SG to host Asia-first XM innovation hub
SAP, Qualtrics, and the EDB commit $14m for experience management (XM) innovations.
SAP and Qualtrics announced a new 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.
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 the experience as a key competitive differentiator. It plans 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. It also aims to empower more than 180,000 SMEs in SG by enabling them to utilise advanced technologies, upskill employees with XM core skillsets, and elevate 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.
SAP SG managing director Eileen Chua said, "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.’ 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."
Organisations in Singapore are facing increasing competition from new market players that have disrupted industries through better experiences. The importance of superior experiences is further demonstrated by recent research from Qualtrics found that poor customer experience could be costing businesses in Singapore up to US$11b (S$14.9b) annually. Research also revealed the main reasons Singaporeans plan to switch jobs in 2022 are for better work-life balance and growth opportunities.