Over 9,000 companies worldwide rely on Qualtrcis XM Platform to close experience gaps. The XM Platform helps organizations collect, understand, and take action on experience data (X-data), including the beliefs, emotions, and sentiments of customers and employees.
SAP APJ President Scott Russell shared that Asia Pacific region is an emerging experience economy where consumers increasingly prefer a superior experience versus a superior product. He pointed out that the region, with over four billion people and a tech-savvy population, has more than 50% of Internet users and 60% of the world’s young people. This is a hefty market for Qualtrics XM Platform.
Russell emphasized that for businesses to close the experience gap, they should tap the majority of millennials and digital natives who are willing to pay for a superior experience.
In a recent SAP regional event in Bangkok, Russell cited a Bain survey on the CEOs perception of customer experience. Out of the 362 firms surveyed, 80% thought they were delivering a superior experience to their customers. But when customers were asked, only 8% agreed that they received a satisfactory experience.
According to Russell, the German company values employee experiences as much as delivering excellent consumer experiences. He said:
“Was it a positive experience on the first day I got my first promotion? What about the performance review? And that time when I got feedback from my manager? Was it a great experience?”
Russell explained that for businesses to succeed in the experience economy, it is essential to understand their operational data (O-data) such as employee turnover rates, revenues, spending, and receivables. He said that though the O-data will help businesses understand what, when and how things happen across the organization, they will not be able to understand why these things happened.
“That’s where experience data is important. Why is your employee engagement score dropping? You need to understand that for your business to go forward,” Russell said.
At the start of the year, SAP acquired Qualtrics, the global pioneer of the experience management (XM) software category that enables organizations to thrive in the experience economy. The acquisition accelerated the new XM category by combining Qualtrics’ X- data and insights with unparalleled O-data from SAP software. This enables customers to manage supply chains, networks, employees and core processes better.
To SAP Southeast Asia Vice-President and Managing Director Claus Andresen, XM is like a rollercoaster track with its twists and turns, representing operational data such as height, speed, and velocity. For example, a theme park operator will be able to capture data about the emotions of someone riding a rollercoaster and improve the rider’s experience. As stated by Andersen, that is how X-data correlates with O-data in relation to XM.
SAP SuccessFactors has already integrated Qualtrics’ XM capabilities, which enables managers to gather employee X-data throughout the employee lifecycle, gaining predictive and personal insights based on employee feedback, and empowering HR leaders and managers to act on those insights quickly.
Vanee Bijayendrayodhin, Chief People Officer at Thai property developer Ananda, shared how the company benefits from Qualtrics in improving staff retention and understanding employee aspirations. Bijayendrayodhin said:
“We’ve asked them to think about what they want, and they have initiated ideas to make their careers more satisfying with Ananda.”