SAP and Qualtrics have embarked on a program to create a dedicated Experience Management (XM) centre of excellence (COE) in Singapore.
Supported by the Singapore Economic Development Board (EDB), the new Centre for XM Innovation in Asia is the first of its kind in the region and will be focused on advancing local and regional XM capabilities.
XM enables organisations to listen, understand, and act on customer, employee, and market feedback at scale in real-time to make continuous improvements to the products, services, and programs delivered.
The Centre for XM Innovation in Asia aims to develop the XM discipline in Singapore, build professional capabilities for XM locally, foster a community of XM professionals to further the category, and enable organisations to use experience as a key competitive differentiator.
The plan is to create up to 30 new roles, including XM scientists and researchers, business architects, and digital supply chain practitioners, while helping to attract local and international companies to drive innovation.
The Centre aims to empower more than 180,000 SMEs in Singapore by enabling them to use advanced technologies, upskill employees with XM core skillsets, and elevate Singapore enterprises on the global market.
To better enable local organisations to measure success across their XM projects, the Centre will also conduct industry research across the region and develop benchmarks for companies. These local benchmarks allow greater accuracy of measurement and assessment of the XM situation to allow for more data-driven decisions.
Recent research from Qualtrics, which found that poor customer experience could be costing businesses in Singapore up to US$11 billion (S$14.9 billion) annually. Also, the main reasons Singaporeans plan to switch jobs in 2022 are for better work-life balance and growth opportunities.
“Heading into 2022, organisations need to prioritise agility and prepare for ongoing shifts in meeting the needs and expectations of customers and employees in the experience economy, even amidst the ‘never normal’,” said Eileen Chua, managing director of SAP Singapore. “Experience Management is not only a pressing priority for businesses in the competitive marketplace, but also a key differentiator to unlock innovation and drive and deliver customer value and retention.”
Mao Gen Foo, head of Southeast Asia at Qualtrics, said that for organisations in Singapore to win and lead in today’s experience-driven marketplaces, they need to uplift awareness of the impact XM can unlock, alongside boosting capacity, resources, and capabilities to drive such initiatives.