customers to some decision management. They’ll thank you with their loyalty and
word-of-mouth.If one or
more of your top KPIs relies on getting to know and serve your customers
better, you might be interested in this third-party webcast: 5 Benefits of
Customer Decision Management. I attended
the live broadcast yesterday. It did a nice job of explaining how these
systems improve customer experience and grow revenue as a result.
particular, here’s what I got out of the webcast; what I’m
calling my “4 Reasons for Funding
Decision Management.” As a customer,
these four assertions – hand-picked and paraphrased from the webcast -- are the reasons why I
want more companies to adopt decision management.
R1: Most decisions that affect
customers today are made by systems, not humans.
- Investing in human staffing and
training alone will not necessarily guarantee better customer experience
and more revenue if most of the contact customers have with you is through
an automated system (e.g., IVR, website, kiosk, etc.) or is the by-product
of an inflexible system. If those hundreds or thousands of daily automated
decisions are not designed to maximize customer value or to scale, chances
are you’re annoying more than one customer. Frustration leads to
defection, so adopt a decision management approach to ensure
your systems act like intelligent human agents.
R2: Latency in decisions will
- Time is money. The longer it
takes you to make a decision, the more it can hurt your business. Growing
revenue can be as simple as making decisions faster on behalf of your
customers. This should be reason enough for most enterprises to adopt
decision management capabilities, like business rules. Using business
rules will not only allow you to make straightforward decisions faster and
more accurately across channels, it will also allow you to empower front-line
staff to make decisions that often have to go to supervisors. Customers
that have to wait too long for seemingly simple answers start to wonder
why they’re doing business with you in the first place.
R3: Interaction quality is as
important as product quality.
- All of us know that when
product quality is within an acceptable range, it’s the experience we have
with the company that can make or break the relationship. DMSs help to
ensure that every interaction or transaction that customers have with your
systems and your front-line staff is better, faster and more compliant than your competitors.
R4: No one can treat your
customer the way you can.
- Theoretically, you know your
customers better than anyone else. You have data on their actual
behaviors, and you know that existing customers represent a better value. A DMS allows you to use analytics to inform the business rules that make
the decisions that affect those customers. So, if you don’t have a DMS in
place, chances are you’re missing an opportunity to boost share of wallet
from existing customers, for starters.
In addition to the customer examples highlighted in the webcast, you can read how Accovia
increased customer satisfaction by enabling their systems to meet traveler demand
for real-time dynamic packaging and booking.