We finally have a name for the swath of social business groups Oracle has been buying up over the last year. Wondering what Oracle was going to do with Virtue, RightNow, Fatwire, Collective Intellect, et al? It's now the Social Relationship Management Suite.
B2B is the New B2C
Oracle CEO Larry Ellison announced the Social Relationship Management Suite during his social keynote address, and the company kicked off its first annual Customer Experience Summit this week at Oracle OpenWorld. Here's the overview of the Social Relationship Management Suite:
- Oracle Social Network (Virtue) — Collaborate and network inside and outside an organization.
- Oracle Social Marketing (FatWire) — Build, measure and report across social campaigns including customized social media content.
- Oracle Social Engagement & Monitoring Cloud Service (ATG) — Social media analysis, customer service and sales team integration.
- Oracle Social Sites — Build social media websites like Facebook Pages.
- Oracle Data and Insights (Collective Intellect) — Pull in external info about known businesses.
This family of social features is now part of Oracle's enterprise apps and Oracle Platform Services. That means Fusion Marketing, Fusion Sales Catalog, ATG Web Commerce, Enterprise Resource Planning, Java Cloud Service and Database Cloud Service all have integrated the technologies gained from the RightNow, Virtue, InQuira and Collective Intellect purchases.
Oracle's enormous rollout of social features is matched only by its aggressive move into the cloud.
Ellison gave a few examples of the 400 or so companies who have been using these features, including Overstock.com who has reportedly reduced its email volume by 72 percent with the cloud-based RightNow technology.
Customer Experience Summit Kicks Off
Oracle President Mark Hurd spoke briefly at the first annual Customer Experience Summit this week at OpenWorld, and the company did its best to pay more than just lip service to the idea that businesses should focus more on customers. The opening session was similar to the presentation Oracle gave in June at the Experience Revolution in New York.
It went a bit deeper into the Social Relationship Management Suite with Oracle partners Twilio, LBi, Stryker and Bazaarvoice giving some real world examples of the systems. Hurd spoke briefly before giving way to Oracle SVP, Cloud Applications Strategy, Anthony Lye and David Vap, Group VP. Vap joined Oracle from the RightNow buyout, and he focused on the customer experience lifecycle, and then introduced the partner organizations.
Hurd shared some anecdotes about horrible customer service experiences, and Lye called social media a disruptive force that has empowered customers like never before.
"It used to be okay to have a few bad customer experiences," Lye said.
"Now everything goes out so quickly (on social media), we have to measure ourselves against everyone, not just those in our industry."
In other words, it's no longer enough to focus just on the competition. Customers are now comparing experiences across industries and expecting service to be the same whether in medicine, retail or brands.
"If we don't make customers happy, somebody else will." Lye said.
Oracle's new mantra is understand customers, empower workers and adapt to their needs.
David Vap reviewed the customer lifecycle that Oracle views as a never ending loop. It costs seven times more to gain new customers than it does to work with existing customers, Vap said, and that is one reason why it is so important to focus on those experiences.
- The Future of Digital Marketing: 8 Trends
- How Is Hadoop Like Teenage Sex? [Infographic]
- 6 Predictions for SharePoint, Office 365 in 2014
- What You Need to Know about Enterprise Mobility for 2014
- Hey CMO! Hey CIO! Work Together or Lose Everything
- 5 Ways Marketers Can Improve the CMS Experience
- 2014 Predictions: What Side of the Future Are You On?