Manufacturers are aware that increased investments in technology are necessary to optimise customer experience (CX), as CX now acts as the primary differentiator in the industry. In fact, the market intelligence firm International Data Corporation (IDC) estimates that in 2022, worldwide IT investments will reach $459 billion, with an annual growth rate of 5.2%. Programmes focusing on an enhanced customer journey are expected to be among the key drivers.
According to a recent joint report by IDC Research and global software vendor Liferay, the key to transformation in the manufacturing industry involves placing the customer at the core of the business.
“Customer experience is no longer the exclusive responsibility of marketing and sales departments,” said Isabel Tovar, Research Analyst at IDC. “It now includes areas related to supplier relations, product and service management, and quality control.”
Manufacturers are looking for new ways to engage with their clients and ensure that they provide consistent customer experiences across all touchpoints and activities. Technology plays a leading role in this endeavour. It needs to support initiatives that go beyond the four walls of the organisation. This is especially important as IDC Research forecasts that by 2022, 25% of manufacturers will be engaged in cross-industry collaboration, resulting in a 10% revenue increase.
IDC Research emphasises the need to create mature ecosystems with close relationships between customers, partners and employees. Moreover, artificial intelligence (AI) is expected to play a vital role in obtaining an in-depth understanding of the client. These elements are considered essential to building a customer-first business.
“Today, manufacturers face a number of challenges while trying to implement customer-centric strategies. One of the most prominent obstacles are silos among organisations that can be particularly cumbersome to overcome,” said Edmund Dueck, VP of Sales EMEA at Liferay.
“Furthermore, companies often struggle to connect diverse backend systems, which impairs the delivery of seamless omnichannel experiences. Digital platforms can help address these challenges by providing the necessary flexibility and inter-operability for a truly customer-centric strategy.”
In fact, the report considers digital platforms as the centrepiece of any digital strategy. They provide the architecture that drives and accelerates every digital initiative, while obtaining maximum value from internal and external data sources. IDC Research estimates that 60% of Global 2000 manufacturers already rely on digital platforms to enhance their investments in ecosystems and experiences, and support as much as 30% of their overall revenue.
The full report, “The Relevance of Customer Centricity in Manufacturing”, can be downloaded at www.liferay.com/infobrief-manufacturing.
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IDC Research
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,100 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries.
Liferay
Liferay makes software that helps companies create digital experiences on web, mobile and connected devices. Our platform is open source, which makes it more reliable, innovative and secure. We try to leave a positive mark on the world through business and technology. thousands of organizations in financial services, healthcare, government, insurance, retail, manufacturing and multiple other industries use Liferay. Visit us at www.liferay.com.