Finance:Experience management

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Short description: Effort by organizations to measure and improve the experiences they provide

Experience management is an effort by organizations to measure and improve the experiences they provide to customers as well as stakeholders like vendors, suppliers, employees, and shareholders. The concept posits that experiences comprise distinct economic offerings that create economic value and competitive advantage.[1][2]

Organizations have begun to collect experience data in addition to operational data, since experiences are seen as a competitive advantage.[3][4] Experience management platforms provide various services to automate the process of identifying and improving experiences across an organization.[5]

Broader than customer experience, experience management now encompasses customer experience along with other areas, such as brand experience, employee experience and product experience, which are all seen as interrelated.[6][7][8]

History

In 1994 Steve Haeckel and Lou Carbone collaborated on a seminal early article on experience management, titled "Engineering Customer Experiences", where they defined experience as "the 'takeaway' impression formed by people's encounters with products, services and businesses – a perception produced when humans consolidate sensory information." They argued that the new approach must focus on total experience as the key customer value proposition.[9]

The concept reached a wide audience in 1999, when it was popularized by B. Joseph Pine II and James H. Gilmore in their book Experience Economy.[9] In the same year, Bernd Schmitt published Experiential Marketing: How to Get Customers to Sense, Feel, Think, Act, and Relate to Your Company and Brands.[10]

In the 2000s, experience management emerged as a complex field unifying the experiences of brands, employees, products and more. It was acknowledged that generating new experiences for end customers requires designing better experiences for internal players of an organization. Value is created by focusing on the experiences of everyone involved in or affected by a new offer, such as customers, employees, suppliers, and other stakeholders.[11]

Management

To create and manage the experiences, businesses must evaluate, implement, integrate, and build experiences from a fragmented landscape.[12] Such needs are met by experience management platforms, by companies such as Unisys, which help automate the process of measuring and improving experiences across an organization by coordinating content, customer data and core services, and unifying marketing, commerce and service processes.[13][14][5]

Experience management platforms compare multiple layers of data and statistics to enable organizations to identify any experience gaps. They connect operational databases with human feedback, analyzing respondents' emotions, beliefs, and sentiments for a holistic view of the experiences they provide. Their methods include artificial intelligence, predictive analytics, and statistical models.[15]

Other uses

While the term experience management is predominantly used in business, it has another meaning. It is used for a special kind of knowledge management that deals with collecting, modeling, storing, reusing, evaluating, and maintaining experience.[16] In that sense, the term is interchangeable with expertise management.[17]

References

  1. ↑ B. Joseph Pine II and James H. Gilmore (July–August 1998). "Welcome to the Experience Economy". Harvard Business Review. https://hbr.org/1998/07/welcome-to-the-experience-economy. Retrieved 24 March 2017. 
  2. ↑ Dan Miller (12 July 2011). "Avaya Updates Its Suite of Experience Management Software". Opus Research. http://opusresearch.net/wordpress/2011/07/12/avaya-updates-its-suite-of-experience-management-software/. Retrieved 25 March 2017. 
  3. ↑ Bruce Rogers (2 March 2017). "Ryan Smith's Qualtrics Capitalizes On The Rise Of The 'Experience Economy'". Forbes. https://www.forbes.com/sites/brucerogers/2017/03/02/ryan-smiths-qualtrics-capitalizes-on-the-rise-of-the-experience-economy/#1e9a9d276221. Retrieved 24 March 2017. 
  4. ↑ "Experience Management". Haaga-Helia. http://www.haaga-helia.fi/en/opinto-opas/opintojaksokuvaukset/DES8RB024. Retrieved 25 March 2017. 
  5. ↑ 5.0 5.1 Bradley Cooper (21 March 2017). "Intel webinar zooms in on digital experience management platforms". Digital Signage Today. https://www.digitalsignagetoday.com/articles/intel-webinar-zooms-in-on-digital-experience-management-platforms-2/. Retrieved 25 March 2017. 
  6. ↑ Maria Kreuzer (November 2009). "An embodied cognition approach to the study of consumer brand knowledge". Marketing Trends Congress. http://www.marketing-trends-congress.com/archives/2010/Materiali/DoctoralColloquium/Kreuzer.pdf. Retrieved 24 March 2017. 
  7. ↑ Linda Heska (10 April 2009). Enhancing the Employee Experience: Organizational practices that contribute to employee engagement. VDM Verlag. ISBN 978-3639138160. 
  8. ↑ Jennifer Kilian, Hugo Sarrazin, and Hyo Yeon (September 2015). "Building a design-driven culture". McKinsey&Company. http://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/building-a-design-driven-culture. Retrieved 29 March 2017. 
  9. ↑ 9.0 9.1 Schmitt, Bernd (2011). Experience Marketing: Concepts, Frameworks and Consumer Insights. Columbia Business School. p. 87. https://www8.gsb.columbia.edu/sites/globalbrands/files/Experience%20Marketing%20-%20Schmitt%20-%20Foundations%20and%20Trends%202011.pdf. 
  10. ↑ Bernd Schmitt (1999). "Experiential Marketing: How to Get Customers to Sense, Feel, Think, Act, and Relate to Your Company and Brands". Columbia Business School. https://www8.gsb.columbia.edu/researcharchive/articles/335. Retrieved 25 March 2017. 
  11. ↑ Ramaswamy, Venkat; Gouillart, Francis (October 2010). "Building the Co-Creative Enterprise". Harvard Business Review. https://hbr.org/2010/10/building-the-co-creative-enterprise. Retrieved 29 March 2017. 
  12. ↑ Mark Grannan, Danielle Geoffroy (16 May 2016). "Vendor Landscape: Digital Experience Platforms". Forrester. https://www.forrester.com/report/Vendor+Landscape+Digital+Experience+Platforms/-/E-RES104302. Retrieved 25 March 2017. 
  13. ↑ "Business Process Solutions" (in en). 2022-11-01. https://www.unisys.com/solutions/business-process-solutions/. 
  14. ↑ MCorpCX (3 February 2017). "11 Tech Trends You Can Bet Your Customer Experience Budgets On, Today through 2020...". Loyalty 360. https://www.loyalty360.org/loyalty-today/article/11-tech-trends-you-can-bet-your-customer-experienc. Retrieved 25 March 2017. 
  15. ↑ Karissa Neely (2 March 2017). "Qualtrics quantifies and enhances the 'experience economy' in new platform". Daily Herald. http://www.heraldextra.com/business/local/qualtrics-quantifies-and-enhances-the-experience-economy-in-new-platform/article_92d96208-2556-5a04-9aad-5172da9d412f.html. Retrieved 25 March 2017. 
  16. ↑ Bergmann, Ralph (2002). Experience Management. Google Books: Springer. p. 1. ISBN 9783540457596. https://books.google.com/books?id=rq-qCAAAQBAJ&q=%22experience+management%22+-customer&pg=PA22. 
  17. ↑ Lisa Gianakos (March 2015). "Experience Management: Build, Buy, or Abandon?". Legal Solutions. https://info.legalsolutions.thomsonreuters.com/signup/newsletters/practice-innovations/2015-mar/article4.aspx. Retrieved 24 March 2017. 



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