Market Research Report
2015 - 2016 Enterprise Feedback Management Product and Market Report
|Published by||DMG Consulting LLC||Product code||339858|
Delivery time: 1-2 business days
|2015 - 2016 Enterprise Feedback Management Product and Market Report|
|Published: September 24, 2015||Content info:||
This is DMG Consulting LLC's fifth report on the enterprise feedback management (EFM) market, although it's been five years since we published on this topic. A great deal has changed in this IT segment, but the fundamental purpose of what is now known as EFM is basically the same as it was in 2000: to collect feedback from customers (or prospects) in order to understand their perception of a company.
The current generation of EFM solutions is re-defining the concept of customer feedback. There are many applications, such as speech and text analytics, that can convert unstructured customer feedback into structured insights in order to provide an understanding of customer needs and wants. However, the simplest, and often most effective, way to determine what your customers and prospects are thinking is to ask them. Surveying remains the primary method that EFM solutions use to capture information from customers. The survey function has matured, and now includes both structured and unstructured feedback channels as well as solicited and unsolicited inputs.
Enterprise servicing priorities are changing for the better. For the past 30 years, companies claimed to care about customers, but their actions made it clear that their own needs came first. While this was generally accepted in the past, even though it was greatly disliked, the Millennial generation is forcing a shift in servicing priorities and approaches. When Millennials are displeased, they go social, to an audience of potentially hundreds or thousands of consumers. When negative reviews and posts go viral, they can adversely impact a company's stock price and bottom line, in addition to their reputation. The clear relationship between quality of service and financial performance is forcing enterprises to change their servicing policies and practices, and EFM solutions are playing a significant role in this process. Leading organizations are now incorporating feedback from multi-channel EFM solutions in their feedback loop. The new generation of EFM solutions uses social media to capture unsolicited feedback and as a means of engaging directly with customers.
When data from all channels is combined and analyzed on a holistic basis, end users have a rich source of data for gaining insights into what their customers (and prospects) are doing, how they feel, and what they think about the company's products and service. This customer-centric data is finally starting to be valued as an enterprise asset instead of just information to improve contact center productivity and performance. EFM solutions are helping to shift the focus from the organization back to the customer, and by doing so, they are empowering consumers.
The 2015 - 2016 Enterprise Feedback Management Product and Market Report is designed to help prospects identify the right vendor and acquisition model to meet their current and future needs. It explains all aspects of the enterprise feedback management market, discusses trends and challenges, and provides market activity data, pricing, benefits and implementation best practices. DMG Consulting LLC's EFM coverage focuses on leading and emerging competitors, products and solutions, including an in-depth analysis of six vendors: Confirmit, CX Group, InMoment, MaritzCX, NICE Systems and Verint Systems. MirrorWave, an emerging competitor based in New Zealand, is covered at a higher level.