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Monday, April 03, 2017

Meeting customer expectations


Meeting customer expectations 
Today’s customers do not want digital versions of the same manual, bureaucratic processes they faced yesterday. They search, download, pay, and listen to music all in one go, so why should their electrical service or car insurance still make them run a gantlet of separate steps for searching, price quotation, purchasing, invoicing, delivery, payment, and activation?
Companies that want to win at digital adoption are therefore recognizing that they must reimagine and digitize entire “customer journeys.”
These are the beginning-to-end processes that customers experience in getting the product or service they need, across whichever channels they choose.

Getting the strategy right

The starting point for success is developing a clearly defined, coherent digital strategy that’s fully integrated with the overall corporate one. Without this deep alignment, any subsequent intervention is bound to fall short. Yet companies struggle to get their digital strategy right.

 For more from Tanguy on how companies can build an effective digital strategy, see “What it takes to build your Digital Quotient.”)

The journey to digital maturity requires a whole-hearted commitment from a company’s leadership and a sustained investment in people, capabilities, technology, and cultural change.

How many journeys?
The total number of these “core journeys” will naturally vary by company, but a few patterns hold among major industries.
For banks, the core usually consists of between 10 and 20 journeys, with account opening and onboarding (across products); payments; mortgages; service requests (such as the ever-popular lost PIN codes); and credit-card issuance as especially prominent.
Life and retirement players look similar to banks, with 10 to 20 core journeys across account opening or enrollment, onboarding, servicing, and guidance.
The number is slightly smaller for telecommunications companies, where mobile postpaid sales, customer-care requests (such as one-off data usage adjustments), fixed-line provisioning, network repair and maintenance, and prepaid top-ups rank highly in a core of 8 to 15 journeys.
For electrical utilities, the number usually drops to fewer than 10, with sign-up, payment, meter reading, and change of address taking the lead.
STREAMLINED, SIMPLIFIED JOURNEYS SHOW IMPRESSIVE RESULTS QUICKLY—USUALLY ON SEVERAL FRONTS AT ONCE.
Faster mobile-phone sign-ups raised a telecommunications company’s customer satisfaction by 20 percent and reduced costs by 30 percent.
For a European lender, time for account opening and loan approval fell from days to minutes, customer-engagement opportunities rose from once a month to three or four times a week, and IT became far more agile, delivering new releases in a month instead of a year.


COMPANIES GET THEIR DIGITAL STRATEGY RIGHT BY ANSWERING THREE IMPORTANT QUESTIONS.
  • First, where will the most interesting digital opportunities and threats open up?
  • Second, how quickly and on what scale is the digital disruption likely to occur?
  • Third, what are the best responses to embrace these opportunities proactively and to reallocate resources away from the biggest threats?
The vast majority of companies will address this third question through more targeted strategic responses.

Unlocking digital value > Download this article



Raising your Digital Quotient: It’s better to focus on building an organization and culture that can realize the strategy that’s right for you. Download this article >

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