Study finds cutting-edge customer experience could boost revenue by 16%

A more highly individualized customer experience could drive revenue up by 16 percent, according to C-suite executives in a study conducted by Oracle.

Only 20 percent of those executives gave their own organization’s ability to offer such services an “A” grade.

Healthcare organizations could avoid missed opportunities by implementing tools for self-service from a variety of devices, on-demand order fulfillment and software for a more intuitive experience to better serve the 77 percent of patients who say they want a more personalized experience, according to the findings.

Healthcare organization employees also could benefit from appropriate data analytics, collaboration software and remote network access for more flexibility.

The top opportunities to individualize services are the following:

• giving providers point-of-care data to influence interventions
• providing patients feedback to inform chronic condition treatment regimens
• enabling precision medicine tactics by running analytics against genomic data

The biggest obstacles to individualized experiences, meanwhile, are budgets, regulations such as HIPAA, information security, an inability to analyze various types of health data and a lack of interoperability.

All that said, of the 300 C-level executives Oracle surveyed — in healthcare, life sciences, hospitality and seven other verticals — a telling 93 percent said they are leaving money on the table by not transforming themselves into more flexible operations to offer personalized services.

Read the complete report.