The customer service industry is as old as time, but it’s an industry that has had to evolve in order to target a more diverse clientele and their demands for better, more personalized, service. Ch…
Via Riaz Khan
"Our research indicates that for every 10-percentage-point uptick in customer satisfaction, a company can increase revenues 2 percent to 3 percent.
Knowing what to do is the right place to start. But a company’s success in building out great customer journeys requires agile capabilities that excel at rapid iteration and testing and learning.2 Reacting to live feedback from real customers is often the difference between a good and a great customer experience."
@McKinsey shares a great example across the financial industry, but these 4 key pillars are applicable to many industries, would you agree?
The state of the modern workplace is evolving, perhaps more quickly than ever. Increases in diversity, the flexibility and scalability that technology provides, the nature of benefits and work environment that employees are willing to demand—all contribute to an ever-changing dynamic that’s exciting for workers and, to a certain extent, a challenge for employers.
To get a sense of the state of the modern workplace – and a hint at where it may be heading – international professional services firm, PricewaterhouseCoopers (PwC), conducted focus groups in New York City and online surveys this past May, with 1,385 workers of all types. PwC also surveyed 200 C-Level executives of small to large companies to get an employers’ perspective.
The study yielded some interesting results, showing how employees in the modern workplace are feeling, what motivates them, what they feel is important and how they see their futures. Justin Sturrock, People & Organization leader at PwC, admitted that his organization’s survey merely grazes the surface of complex issues facing employers and companies today and in the near future.
I have never heard of anyone who has had a bad customer experience with Amazon, Apple, Costco, or Salesforce. The aforementioned companies are incredibly successful due, in large part, to a material focus on the customer experience. Not surprisingly, the stock market has handsomely rewarded these four companies over the past decade.
Amazon is so customer focused that it will literally send you a replacement for a lost package immediately without ever implying that the customer is at fault. The result is a consumer experience that is so optimal that Amazon is the only place where many consumers decide to shop online.
The same can be said for Apple when it comes to the in-store experience. Apple employees are so passionate about the products that I feel like I am talking to a polite tech enthusiast in the Apple stores and not Apple employees. The result is incredibly brand-loyal customers.
Google for Work and Raconteur’s study of workplace innovation revealed that whilst collaboration has been identified as the key to business success, 26 per cent of respondents saw IT as the main driver of innovation. At 17 per cent, Marketing was considered the second biggest driver of change. So why are expectations of IT departments so high across the board? The answer lies in the close relationships that IT has forged with every part of a business. Not only does IT drive innovation but it also improves an organization’s ability to collaborate. If that wasn’t enough responsibility to carry on its shoulders, IT is also the department that has the strongest ability to master new technology quickly, and often it is the newer technologies on the market that can be most transformational. “The most successful companies will be those that adopt collaborative and innovative practices across the board”
When you consider that 88 percent of the Fortune 500 companies in 1955 are now gone, it’s not hard to see that change has always been with us, but the rate of change is accelerating dramatically due in large part to the disruption brought about by digital transformation.
“The cool thing is that incumbents recognize that the same assets that can hold them back, can also be used to compete in a different guise,” Levie said. That means it’s not all gloom and doom, companies just have to start thinking much more creatively about their digital future and the effect that will have across the organization.
In our digital age, customer service seems to be shifting constantly toward automation. Customers are saving time through self-service options such as IVR menus, finding answers on brand websites with FAQs, and, most recently, chatting with bots through messaging apps. Technology is indeed transforming the customer experience for greater efficiency, but what about the human touch? Certainly, there are still customer service agents behind these channels, but if customers cannot feel their presence, gain the reassurance of human support when needed, and feel understood as individuals, brand-customer relationships could suffer.
Digital transformation is disrupting most industries, economies, jobs and lives faster than most people realise, Reinhold Karner says. Technology and society are evolving faster than businesses can adjust. Such is the pace of innovation that it has become a challenge to any leadership – it’
Exactly why is digital business so disruptive to traditional business models and traditional notions of industry competition? A useful way to analyze the situation is by looking at Porter’s model of the five forces of industry competition and exploring how digital business is impacting each of the various forces.
The Subscription Model (Netflix, Dollar Shave Club, Apple Music) Disrupts through “lock-in” by taking a product or service that is traditionally purchased on an ad hoc basis, and locking-in repeat custom by charging a subscription fee for continued access to the product/service The Freemium Model (Spotify, LinkedIn, Dropbox) Disrupts through digital sampling, where users pay for a basic service or product with their data or ‘eyeballs’, rather than money, and then charging to upgrade to the full offer. Works where marginal cost for extra units and distribution are lower than advertising revenue or the sale of personal data The Marketplace Model (eBay, iTunes, App Store, Uber, AirBnB) Disrupts with the provision of a digital marketplace that brings together buyers and sellers directly, in return for a transaction or placement fee or commission The Access-over-Ownership Model
What’s the most important driver of organizational digital maturity—social, mobile, analytics, or cloud? None of the above, according to the latest MIT Sloan Management Review and Deloitte digital business study.
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