CX will deliver market success to Australian manufacturers
By Jason du Preez, SVP Asia Pacific, SugarCRM One of the effects of the Covid-19 outbreak has been the acceleration of Australian manufacturers’ digital transformation initiatives. The Federal Government recently committed $750 million towards turbocharging advanced manufacturing, recognising that Australia needs to have more on-shore capabilities. In addition, the Federal Government will invest $44 million in four new artificial intelligence (AI) and digital capability centres, with grants of up to $11 million available for groups that “apply AI in ways that either advance the national manufacturing priorities set out under the Modern Manufacturing Initiative, or the Digital Economy Strategy’s digital growth priorities.” The pandemic has fundamentally changed how we work and live, and has driven accelerated adoption of digital channels such as eCommerce and social commerce, across multiple industries. Australian manufacturers have pivoted their businesses to ride out the challenging environment. Many have responded to rapid change by shortening their supply chain, placing emphasis on just-in-time deliveries, and creating value for their customers. While this started before the pandemic, the trend towards direct-to-consumer selling (D2C) has accelerated and is set to continue. The pandemic has put a universal pressure on the need to maximise convenience and speed. Regardless of where your company operates or manufactures its goods and services, manufacturers that remain frozen with a fragmented, outdated, and incomplete view of their customers will see their competitors accelerate away from them and create an insurmountable gap that can not be closed. Advantages of digital transformation Manufacturers that invest in digital transformation to significantly improve the accuracy and completeness of their customer data will improve customer retention and acquisition and increase revenue share. CRM systems enable manufacturers to intuitively store customer details, such as addresses, telephone numbers, key contacts, purchase history and more. This data can be particularly beneficial to sales […]