Chordiant Launches Model for Benchmarking and Improving Customer Experience Management
October 22 2008 - 9:00AM
Business Wire
Chordiant Software, Inc. (Nasdaq:CHRD), the leading provider of
Customer Experience (Cx�) software and services, today announced
the launch of a model, created in collaboration with Cranfield
University and Henley Management College, that assesses the
Customer Experience Management (CEM) maturity of an
organization�the Cx Maturity Model. This assessment, sponsored by
Chordiant, is used as a benchmark for understanding how an
organization stacks up against its competitors in effectively
managing multiple channels of customer interactions - as well as
determining the next steps to improve its capabilities. To validate
the innovative model, a detailed primary research study of 450
European companies across seven industry sectors and 12 countries
was conducted. �Until now, there hasn�t been a model for helping
companies assess how well they are doing with regard to optimizing
their CEM capabilities,� said Hugh Wilson, Professor of Strategic
Marketing and Director, Cranfield Customer Management Forum,
Cranfield School of Management. �The Cx Maturity Model not only
facilitates this assessment, it offers step-by-step guidance for
improvement. It has been a real eye opener for many of the
companies we work with. The data gathered in the study has
validated the model and also provided insight into the current
state of CEM across Europe. According to the data, most companies
have bought into the �talk� of customer-centricity that was begun
with CRM, but very few have actually achieved it in practice. Not
because the will isn�t there, but because historically the
technology simply has not existed to allow them to do so.� Core to
the Cx Maturity Model are the 10 Principles of Customer Experience
Management. These are the elements upon which an optimal customer
experience can be built and they are divided into two dimensions
that measure a company�s ability to reach Cx Maturity�integration
complexity and interaction complexity. Assessing a company�s
maturity within each of the Principles will describe their overall
Cx maturity level on a scale of one to five. Only when a company
has achieved all of the 10 Principles will they reach a Level 5 Cx
Maturity measurement. Of course, Level 5 is not appropriate for all
business models, specifically those that do not have high frequency
contact with consumers, such as companies that sell capital
equipment. To find out more about the Cx Maturity Model levels, 10
Principles of CEM, and the pan-European survey please visit:
www.cxm-model.com Some of the key findings from the study so far
show that 75 percent of companies surveyed have only achieved Level
3 in Cx Maturity, which corresponds to a measurable improvement in
process efficiency in customer-facing operations. This is the level
of maturity we would expect to find in companies that have
implemented a traditional CRM solution, but are still struggling to
build true one-to-one relationships with their customers. Being
able to conduct intelligent customer dialogues that match
conversational context in real-time was a common capability among
companies that placed at a higher level. �The Cx Maturity Model is
an important tool for any company that needs to improve its CEM
capabilities, but doesn�t know how or where to begin,� said Aly
Moore, marketing director, EMEA, for Chordiant Software and creator
of the Cx Maturity Model. �Even before we created it, we worked
with customers who employed its principles to move up the scale as
we now know it. To create the model, we simply analyzed their
success and reengineered it on paper. We were gratified to see our
conclusions validated through research, although not extremely
surprised, as the principles involved in achieving a superior
customer experience appear to be universal.� About Chordiant
Software, Inc. Chordiant helps leading global brands with
high-volume customer service needs deliver the best possible
customer experience. Unlike traditional business applications,
Chordiant Customer Experience (Cx) front-office solutions blend
multi-channel interaction management with predictive desktop
decisioning, enabling companies to capture and effectively
anticipate and respond to customer behavior in all channels, in
real-time. For global leaders in insurance/healthcare,
telecommunications and financial services, this deeper
understanding cultivates a lasting, one-to-one relationship that
aligns the most appropriate value proposition to each consumer.
With Chordiant Cx solutions, customer loyalty, operational
productivity and profitability reach new levels of return. For more
information, visit Chordiant at www.chordiant.com. These filings
are available on a Web site maintained by the Securities and
Exchange Commission at http://www.sec.gov. Chordiant does not
undertake an obligation to update forward-looking or other
statements in this release. Chordiant and the Chordiant logo are
registered trademarks of Chordiant Software, Inc. The Customer
Experience Company and Cx are trademarks of Chordiant Software,
Inc. All other trademarks and registered trademarks are the
properties of their respective owners.
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