To thrive in today’s market, companies should invest in intelligent analytics and automation.
Digital drives customers to expect transformational experiences. Customers expect immediate, even predictive, responses to their precise, personalized needs and desires. If you cannot provide this, they are one click away from a competitor who can and will. Digital provides customers with infinite options to fulfill their needs. It also allows them to immediately find the single best solution to meet those needs.
To stay competitive, organizations must simultaneously succeed in two diametrically opposed worlds: the old “analog” world of linear, hierarchical, cost-obsessed, rule-driven processes and the new world of dynamic, distributed, results-oriented, analysis-driven collaboration.
Optimizing operational speed and information for success in a digital world.
If time is the determining factor for digital competition, and information is the fuel of the digital age, organizations must use information to speed up their metabolism. In a digital world, an organization is no better than its slowest process.
As a result, organizations must accelerate how they collect, analyze and apply information in creating outcomes that their customers value. Increasing your information metabolism not only reduces costs by increasing the volume of work performed, but it grows revenue by increasing the frequency with which customers’ needs are met.
Many leading TMT companies have already made strong commitments to the idea of digital transformation. Investments in their front office create signature digital experiences and set the bar for many other sectors.
Intelligent automation (IA) technologies allow organizations to accelerate functional areas without making substantial changes to systems or processes. IA also enhances an organization’s flexibility as digital workers can be instantly redeployed as needed.
Transformation of existing processes for digital business enablement.
The first phase of transformation is becoming digitally enabled. Here, IA technologies, such as robotic process automation (RPA) or machine learning (ML), are used to generate the same results from the same process, only faster, cheaper and more reliably. Most business processes have undergone decades of optimization around cost; hence, achieving further cost savings is a challenge.
Few of these same processes have been optimized around speed, which means that there is far more room for improvement in this dimension. Robots can be programmed to perform the same steps as humans, only 300%-400% faster, with greater accuracy and consistency.
Creating new and unexpected outcomes
Digital transformation means doing different things, and, here, IA also plays a role. Chatbots are more than a tool to automate human conversation; they may be engineered to collect time- and context-centered information from customers so that their needs can be answered perfectly the first time.
AI can be applied as a recommendation engine, sorting through enormous data sets in search of the single best answer for a specific customer need. Transformation also means that back-office functions can become more than barriers; they can be enablers of growth and innovation.
Customer satisfaction ratings for live chats are often higher than all other support channels, likely because of the speed and conversational nature.
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