Integrated experiences are key to competitive advantage

Companies that excel in offering superior experiences for consumers, employees, and users are more likely to enjoy higher revenue and profitability. The most successful companies in the field are able to transition their ‘customer experience’ efforts into a holistic approach known as ‘total experience’.

A new study from HCLTech shows that 16% of ‘experience leaders’ – those excelling at delivering integrated experiences – have a higher return on investment when compared with their counterparts.

Dubbed as a strategic approach, total experience is a more holistic and integrated experience for both customers and employees that spans across multiple channels. The advantage is a more streamlined, convenient, and people-centric system.

Consumer services and financial services have the most experience leaders, according to the survey, which reflects these industries’ focus on customer needs amid strong competition. Other industries like technology and energy & utilities trailed behind.

Larger companies, with average revenues of $14.3 billion, are more advanced in experience than intermediates (average revenues of $10.6 billion) and laggards ($7.3 billion). With more resources and customers, corporates unsurprisingly lead in sophistication. North America has the most experience leaders (20%), followed by Europe and Asia pacific, correlating with their higher average revenues.

“Achieving total experience is not just a goal but a pivotal strategy for thriving in the next era of business evolution,” said Pawan Vadapalli, corporate vice president of HCLTech.

“It enables organisations to transform their entire value chains by integrating technological advancements, fostering cultural transformation, organisational restructuring and operational efficiencies to meet evolving market needs and expectations. The companies that are excelling are those that are unlocking the potential of data with GenAI to create personalised and intuitive experiences.”

Indeed, when it comes to deploying GenAI solutions, the survey showed around 67% of experience leaders use the innovative technology to gain real-time insights from knowledge databases. Many also use GenAI to extract insights from unstructured data and offer personalised assistance via chatbots.

Overall, the focus that some experience leader companies have dedicated to experience has paid off. Leaders reported a 64% ROI on investments into customer experience and 57% ROI on total experience investments.

“Historically, companies have focused on the four components of experience – user experience (UX), customer experience (CX), multi-experience (MX), and employee experience (EX) – in silos,” said Jill Kouri, chief marketing officer at HCLTech.

“The total experience philosophy brings these elements together under one umbrella enabling complimentary outcomes including a more engaged and productive workforce and the attraction and retention of top talent.”