as the solution to customer experience challenges, but as an enabler…

Monika Schulze

Global Head of Customer and Digital ExperienceZurich Insurance

Iconic firms are technology leaders

Technology drives customer satisfaction…

Leading firms see a clear link between being ‘technology forward’, and achieving customer satisfaction objectives

Iconic firms are more than twice as likely as other firms to see their technology adoption strategies as industry leading

…and satisfaction drives Iconic firms

Iconic firms were much more likely to see customer satisfaction as the primary performance driver in most stages of the customer journey…

…whereas low-performing firms feel the need to maintain efficiency.

...for higher levels of engagement (and more)

Iconic firms experience higher rates of customer engagement across channels and customer insight as a result of technology

As a brand, our fundamental point of differentiation is the human factor. When we look at bringing tech into the consumer journey, we ask ourselves how it will help the brand reps deliver a more amazing experience. And this of course has implications for the tech we choose to deploy.

Spiros Fotinos

GM and Global Head of Brand Management and Marketing

Lexus International

Customer service is more important than efficiency gains

Iconic firms have already used technology to achieve transactional efficiency. Now they are looking to leverage technology to improve customer experience at the ‘high-touch’ end of the customer journey.

The best service is no service.

Troy Stevenson

Global Head of Community Operations

Uber

Is technology critical for achieving your operational goals? (% ‘yes’)

Ecosystem cooperation

Leading CX technologies allow Iconic firms to manage their partners in line with customer expectations

Ecosystem cooperation—in moderation

Ironically, Iconic firms, while more able to align CX with their partners, were less willing to share customer data across those relationships than was the average company.

Iconic firms see unique and proprietary customer insight as a competitive advantage.

Yes, AI is the future—but not how you might think

Leading firms are investing in AI R&D, and using AI to support customer agents—not replace them.

91% of respondents from Iconic firms indicate they use AI solutions to some degree to increase customer satisfaction.

AI currently helps 100% of our customer with inquiries, and resolves 50% of them completely. Felix LiuHead of the Customer Experience Business Group Alibaba

We need to establish emotional connections to our customers, and more often than not we need humans—not AI—to do this. Monika Schulze Global Head of Customer and Digital Experience Zurich Insurance

AI is on the Iconic firm’s agenda

AI is increasingly critical to running successful CX operations—and Iconic firms know it

Predictive analytics—not just channel automation—is where AI’s real value lies

Automation is the easy part. Getting agents the right insight to resolve problems is still hard.

Troy Stevenson, Global Head of Community Operations Uber

Omnichannel: High touch, high visibility

Leading global firms know their customer history across their entire journey, and this insight empowers them to use the channel they prefer.

90% of Iconic firms believe they are adept at managing customer experience from an omnichannelperspective—meaning they can carry a customer’s context seamlessly from one channel to another and personalize interactions across each channel

Often, frustration sets in because a digital channel is broken; an omnichannel approach can allow you to switch channels, or an agent can intervene to confirm and reassure.

Dr. Nicola Millard Head of Customer Insights and FuturesBT Global Services

Omnichannel: High touch, high visibility—and big data

Big data helps Iconic firms understand their customers and their CX preferences—while increasing efficiency

Customers mainly like things to be easy.

Felix Liu, Head of the Customer Experience Business Group

Alibaba

It’s not only about technology

As customer intimacy and visibility increases, Iconic firms realize this is a two-way street.

Corporate social responsibility is one way for industry leaders to demonstrate that their firms share common values and aspirations with their customers.

58% of Iconic firms said CSR is one of the most important parts of their brands

Regional variations

Respondents from North Americatended to indicate adoption of leading-edge customer experience solutions at higher than average levels across all categories—especially in the deployment of AI.

Asia

• Few respondents from Asia indicated that they currently employ “leading” solutions

• But at least 30% of respondents had some CX tech in place and nearly all have plans to implement it in the near future; 86% report some plans for AI.

• New Zealand and Australia are somewhat behind the curve: nearly 25% believe themselves to be slower than average to employ a technology in the CX process.

• Respondents across Asia indicate they are 10% to 15% less likely to perform aspects of omnichannel management.

We always have to be efficient, but if the customer is having a bad experience in a very efficient process, you're not getting anywhere good. David GoldsteinChairman, Asia iflix

How Iconic firms endure

Iconic firms clearly grasp the challenges they face in achieving excellent CX levels… …And they understand how they can deploy technology and talent to sustain them.

• Technology leadership--Iconic firms employ leading solutions. But while technology is essential to improving all aspects of CX, it cannot be the sole focus.

• AI investment--AI is not a panacea. Efficiency must be tempered with human “ears” to hear customer concerns.

• Omnichannel excellence--Combining analytics with tools that heighten visibility across channels. Increase investment in human talent to optimize those channels.

• Share with partners (in moderation)--Iconic firms want to work with channel partners, suppliers and adjacent brands… But they don’t want to open up their entire chain of customer analytics.

• Support brand values. CSR demonstrates that firms share common values and aspirations with customers.

Thank you!