How one start-up unlocked the power of CX data

Low engagement, retrospective views and unreliable responses often influence, and detract from, the quality of survey-based insights, according to Richard Owen, co-founder of OCX Cognition.

OCX Cognition is the company behind the SaaS predictive CX analytics platform Spectrum AI, which took the crown at CX Network’s Start-Up Pitchfest 2022, thanks to its ability to measure and track customer sentiment.

Devised by Richard Owen and Brian Curry, the platform shows CX practitioners what lies ahead for their brands through predictive analytics.

Prior to founding OCX Cognition both Owen and Curry worked for Satmetrix, the firm which back in 2003 supplied the data Fred Reichheld used to create the Net Promoter Score (NPS).

The Satmetrix team led more than 1,000 enterprise implementations of enterprise CX programs and developed and delivered a certification in NPS methodology undertaken by more than 6,000 companies.

Reinventing the wheel

Almost two decades later, Owen and Curry believe now is the time for an upgrade.

“CX experts, have long yearned for insights that allow us to continuously put customer needs at the center of decision-making, but survey-based programs have never delivered enough high-quality, high-resolution, frequently updated data to deliver on that goal,” says Owen, CEO and co-founder of OCX Cognition.

“Instead of survey results for a small percentage of customers or accounts, our software platform delivers highly accurate predictive insights for 100 percent of accounts,” Owen claims.

“Instead of annual or semi-annual survey results, it delivers continuously updated scores based on interactions with the company. It delivers a deep set of analytics that connect top-level scores directly to the performance metrics that drive the related experiences, so teams instantly know where to focus and what goals to set.”

According to McKinsey & Co, prediction is the future of CX. To prove its point, McKinsey conducted a survey, however, its results were still noteworthy. It found that of 206 CX leaders, 93 percent use Customer Satisfaction Scores or Customer Effort Scores as their primary means of measuring CX performance, but only 15 percent said they were fully satisfied with how their company was measuring CX. Further, a mere six percent were confident their chosen system supported “both strategic and tactical decision making”.

Owen says: “We literally do produce predictive scores and analytics for every single account. So, you can go into the app, think of an account and get a current, up-to-date (based on operational data about interactions with the company), predictive top-level score, as well as scores for each journey stage and the operational drivers for each of those.

“It’s a very rich set of data,” he adds.

The real world in real time

Spectrum AI can be applied for both B2B and B2C uses. To date, the client list spans home décor manufacturing, data analysis, SaaS and health technology firms with Experian, Hunter Douglas and Conga all named users.

“We’re actively adding to our customer roster and continuing work on our robust product roadmap,” says Owen.

Each user applies the solution in a different way. One, a business process technology provider was concerned about potential churn after a volatile period for their business and wanted to put a program in place to work on retaining customers set to renew within six months.

“They had the low survey response rates that are typical in B2B businesses and a commonly used account management model in which only some accounts had dedicated teams,” Owen remarks.

Using the survey data available prior to implementing Spectrum AI, this user would have only identified a few dissatisfied customers, accounting for a fraction of renewable contracts.

However, after using Spectrum AI, the firm was able to spot more dissatisfied customers, drill down to accounts with high potential for improvement prior to renewal, and create a highly targeted, effective retention program based on the data.

Owen adds: “Their predictive customer insights refresh continuously, so they can stay on top of retention opportunities at various future time horizons.”

At the time of writing OCX Cognition is preparing for its next funding round, having raised US$1m in Seed funding in July 2021.