One is the temptation is to replicate current processes digitally to just save money rather than re-imagine the customer journey to optimise customer experience and satisfaction. The 5 key challenges:-
- Overcoming people's Resistance to change
- Lack of clear VISION for customer journey
- Ineffective gathering and leverage of customer data
- Inflexible technology
- Legacy business model
Take no. 3- gathering and leveraging customer data. How much of this data can you access today?
- 10%?
- 20%?
- 30%?
If it's this much you are doing well compared with most enterprises. But for the insight to plan, organise, direct and control you need 80% plus.
Major insurance companies are finding it possible to do this using tools such as 360Retrieve which joins unstructured data to structured for a more complete view of the customer.
Only then can you have a clear vision and strategy for the customer journey that will give you the competitive advantage to outpace rivals and new entrants to the market.
We'll tackle inflexible technology in our next article
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