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In an era where customer expectations are evolving at unprecedented speeds, organisations are grappling with the challenge of delivering exceptional customer experiences while effectively utilising the abundance of available data. At the Coalesce 2024 hosted by Deloitte, industry leaders come together to collaborate and create new possibilities to enhance revenue and generate positive shareholder value. The third edition of Coalesce brings insightful panel discussion on identifying the right customer personas and orchestrating organisational efforts to unlock value through superior customer experiences.
The Data Conundrum The exponential growth in data volumes over the past decade has created both opportunities and challenges for organisations. While companies invest heavily in data acquisition and analysis, many struggle with data quality, siloed information, and inconsistent definitions across departments. As Sridhar Hariharasubramanian, Senior Director, Solution Engineering at Salesforce, pointed out, "The big challenge organisations are facing is that the quality of data may not be great.
Data also resides in silos in various parts of the organisation, and the definition of the data is not consistent." This challenge becomes particularly relevant as organisations embrace Generative AI and other advanced technologies. Without a robust data strategy, companies risk missing crucial insights that could drive customer satisfaction and business growth.
Breaking Down Silos for Seamless Experience One of the primary challenges in delivering consistent customer experiences lies in breaking down organisational silos. Companies often struggle with fragmented communication across different channels, leading to disconnected customer interactions. Whether its email, WhatsApp, or phone banking, customers frequently face the frustration of repeating their concerns across different touchpoints.
As Ashwin Ballal, Partner, Deloitte India said “The solution to this challenge involves three key components- cultural transformation, technological integration, and process optimisation”. Modern technologies can provide comprehensive insights across the customer journey, but success requires a cultural shift toward customer-centricity. Measuring What Matters Traditional metrics are evolving to accommodate new channels and customer expectations.
The focus is shifting from company-centric measurements to customer-oriented metrics that truly reflect the value delivered. As Yatnesh Pandey, Head of Marketing at Greenply Industries noted, "Customer journeys are not linear anymore; they are more hexagonal, more crisscross. Nowadays, consumers do the exploration evaluation continuously.
" Organisations need to measure outcomes that matter to customers, such as resolution times and satisfaction levels, rather than just internal metrics like call handling times. This approach requires unified data platforms that can standardise metric definition and measurement while providing tools for root cause analysis when performance indicators fall below expectations. The Value Exchange Modern customers are increasingly aware of the value of their data and expect meaningful returns for sharing their information.
Companies must establish trust and transparency in their data collection and usage practices. This trust becomes the foundation for a valuable exchange where customers willingly share information in return for improved services and experiences. Customer Journey Orchestration Understanding and optimising customer journeys has become more complex as traditional linear paths have evolved into multi-dimensional experiences.
Companies need to help customers navigate through various phases of their journey, from information gathering to decision-making, while providing relevant support at each stage. Successful organisations are adopting approaches that focus on strategic alignment between various touchpoints and key conversion moments. This includes creating tools and content libraries that address specific customer pain points and help them make informed decisions.
The Role of Technology While technology plays a crucial role in managing customer experiences, it is essential to balance technological capabilities with human understanding. Modern CRM tools and data analytics platforms can provide valuable insights into customer behavior and preferences, but these must be coupled with a deep understanding of customer needs and expectations. Building Resilience and Agility Organisations must develop processes that can keep pace with customer expectations while maintaining quality and consistency.
This requires a delicate balance between speed and thoroughness, supported by transparent communication about process timelines and requirements. Conclusion The path to creating valued and valuable customer experiences requires a holistic approach that combines robust data strategy, seamless cross-channel integration, and customer-centric metrics. Success in this endeavour demands not just technological sophistication but also a fundamental shift in organisational culture and mindset toward true customer centricity.
Click on the link to watch the detailed panel discussion. Also, keep an eye out for Deloitte Coalesce 2024 for more insightful discussions, as experts and partners explore the challenges and solutions in the current business landscape..
