India Leads In IoT Adoption In APAC: Study
The Internet of Things [IoT] is growing exponentially in India as the country ranks the second highest, behind China, in IoT-Enabled customer maturity compared with other APAC markets study commissioned by Genesys.
“The 2016 IoT-Enabled Customer Experience (CX) Report’ by Genesys in partnership with Frost & Sullivan, offers insights across Indian organisations which see high value in integrating IoT into their CX initiatives compared to other markets in the region. Close to 80 per cent of respondents cited IoT as a neutral or somewhat important priority compared to other CX initiatives, and almost 40 per cent of businesses said they are thinking about how to incorporate IoT.
“Our research found the overwhelming majority of respondents across APAC believe customer lifetime value is the most significant business benefit delivered by an effective customer experience strategy,” said Keith Budge, senior vice president, APAC at Genesys.
“Indian organisations are open to implementing new technologies and have an optimistic view of IoT as a key enabler of sophisticated customer experiences. Most organisations in India are not bogged down by having to integrate IoT into existing legacy infrastructure and as a consequence, this market was ahead of the region when it comes to the adoption of IoT-enabled CX solutions.”
The study highlights that there lies a gap between awareness and implementation, an IoT-enabled customer experience drives the convergence of customer journeys across digital and physical environments, in turn enabling organisations to consistently deliver personalised, predictive and productive experiences for their customers.
Overall, the report reveals 83 per cent of respondents across APAC have some level of familiarity with IoT and nearly 50 per cent believe IoT is important in enhancing CX. Despite this, only 15 per cent of respondents across APAC have already implemented IoT.
Of those that have deployed IoT to deliver better CX, more than 70 per cent said their IoT solution enables them to influence their customers’ buying and engagement decisions. More than a third of surveyed organisations recognised the very high impact IoT had on enhancing customer satisfaction.
Other benefits cited by respondents include positive impacts on brand equity (33 per cent), improvements in operational efficiency (33 per cent) and an increase in employee productivity (35 per cent).
Across APAC, the study found businesses are realising the wide reaching benefits of implementing IoT. More than half (60 per cent) of respondents indicate at least having a starting point for their IoT journey, with 16 per cent looking to incorporate IoT in to their organisation within the year. A further 29 per cent hope to accomplish this within the next two years.
Surprisingly, more mature economies – including Australia and New Zealand – are less likely to have immediate plans to incorporate IoT in their organisation to enhance their CX.
The report also identified a number of challenges preventing businesses from deploying IoT for CX, including a significant issue with organisations “understanding of IoT value proposition.” A low level of C-suite awareness about the importance or value of IoT-enabled CX solutions was also commonly cited.
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