The digital experience (DX) stack, which encompasses the entire digital experience framework, has become the cornerstone of how businesses communicate with their customers. So what is the place of customer communications management (CCM) in the DX platform market in 2021?
To create personalized customer communications, companies must consider how to use acquired client data—demographic information including address, name, and relationship information—to design personalized communications. This information garnered through the relationship may include such data points as reasons for clients contacting firms, products sold by companies, or any other client-related information.
In today's economic climate, organizations are vigilant in controlling and minimizing all costs related to managing customer communications. Most importantly, though, the pursuit of these savings should not come at the expense of preserving and enhancing the customer experience.
Technology has impacted the economy in many ways over the last few decades. Take, for example, the New York Stock Exchange in the pre-Internet era. Traders and brokers interacted literally in person, initiating handwritten transactions in a sea of chaos on the trading floor. After each trading day ended, the floor traders would gather up their buy/sell order slips, and it took up to five days to settle trades. Now, however, the exchange manages all of these interactions almost entirely electronically and many trades are settled within one or two days with trade confirmations arriving almost instantaneously.
There’s a giant wave coming, headed straight for health payers, a confluence of adversity that has been in the making for a year or so. Around 27 million people lost their health insurance due to the business impacts of COVID as employers needed to reduce staff just to stay afloat. There are still around 18 million people in the U.S. receiving unemployment benefits.