Last week at HSA Capture 2016 Conference, we had the pleasure of seeing Christopher Surdak, author of “Data Crush” and digital transformation expert, address the challenges and opportunities that lie ahead for older companies looking to revamp their customer experience strategies.
He discussed three things every organization should consider when thinking through their customer experience:
“RaaS: Results-as-a-Service” – The New Age of Customer Experience
Are you sick of being told that your customer experience doesn’t live up to the Amazon’s or Zappos’ of the world?
You’re not alone.
The unfortunate reality is that customer experience (CX) transcends every industry and any company with a superior CX is your competitor.
Surdak uses the term “Results-as-a-Service” to make a simple point about your customers; they don’t care how you do it, they just want a customer experience that is consistent and matches their expectations.
In short, they only care about results.
The strength of a company’s customer experience is tested the most when a customer needs to resolve a problem. One way to predict whether a company has a high customer satisfaction rating is to take a look at their customer success metrics.
For example, when a customer calls into a call center, is the success of the interaction measured by how quickly the representative got the customer off the phone? Or is it measured by how well the customer perceived that the representative was able to resolve their problem?
This is an important distinction because how your organization measures and resolves customer service issues has an enormous impact on customer satisfaction.
Leveraging the Shift from Capital to Information
For most of the 20th century, the measure of a company’s success and power was based on their capital, the financial assets or value of assets owned by the organization.
But as Surdak notes, the advent of the internet and its subsequent democratization of information and technology caused a fundamental shift in how we perceive institutional value. Power is now derived not by a company’s capital assets, but by the information (or data) they collect and own.
The best example of this shift can be seen in the rankings of the most successful companies by market capitalization:
- Apple ($533B)
- Google ($500B)
- Microsoft ($426B)
What’s significant about the companies ranked in the Top 3? They are all information-based companies, who’ve found new and creative ways to monetize the data they collect and own.
Monetize Your Data, Now
Data at rest has no business value and legacy organizations must realize that they no longer have the luxury of sitting on their customer data.
Savvy entrants in the market are already finding new ways to capitalize on customers’ publicly available data to sell better products, cheaper and provide a more tailored customer experience.
An organization’s biggest competitive advantage is the proprietary data they’ve collected about their customers.
The catch? If that data isn’t acted on right away, that same information will be no match for more agile competitors armed with tons of data and the right tools and strategies to drive immediate value from it.
One way top-performing life insurers are tackling the challenge of delivering exceptional customer service is through big data and robotic process automation.
For a deep dive walk-through with Forrester Analyst Craig LeClair, watch the joint webinar, “How RPA and Advanced Capture are Improving Productivity & Customer Experience”, which was recently published on our resources page.