Oracle has been on an acquisition tear over the last 18 months—most recently announcing deals for social marketing software company Vitrue and social intelligence firm Collective Insight. And last night, with 390 of its customers in attendance at an event in New York, the enterprise giant showed off its big-picture plans with Oracle Customer Experience, a product suite that aims to more closely connect companies with their customers across traditional channels, like in-store and online, as well as through newer channels, such as mobile and social.
Oracle Customer Experience combines the company’s own capabilities with those from a number of properties it has acquired over the last couple years—including e-commerce software provider ATG, Web experience management company FatWire and enterprise data analysis firm Endeca—to help companies improve their relationships with existing customers, regardless the channel. Oracle Customer Experience ties together the company’s commerce, marketing, loyalty, insight, service, support and sales offerings, so that companies don’t have to buy “tens of point solutions” but can instead use one integrated suite, said Oracle president Mark Hurd.
Oracle has been working on the Customer Experience suite for roughly three-and-a-half years, said Anthony Lye, svp of Oracle CRM. He said it’s meant to enable companies to “facilitate the cross-channel [customer] experience” because companies need to focus on customers’ lifetime value as opposed to their transactional value. Part of recognizing that is analyzing cues like a customer’s social, referral and behavioral value so that companies can understand how a consumer interacts with the company in order to inform future interactions with that consumer.
“Today most companies don’t know who their customer is,” said Anthony Lye, svp of Oracle CRM, even though he said knowing a company’s customers is now “table stakes.”
Hurd said that 70 percent of Oracle’s customers can’t deal with their customers on mobile and, of the 30 percent that can, only 10 percent are able to get detailed insight on those mobile interactions. Even worse only the 3-to-4 percent that have that insight can then transact with that customer, he said.