Why your DXP should be the single source of truth for your data
Digital Experience Platform (DXP) is an essential tool for businesses today.
DXP is an ideal source of truth for organizations that want to provide transformative content for a better customer experience.
DXP provides brands agility to survive in a competitive and data-driven market.
In a digital world where the majority of consumers access information from the palm of their hands, competition gets fierce. If you want to gain an edge, you need transformative content and a reliable organizational data source to improve customer experiences.
Consumers today know what they want, and 76% of them expect brands to understand their needs. If you can satisfy their needs through a personalized customer experience, they might spend as much as 17% more than usual. Because of this, customer-centric companies are 60% more profitable than those that are not.
Business leaders agree with the findings. A recent survey of CEOs revealed that providing better customer experiences is among their top priorities in the next two to three years. The same is true for hyper-digitalization that refers to the crucial role of technologies in helping businesses make crucial decisions to improve the customer journey.
What is DXP?
The ongoing COVID-19 pandemic has further emphasized the need for businesses to be ready for the future. From 14% in 2019, ecommerce jumped to a 17% share of the global retail trade in 2020. In the United States, consumers spent $861.12 billion online in 2020, up by 44% from 2019 figures. Online spending also took a 21.3% share of total retail sales in 2020 compared to 15.8% the previous year.
In order to adapt to the demands, organizations are turning to digital experience platforms (DXP). The market for DXP is expected to grow from $7.9 billion in 2019 to $13.9 billion in 2024.
DXP is a unified platform of technologies specifically engineered to deliver personalized digital experiences using transformative content through the customer journey. It serves as a foundation for businesses and service providers to help drive customer loyalty and boost new commerce bottom lines across channels.
DXP: how it differs from CMS, ERP, and other platforms
Traditional Content Management Systems or CMS, have evolved to become Web Content Management (WCM) systems that provide better front-end control when publishing online content. However, these systems do not address an essential factor for today’s businesses – customer experience (CX). It also goes well beyond the capabilities of your enterprise resource planning (ERP) solution that takes care of the back of the house.
The core technology today that serves as the foundation for the digital transformation (DX) of brands is DXP. It is the new CX rockstar if you are looking for additional firepower in your current technology stack.
A digital experience platform is an ideal solution if you are looking for boosting digitized operations because you can create and optimize contextual digital experiences through websites, mobile apps, IoT devices, portals, among others.
In short, it’s one platform that can effectively become the single source of truth for your business to improve CX at multiple touchpoints.
Why your company needs a single source of truth
Everything today revolves around data. From sales, finance, customer support, marketing, and the rest of your operations will only be as good as the data you know and manage.
The single source of truth (SSOT), in its simplest sense, is your one and only organizational data source. It will be the basis of decisions in your organization from top to bottom. All the information your team needs will be in that sort of repository of information.
Did you know that organizations spend (read: waste), 20% of their workweek looking for the information they need? A single source of truth will save you time and more.
SSOT can also save your money because your workforce will devote their time to achieving your set goals and will not deal with information overload. You can make better and faster decisions based on facts and data that are easily accessible. You can also improve compliance with customer needs, thereby improve customer experience and satisfaction.
If you don’t want to fall behind your competition that invests in new technologies, a DXP can be an equalizing factor, if not a technology that can give your brand superiority.
5 reasons you need DXP to use transformative content as a springboard to success
DXP will be an essential tool if you want to deliver a personalized customer experience across channels and touchpoints. With a digital experience platform, you can provide transformative content that will not only bridge the CX gap but set the pace in your industry. Below are some of the game-changing advantages when you use your DXP as your single source of truth:
1. Provides actionable insights from structured data
Using a DXP, you can easily publish content and scale it to meet the demands of your market. You can run multiple ecommerce shops, manage inventories and catalogs, approve workflows, and more. Equipped with artificial intelligence (AI), it can help you dive deep into massive data and help you optimize different aspects of your operations.
Aside from providing a better CX through transformative content or detailed product information, your DXP is also a treasure trove of data. Every interaction with your customer results in structured data from which you can gain actionable insights. Meaningful data will be in one place, and you will not struggle with siloed information.
2. Helps build relationships by better understanding customer behavior
Because DXP breaks down silos, it will be a reliable tool to understand customer behavior. It offers complete visibility of behavior and problems they may encounter during their journey. In this regard, a digital experience platform is a good foundation to build customer loyalty.
When you can offer consistent customer experiences – whether they are just seeking information, buying a product, availing of services, looking for support, or complaining about your brand – your DXP lowers the risk of a negative user experience. In the long-term, DXP can turn from being a SSOT to a solution that helps in increasing conversion and customer retention.
3. Optimizes one platform for experience creation
DXP solutions in the market offer a good amount of flexibility and agility. They have a highly intelligent architecture that makes most of microservices. You can seamlessly integrate a DXP with your existing business solutions with a minimal learning curve. Its features are built so you can make the most of your existing business capabilities.
Source: 6 Things To Know About the State of Digital Experience Platforms (cmswire.com)
4. Puts you in total control of your business
As a single source of truth, your DXP’s omnichannel interaction capabilities can help improve different aspects of your business. You can use it to effectively deliver the message of your brand to boost marketing, customer support, ecommerce efforts, among others.
It is practically an efficient war room for content management, digital asset management, marketing automation, marketing analytics, and data management. Businesses that combine these functionalities create excellent and unique experiences for customers.
5. Is a cost-efficient digital transformation tool
Ultimately, a DXP is a money-saving tool for companies that are traversing digital transformation. As detailed above, its architecture, functionality, and omnichannel capabilities are ideal for businesses with multiple user segments. It also helps businesses that need to integrate multiple sales and support channels, are expanding internationally, have disparate multiple digital efforts, or those catering to mass markets that call for digitalization and automation.
Because DXP can be your single source of truth, you can eliminate overlapping technologies in your stack. With everyone on the team able to make use of helpful features and collected data, IT will have less load on their shoulders. Likewise, your marketing team gets a tool to manage their digital activities. Most importantly, it will do all these things without building technological silos.
Create an excellent customer experience with Optimizely
With Optimizely, you can transform your customers’ digital journey. Aside from creating transformative content and serving as your organization’s data source, our DXP can help increase operational savings, lower costs of DX, and boost customer satisfaction.
Find out how Optimizely can help your brand. Contact us today!