CUPERTINO, Calif.--(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.