MIT SMR Connections
MIT SMR Connections is the custom content creation unit within MIT Sloan Management Review.
Organizational leaders in a variety of industries understand that providing stellar customer experiences (CX) is essential for success in today’s business environment. But by their own account, only a few of them are significantly outpacing their competitors in terms of CX quality, progress, and return on investments.
That’s the key finding revealed in a new MIT SMR Connections research study based on a global survey of more than 2,600 business leaders in a variety of industries. The survey, sponsored by SAS, asked respondents to rate their organizations’ CX capabilities, identify their CX challenges, and share their CX goals and technology investment priorities.
The research found that only a small percentage of respondents’ organizations are delivering top-flight consumer experiences. These CX Champions, as we’re calling them, undertake specific efforts that keep them out in front of the pack. Among other things, CX Champions:
- Incorporate CX strategy into their overall corporate and digital transformation strategies.
- Apply advanced analytics, artificial intelligence, and other sophisticated tools to improve their CX efforts.
- Streamline their organizational models by establishing cross-functional teams and equipping them with collaborative platforms and other key technologies.
This report delves into those and other practices of CX Champions, providing useful lessons for organizations looking to join their ranks. It includes insights from leading experts about today’s top CX trends. Finally, it provides a deeper dive into the state of CX in the retail, consumer goods, banking, and financial services industries, featuring commentary from top executives at companies such as American Express, CVS Health, DBS Bank, and Under Armour.