The automation and optimization of business processes - as required by the paradigm shift in the face of digitalization - is already being intensively pursued in numerous companies. Many of these measures are usually primarily concerned with internal processes and neglect to focus on the customer's attention.
More than optimization and automation of internal processes
The digital transformation is omnipresent. Business models need to be rethought, and new, innovative technologies need to be deployed in a targeted manner to exploit new growth opportunities profitably. Numerous studies show that companies have recognized the compulsion to move in the face of digitalization. They invest large sums of money in their existing IT landscapes and do not realize that the internal processes' focus is excessive.
Instead of a disruptive upheaval of the existing business model, continuous change of given processes seems safer and easier to many. However, a comprehensive digitalization strategy can only be successful if the primary focus is the customer. Starting from him, the processes are entirely redesigned based on a new, digital business model. The buzzword here is "end-to-end."
Focus on Customer Journey
Many start-ups are already demonstrating this: It is essential to know both the customers' needs and all interfaces to the customers and design them to become a strength of the company. To do this, the focus must be clear on the customer journey. The easiest way to do this is to use digital touchpoints.
This opens up completely new possibilities for companies in terms of automating steps and generating data. However, these are often neglected or only partially utilized. It is important to use this data to constantly improve offers and services with customers' needs and expectations.
The customer sets the pace
The customer and their benefits must focus on both the successful digitalization of existing processes and the development of new business models. However, it is not enough to simply know the customer. Successful companies rely on customer-centricity here. All functions within a company serve to increase and uphold customer satisfaction and customer success. To align processes more closely with customers, the primary focus must be on the customer experience.
By increasing simplicity and transparency in the customer onboarding at a bank or insurance company, generally in contract renewal or classically, the customer can make informed decisions in service processes more quickly. For example, suppose a customer can assure himself of a product's added value by using a proof of concept (POC) before making a purchase decision. In that case, he is more likely to derive a longer benefit from it. If his satisfaction is confirmed, he is also potentially open to buying supplementary products. Finally, by recommending a product or service to industry partners, he becomes an advocate for a company.
In summary, optimizing the customer experience can reduce customer churn and increase customer profitability.
Customer oriented processes via one platform
Typically, customer-oriented processes are complex. They involve entire departments or entire business units of a company. Inefficient processes are characterized by media discontinuities, in which internal resources, third parties, customers are not fully integrated and are cumbersome and expensive.
To ensure the efficiency and effectiveness of customer-focused processes today, they must be flexible and adaptable. The buzzword here is agility. As a company, it is more important than ever to build up your radar system so that changing customer needs and market conditions, competitor offerings, etc., can be identified immediately and acted upon accordingly.
Only companies that achieve a competitive advantage through end-to-end processes will be among the winners in the future in a digital transformation world. Adaptation and change competence is part of the basic setup here. However, since today's CRM or ERP systems cannot adequately map end-to-end processes, a comprehensive and IT-supported process solution must be sought. Such solutions can flexibly integrate the necessary data sources as well as transaction systems like CRM and ERP.
With Axon Ivy's digitalization platform, all business processes can be digitized end-to-end and automated where advantageous. Today, this multiple award-winning platform is perhaps the simplest and most effective way to introduce Customer Centricity in a company effectively.