Qualtrics last week announced the Qualtrics XM Platform.
Similar to how Salesforce and Workday have defined the evolving CRM and HRM categories, Qualtrics is creating the experience management category. The first solution in this space, the Qualtrics XM Platform, will help companies measure, prioritize, and optimize the experiences companies deliver across the four foundational aspects of business—customers, products, employees and brands.
Experience management helps organizations close the experience gap and achieve four key outcomes:
- Customer Experience: Delight customers at every touchpoint;
- Product Experience: Build products that people love;
- Employee Experience: Improve employee engagement, retain top talent, and develop leaders;
- Brand Experience: Create differentiated brands that people want to associate with.
According to Ryan Smith, CEO of Qualtrics, "There are two types of data: operational data and experience data. For too long, organizations have been looking exclusively at data about the past—the operational data or 'O data.' Where companies fail is in not leveraging experience data, or 'X data.' X data is the human-factor data, the beliefs, emotions, and sentiments that tell you why things are happening and that help predict what is going to happen next. And while there are plenty of technologies to help companies manage their operational data, until now there hasn't been a technology that makes it easy to capture and understand the X data."
Smith continued, "Because most organizations are O-data rich, and X-data poor, this has led to a huge gap between most companies' ability to know what's happening and understanding why it's happening and how to adapt programs in real time. We call this the 'experience gap' and Qualtrics XM™, our experience management platform, is the key to helping companies close this gap."
Growing Experience Expectations
The combination of new technologies, rapid advancements in customer experience (CX) programs and a younger consumer population is creating an immediate need for a platform to measure and optimize experiences across an organization. Millennials and Generation Z are fast becoming the largest population groups in the world. Both groups have higher expectations when it comes to brands, the products they buy and the experiences around them.
"The internet of things, wearables, self-driving cars, cashier-free stores, automated home assistants, Wi-Fi connected ordering buttons and deliveries by drone are leading the frenzied pack of experience expectations," said Smith. "But to deliver great products and to provide delightful customer experience requires employee excellence across the organization. A company's ability to win in today's business environment depends on its ability to create amazing and consistent experiences across all aspects of the business."