Oracle announces more updates to its customer experience applications
A major part of the recent success at Oracle is related to its SaaS model and ability to evolve its technology and offerings to new customers in the cloud. Its recent updates to the advertising and customer experience applications represent another example of innovation and meeting the demands of its customers.
Oracle advertising and CX are application that is capable of delivering a comprehensive view of every customer and their interactions. Risk management leader Aon is a good example of this in action. Aon began using several CRM tools but quickly realised that it required a single system representing the business to its customers. Back in 2017, Aon started the transition to combine all of its users into a single system and chose Oracle as the preferred platform for its customer experience. The instant benefit of the new system was that members from any location could open an account and view all other team members worldwide.
Teams could collaborate and deliver their information as one voice to the customer, instead of many as before. The other benefit was the value of data collected, which provided information on who was working with a customer, what purchases were made etc. opening up several new opportunities and targeted dialogue with customers. With data being collected and stored in one place, the entire reporting process became easier and clearer.
One of the main challenges associated with a subscription model is understanding why customers may not be renewing. Customer churn, the volume of customers cancelling can be related to many factors. Oracle applies artificial intelligence (AI) and historical trends to determine the main drivers influencing customer churn. The system also generates reports to understand ‘at-risk customers and keep loyal customers informed about their accounts.
Oracle continues to improve its advertising and customer experience applications with additional updates. Oracle appreciates the importance of collecting relevant data within the customer journey and utilising artificial intelligence to enhance the overall business process. No employee in a business must approach a customer without having a detailed understanding, context and supporting recommendations. Knowing whether a customer is a loyal repeat user or has experienced service issues is vital and boils down to collecting and measuring the right data sets. Capturing the right data enables the opportunity to provide the necessary support and guidance at the right time to each customer. The result is ensuring that every customer interaction is positive, whether it be for marketing, selling or servicing.