Hyper-Customizing Experience: How Investing in a Connected Ecosystem and Cutting-edge Technologies Can Shape the Future
High-Tech | 4 min READ
    
We are slowly moving towards a hyper-connectivity era where the consumer marketplace has a huge role to play. It implies that businesses must not only meet the customers' needs but also use modern technologies and other resources at their disposal to anticipate and surpass them. According to McKinsey, 71% of consumers expect businesses to deliver personalized experiences, and about 76% get frustrated when this doesn’t happen.
In the post-pandemic era, we can no longer factor customer experience based on one's brand name, just as a robust marketing strategy isn't enough for a business's growth. Instead, it is based on user-generated content, reviews, and the extent of personalization. The companies that can deliver on these fronts will emerge as leaders of their industries well into the next decade. And it's simple, too, since AI, Cloud, IoT, Edge, 5G, and other technologies, high-tech companies can now drive faster insights and further expand into connected customer experience in the areas lacking in their portfolios.
Nitesh Mirchandani
Nitesh Mirchandani

VP and Global Head

Communications, Media & Technology (CMT) Vertical

Birlasoft

Nitin Jindal
Nitin Jindal

Digital Partner - CMT Vertical

Birlasoft

 
What is hyper-personalization?
Hyper-personalization is about catering to the customers' specific requirements and delivering experiences they didn't even know they wanted until then. It is the most advanced means we can tailor our marketing to every customer's needs. To that end, businesses must use their data and customer insights and make them actionable through today's cutting-edge technologies to automate such experiences. Through hyper-personalization, companies can send highly targeted communications to certain customer groups through a specific channel, and that's where AI helps.
Knowing what has happened and identifying key patterns in the behavior can help predict the future outcome and hence, what can be done to achieve desired results. Essentially, that's what AI/ML is about — understanding patterns in heaps of data and deriving meaningful insights to create personas.
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Using it, we can learn to deliver customers content that is hyper-relevant. According to Statista, 63% of marketers observed an uptick in customer interactions and conversions when they relied on hyper-personalization.
AI can interpret data in real time and help understand many data points that describe customer interactions. This lets you personalize those interactions in the customer journey in real time.
Reinventing the Product
Given the explosive growth in modern technologies, high-tech companies have no option but to rethink their product and find a way to monetize alternative assets in their armory. Their investments in emerging technologies have made them industry leaders in launching services on AI, IoT, and applications across automotive, industrial, consumer, computing, and communications industries.
Increasing customer expectations with hyper-customization have necessitated intensive investment in the above technologies, and as a result, they are bearing fruits. Birlasoft supports many hi-tech companies ranging from semiconductor manufacturers, OEMs, and ISVs, to consumer electronics manufacturers to transform their businesses. We help deploy digital engineering facilities and intelligent operations and train the workforce to become more digitally equipped to create more elevated customer experiences.
In the post-pandemic era, the rapidly increasing adoption of 5G, IoT, and AI technologies holds great promise for all hi-tech companies. Whether digital workplaces or smart manufacturing, data is central to business decision-making and strategy and is more relevant to hyper-personalization. Collecting data for this goal is similar to that for customer segmentation. When the relevant data is gathered, it's all about implementing a method of targeting customers with the relevant content. And that's where technology comes in. It helps companies identify where they meet their customers and through which channel, as it's crucial to the process.
Where are we today?
Most legacy portfolios concentrate on short-lived transactions confined to a limited ecosystem. However, given the advancement in 5G and edge technologies and cloud and AI/ML, these legacy high-tech companies now have the extraordinary opportunity to reimagine their products and their go-to-market strategy using the flood of data from IoT devices.
The businesses that successfully and quickly convert the raw data into actionable insights will be quicker in generating hyper-connected customer experiences. As customer expectations evolve, the ones listening for the shift are inserting the last pieces of the puzzle.
Achieving effortless customizations in Oracle PLM Cloud
Where do we go from here?
A lot can be done to help high-tech companies reimagine their product portfolio and offer customers a more engaging and hyper-personalized experience.
  • Envisioning the art of the possible: To accelerate our customers' digital journeys, we must imagine the art of the possible and discover different solutions to improve customer engagement and help transform their products and operations.
  • Creating a digital innovation factory: This is a new paradigm in industrial design that brings the most cutting-edge technologies into the big picture, enabling customers to support their changes relative to governance, operations, innovation, etc.
  • Redesigning the value chain: A dedicated innovation arm can help drive use-case design and accelerate its execution through solid partnerships while owning delivery.
  • Articulating a new go-to-market strategy: By using the public cloud as a foundation for the company's private ecosystem, we can offer our customers a highly sustainable competitive advantage as they bring new products to the market.
Final Thoughts
While innovation is witnessing explosive growth, there's an uneven challenge to successfully bring products and services to the market due to the dominance of major players or the inertia of the marketplace. Yet, with the adoption of technologies like AI, Cloud, and IoT, we are at the cusp of commercialization at scale. Connectivity, aided by technology, allows agile organizations to move without friction and scale online. The key is to make a suitable investment to ensure commercialization scales.
At the same time, high-tech organizations must become active members of the digital disruption and take another look at their product portfolio. A unique perspective can help them create more connected products and digital experiences. It improves the revenue figures for their existing streams and gives them a chance to drive new streams by building digital products, migrating to the cloud, digitalizing the supply chain, and transforming the manufacturing processes.
 
 
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