For organizations with mission-critical Siebel CRM deployments, transforming their customized application into a Digital and Customer Experience (CX) platform can seem rather daunting. This is especially true when considering how the pace of technology changes so rapidly, with recent events and the 'new normal' being a classic example of disruption that dramatically, overnight, impacts an organization’s approach to CX. But after this pandemic - what will be the next paradigm shift?
Choosing a transformation path requires looking beyond a single application and to the trends we see in today’s world. Adding departmental point solutions quickly to fix immediate gaps does not solve the problem, which is why many digital transformation projects fail. Strategists and CIOs must have a more holistic forward-thinking strategy.
In the recent Siebel CRM Virtual Summit session on Digital Transformation, we answered the key question, “How will Oracle’s applications and technology stack help me to be successful with constant change at an accelerating pace?”.
Role of CX in the Experience Economy
The experience economy is defined as an economy in which many goods or services are sold by emphasizing the effect they can have on people's lives. Aaron Shidler detailed how CX and CRM dovetails with the experience economy, and that the destination is equally or more important than the journey - in this case Siebel CRM is part of the journey, to an evolving destination that would be defined as your digital transformation goals.
At Oracle our approach is to help customers realize outcomes and final destinations, avoiding costly, short-lived interim steps. Adding point solutions across multiple vendors introduces data silos. This is an ineffective approach to digital transformation, resulting in an IT applications hairball.
During the session we ran a survey, the result was not a surprise. Over 60% of organizations with Siebel CRM had integrations with over 10 applications. 25% between 21-50 integrations and 11% with over 50 integrated applications to Siebel CRM.
For many, Siebel CRM is most certainly not a “system of record”, but a mission-critical platform tying together the front and back office.
In the Experience Economy, your ability to master signals from your customers in real-time determines how you will stand out from your competitors. With an IT applications hairball and disconnected data silos, how do you plan to gather insight in real-time across multiple systems?
In this session we learned of two customer success stories, who were able to eliminate silos and consolidate multiple applications into a single CX platform. By streamlining operations, these customers successfully achieved a dramatic reduction in costs among various other business benefits. This can also be achieved by leveraging Siebel CRM while preserving existing customizations and integrations.
Oracle’s Digital Transformation team uses a 6-week step by step program, to guide you through the best path forward for your digital transformation goals, that will help to modernize your Siebel CRM platform.
If you would like to further accelerate your plans for Siebel CRM transformation, or want to provide feedback on our latest release, then please take the Siebel CRM Innovation Survey.