# The future of CXM
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-05-19
Category: BUSINESS
Category URL: https://financedigest.com/category/business
Meta Title: Future of Customer Experience Management (CXM): Predictions
Meta Description: Discover how advancements in technology will revolutionise CXM, including universal analysis of customer interactions, tracking of new KPIs, and faster pain
URL: https://financedigest.com/the-future-of-cxmhtml

![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/istock-1016471166-1736815704917-compressed.jpg)

_![](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/70-1736815705064-compressed.jpg)_

_By **Michalis Michael,** CEO of DMR_

Any predictions about the future of Customer Experience Management (CXM) need to take into account the simple fact that _all_ customer interactions – irrespective of source or language – will be available for analysis.

This isn’t a speculative prediction, but a simple extrapolation of the fact that the technology is already available.

Source and language agnosticism is swiftly [becoming the norm in the world](https://www.financedigest.com/snowboarding-british-teenager-brookes-becomes-the-youngest-world-champion.html "Snowboarding-British teenager Brookes becomes the youngest world champion") of listening to customers, backed by robust artificial intelligence (AI) capable of assessing enormous and largely unprecedented quantities of customer data and capturing mostly the unsolicited and sometimes the solicited opinions that customers produce by the millions.

As CXM professionals start coming to terms with the implications of this technology, the [future of the field will be characterised by both the challenges and opportunities](https://www.financedigest.com/railway-bearing-market-size-2021-key-manufacturers-industry-share-investment-opportunities-future-trends-market-impact-revenue-demand-and-analysis-by-forecast-2030.html "Railway Bearing Market Size 2021 Key Manufacturers, Industry Share, Investment Opportunities, Future Trends, Market Impact, Revenue, Demand and Analysis by Forecast 2030") that come hand in hand with a universal approach to hearing and understanding all customer interactions without exception. No more reliance on samples of [customer feedback](https://www.financedigest.com/how-to-improve-your-customer-feedback-game.html "How to Improve Your Customer Feedback Game").

**New forms of KPI tracking**

One of the more obvious – and [potentially impactful](https://www.financedigest.com/the-potential-impact-of-coronavirus-covid-19-for-riveting-tools-market-revenue-opportunity-forecast-and-value-chain-2021-2028.html "The Potential Impact Of Coronavirus (Covid-19) For Riveting Tools Market Revenue, Opportunity, Forecast And Value Chain 2021-2028") – aspects of CXM that will be affected by access to all customer opinion is tracking of multiple relevant KPIs.

Most companies currently just track the Net Promoter Score (NPS), which for some time has been used to get a sense of customer [loyalty](https://www.financedigest.com/the-problem-with-measuring-customer-loyalty-and-how-to-overcome-it.html "The problem with measuring customer loyalty; and how to overcome it") and satisfaction by asking customers to indicate, on a scale of 0-10, their likelihood of recommending a brand to friends and colleagues. Respondents can then be categorised as detractors, promotors, or passives depending on their position on the scale.

The resultant calculation provides CXM professionals with a simple, single figure – and while reaching for an easy-to-articulate score is commendable, this single KPI tracking just won’t reflect the nuance and comprehensiveness provided by [technology that can hear every](https://www.financedigest.com/legislate-raises-3-6m-to-give-startups-smes-the-technology-to-query-and-compare-every-contract.html "Legislate raises .6M to give startups & SMEs the technology to query and compare every contract") customer interaction.

What, then, does the [future hold](https://www.financedigest.com/what-the-future-holds-for-financial-institutions-in-2023.html "What the Future Holds For Financial Institutions in 2023")?

I think we’ll inevitably see the increased prevalence of multiple, composite KPIs created by synthesizing several different [customer interaction sources](https://www.financedigest.com/why-equipment-assets-should-be-the-source-of-your-customer-strategy.html "Why Equipment Assets Should Be The Source of Your Customer Strategy").

Rather than merely asking a small sample of people for their opinion (an opinion that could be selected at random or fabricated), it will become standard practice to integrate sentiment, purchase intent, [social media](https://www.financedigest.com/yoono-discuss-the-importance-of-social-media-checks.html "Yoono discuss The Importance of Social Media Checks") engagement ratios, and so on.

That [doesn’t mean](https://www.financedigest.com/making-sure-that-finservs-digital-transformation-doesnt-mean-digital-exclusion.html "Making sure that FinServ’s digital transformation doesn’t mean digital exclusion") CXM professionals won’t find ways to present these findings in a single figure – e.g. DMR’s Net Sentiment Score (NSS) and Social Presence Score (SPS) – but it does mean ensuring that the measurement of [market performance needs to operate on the basis of sophistication commensurate with the breadth and variety of available data](https://www.financedigest.com/sterling-little-changed-after-mixed-labour-market-data.html "Sterling little changed after mixed labour market data").

**Finger-snap pain point resolutions**

Of course, this kind of data can do more than indicate a company’s market position – it can equally be used to improve pain point solutions on both a proactive and reactive level, and **the [future of CXM will be shaped by the speed](https://www.financedigest.com/future-cheque-clearing-model-places-emphasis-on-speed-and-innovation.html "FUTURE CHEQUE CLEARING MODEL PLACES EMPHASIS ON SPEED AND INNOVATION") and efficacy with which those pain points can be addressed.**

After all, with any and all customer interactions at your disposal, it will become increasingly common to not only find and rank pain points in order of priority, taking into [account customer](https://www.financedigest.com/covid-19-has-made-your-customer-accounts-more-valuable.html "Covid-19 has made your customer accounts more valuable") journey stages, but devise robust mitigators that strike at the heart of a given problem.

Reactively, this will likely involve targeted workflow-based solutions – perhaps by ensuring that call centre [staff and complaints](https://www.financedigest.com/edf-staff-shareholders-file-complaint-over-management.html "EDF staff, shareholders file complaint over management") departments are able to use guidelines for empathetic responses to customers calling about a problem. And, with the right [data fusion and integration](https://www.financedigest.com/5-ways-data-integration-solutions-are-helping-financial-organizations-deliver-improved-outcomes.html "5 Ways Data Integration Solutions Are Helping Financial Organizations Deliver Improved Outcomes"), reactive workflows will be dynamically adaptive, changing to suit new information.

Similarly, proactive solutions – those that relate to some form of operational fix – will likely be created and carried out in [real time](https://www.financedigest.com/its-time-for-real-time-accountancy.html "It’s time for real time accountancy "). And it goes without [saying that these more sophisticated solutions to customer pain points](https://www.financedigest.com/germany-added-35-more-electric-car-charge-points-in-2022-says-bdew.html "Germany added 35% more electric car charge points in 2022, says BDEW") can only serve to limit churn and improve customer retention.

It’s worth reiterating that these are confident [predictions for the simple reason that these outcomes](https://www.financedigest.com/how-causal-ai-could-have-predicted-the-outcome-of-the-gamestop-incident.html "How causal AI could have predicted the outcome of the GameStop incident") are already possible. All that’s required is for organisations to invest in the specialist help and technology needed to turn myriad existing [customer opinions into actionable](https://www.financedigest.com/the-fca-is-taking-immediate-action-on-customer-vulnerability-but-how-does-this-impact-advisers.html "The FCA is taking immediate action on customer vulnerability; but how does this impact advisers?") information for improving CX.

Once the pain points are addressed and the customer churn and retention is optimised the [next order of business](https://www.financedigest.com/novartis-to-spin-off-generics-business-sandoz-next-year.html "Novartis to spin off generics business Sandoz next year") is to leverage gain points or strengths, but this is a subject for another article.

**AI annotation accuracy**

This reliance on newer [technology will come with its own set](https://www.financedigest.com/the-technologies-set-to-boost-the-finance-sector-in-2022.html "The technologies set to boost the finance sector in 2022") of caveats, however.

Given that CXM professionals will be increasingly dependent on AI to find and – crucially – annotate [customer opinion for factors like sentiment and purchase](https://www.financedigest.com/britains-nationwide-curbs-cryptocurrency-purchases-by-customers.html "Britain’s Nationwide curbs cryptocurrency purchases by customers") intent, they are going to take a great deal of interest in the annotation accuracy of their technology.

Of course, it’s no bad thing whatsoever to ensure that the [analysis of millions of interactions across](https://www.financedigest.com/white-bullets-piracy-demonetising-programmes-drastically-reduce-ad-revenues-to-piracy-websites-across-europe-analysis-finds.html "White Bullet’s piracy demonetising programmes drastically reduce ad revenues to piracy websites across Europe, analysis finds") any language in a matter of seconds is built upon a strong and accurate foundation.

As the CXM [industry evolves to embrace such technology](https://www.financedigest.com/five-industries-benefiting-from-multi-carrier-sim-technology.html "Five Industries Benefiting from Multi-Carrier SIM Technology"), we’re likely to see the beginning of a virtuous circle in which the need for comprehensive analysis is met by all the more accurate annotation, which in turn will only augment the possibilities of CXM – resulting, no doubt, in strong growth prospects for businesses and a more satisfying experience for customers everywhere.


---
This blog is powered by Superblog. Visit https://superblog.ai to know more.
---