CX, Data

CX and the future of Multi-cultural trade within companies

March 8th, 2021
Financial Strategy

CX and the future of Multi-cultural trade within companies

March 8th, 2021
Financial Strategy

Learning foresight does not happen overnight. As our research shows, most organizations still rely on surveys to assess customer sentiment. Leaders now have the opportunity to take their CX applications to the next level from where organizations are now. Based on our research on organizations that have successfully made the transition, we have identified four key steps in initiating such CX developments.

Create competition between different teams of the company:

CX-based functions are often trapped by the extra-organizational teams in a company. To begin this change, CX leaders need to better integrate with the rest of the departments.

Data collectors and analysts are certainly in charge of operations, marketing, finance and technology, so meeting among senior members is critical to ensuring efficient data access and management. (And, of course, data scientists – not CX experts – are the ones who write the algorithms.) It is the CX team that must determine the direction and strategy of the organization.

For example, a customer in the tourism industry started its data-driven system with a focus on providing up-to-date customer service because the CX team had a strong partnership with our service department and could consolidate data value quickly.

The initial effort involved close collaboration: the CX team, as the business owner, produced another product data science team, and the customer service department acted as the first suitable recipient. Outside the core team, an advisory board consisting of the COO, the CFO, and the Chief Marketing Officer is informed of progress and advises on future uses.

Work on changing mindsets:

The inevitable transfer will involve challenges, the most important of which will be a change of mindset for each team of CX employees and managers. Leaders may feel that forecasting systems are beyond their authority and in the realm of IT or a data science team. But times are changing, and today’s CX leaders need to focus on data. Some may point out that their organization has already performed performance analysis on several key indicators. It’s time to think bigger and bolder and build an innovative system.

The role of the CX leader is evolving, meaning that managers need to change their place in their organizations. When asked about the biggest challenge with the current system, a senior experience manager replied, “People associate CX with marketing, not technology.” It is changing that more and more companies are doing forecast analysis, and it is CX leaders who are helping to encourage a change in perception.

 Invest in improving the quality of data analysis:

Most quality organizations struggle with data availability and face challenges – and without fabled data, it would not be possible to begin this shift in customer service. The good news is that organizations can start with their core data at the customer level, even if the data is incomplete. The first step is to collect personal and operational data at the customer level

First, focus on the things that can speed data up:

Data-based forecasting systems offer a unique opportunity to link CX strategies with tangible business value to CX departments. In the early days, it is important to have a clear vision of how to use insights and focus on a few specific uses that precede an immediate return.

As a simple framework, organizations can explore key sources of opportunities through how to create a forecasting system to create new solutions or strengthen existing solutions that may have a direct impact on loyalty, cost, and after-sales service. Think about sales, improving service quality and increasing sales statistics.

For example, a company applies its forecasting system to a problem-solving process after realizing that its potential assets – previously not uniformly allocated to customers – can be used strategically.

The first use was successful, the organization saved more than 25 percent of its data planned budget and paved the way for future plans. Leaders need to ask themselves what uses provide a clear opportunity to evaluate through proof of concept so that they can accelerate and be supported.

The company has developed an algorithm that can measure high-priority customers that is measured in terms of lifetime value and recent experience (such as customer service latency experienced last month), and from this algorithm Used to allocate potential credits to dissatisfied people, valuable customers.

Source: Mckinsey&Co.

Adapted from :

Prediction: The future of CX

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