Embrace CX Equivalent to AI & UX to Reinvent the Future of Fintech
Making Transformation Real The pace of digital transformation has intensified dramatically and empowered customers to engage at their convenience with organizations with whom they interact and transact across multiple channels. Amidst this, there is an unstoppable rise of automation, analytics, and AI, and with that comes unprecedented levels of speed – the speed of accelerating business, generating ROI, making intelligent decisions, meeting evolving customer expectations, and bringing new products and services faster to market. AI, AI Everywhere Today, even the most advanced digital technologies are usually reactive rather than proactive. Think of intelligent digital assistants such as Alexa, Siri, or Cortana, you just need to give them a command, and they’ll respond to it instantly—ordering a product you’ve requested, say, or placing a call. However, when powered by transformational technology, these virtual assistants can become more intelligent and proactive. Soon, your virtual assistant might observe that you’re running low on a particular product and suggest that it place an order for you—or tell you how you can find the best value by adjusting your purchase habits. Or imagine that you enter a retail store, browse shelves aided by an intelligent digital assistant, and once a purchase decision has been made, you simply walk out of the door with the product. Across the BOARD With more and more modern consumers expecting a response to their queries in less than an hour, the digital technologies will prove game-changing. Organizations must unlock digital transformation — and leverage the advantage of AI and machine learning. As more and more organizations are pushing for differentiation, AI-driven CX is a pivotal area. Needless to say, AI and ML will exponentially improve CX through intelligent chatbots and virtual assistants. It will help push margins regardless of industry or sector type. Given the current experimental status, early adopters will have a clear mover advantage. For FinTech companies, this indicates a new way to attract eyeballs, emotionally connect with customers, and build an everlasting relationship. How is AI causing a seismic shift for CX? Beat fraudsters before they strike with Predictive Insights and Real-time Analysis Analytics tools collect evidence and analyze data necessary for conviction. Subsequently, AI tools learn and monitor user’s behavioral patterns to identify rarity and warning signs of fraud attempts and incidences. Claims management can be built up using Machine Learning (ML) techniques in different stages of the claim handling mechanism. By leveraging Enhancing CX with Predictive Analysis Predictive analytics in financial services can directly impact overall business strategy, revenue generation, sales nurturing, and resource optimization. It can undeniably act as a game-changer by enhancing business operations, improving internal processes, and outperforming competitors. Predictive analysis gathers and arranges the data, analyzes it using our leading-edge algorithms and technology, and briskly deploy customized, prescriptive solutions unique for each customer. It can help calculate credit scores and help organizations prevent bad loans as it uses a massive amount of data to find patterns and predict insights. These insights and results can reveal what is going to happen next: what the customers are willing to buy, how long your employee might last, and so on. Delightful CX through UI/ UX Creating intuitive experiences with the help of smart UI and UX designs to enable your business to render excellent customer experience. If you engage with users through seamless navigation, layouts, directions, etc. it will help you enable superior customer experience. UI and all kinds of assistants stand at the forefront of all Fintech as a service. No matter how complex the formulae are, how bizarre the analysis is, or how advanced technologies used — the customer still needs to navigate it and utilize everything properly. Regardless of the industry, the business will perform better only if the customer feels valued. And that value can only be brought by delivering unique CX. All over Déjà vu again! Companies – fearful of straggling behind – scrambled to build online footprints back in the 1990s, when the WWW was the digital frontier. In today’s digital era, AI is causing a similar seismic shift. When keeping customers happy has never been tougher. They’ve more of everything: devices, information, channels, and choice. They also have more power. They can switch brands on a whim – and if they don’t like something, they will broadcast the fact over social channels. What’s more, customers’ expectations are ascending ever higher. They have witnessed how digital disruptors deliver frictionless, connected, automated, and personalized Customer Experiences (CX) – and they expect you to do the same. Such is today’s CX challenge. But as with any challenge, it’s perfectly surmountable. Indeed, if organizations embrace AI + UX and act fast and transform their enterprise to a data-driven, connected and adaptive CX infrastructure, not only will they secure the customers they have, but also win the new ones.
Top 5 Salesforce Trends that Will Shape 2020
Salesforce has become a business-critical application in an age of digital transformation, where once 24/7 management for Salesforce was uncommon, it’s now becoming a new expectation–impacting the broader ecosystem, as well as the teams, partners, and companies that surround it. Why does Salesforce continue to astound reviewers across the board? What is it exactly about? Ease of use, Customized CRM, Automation, or Analytics? All the answers are resounding yes, but there’s something more than that. No doubt, Salesforce is an important part of business success and strategies with over 150,000 customers and their success stories and positive reviews. But the other side of this success can be explained as- Salesforce = Industry + Innovation. Here are the top 5 Salesforce trends, which are revolutionizing businesses today to support the above equation. Enabling AI with Salesforce Einstein – Vision, Prediction & Voice Do you know, how quickly AI-powered apps can be built for employees, partners, and customers on an incredible artificial intelligence platform? From machine learning and natural language processing to computer vision and automatic speech recognition – with Salesforce Einstein brings you the power to think, see, and act to success. Three methodologies, which are nailing the entire innovation are: 1. Einstein is a key catalyst for Salesforce: o Einstein Prediction Builder and next best action What if someone could predict the future? Yes, Salesforce Einstein leverages past data through machine learning to predict future activities with minimal programming. It helps predict business outcomes, create custom AI models on any Salesforce field or object with just clicks and not to code. With a guided approach, it works with yes/no types of questions and predicts numerical data. It provides a scorecard of the expected accuracy of the prediction and provides key insights from the results. o Einstein Vision See from the far! This methodology is beneficial to keep track of the entire conversation about your brand on social media and more. Image recognition in your apps by training deep learning models is another plus. This is to recognize your brand, products, and more. We can apply in our application workflows like visual product search, identifying the product, and automated planogram analysis. Einstein Image Classification leverages pre-trained and customizable models to recognize and classify images specific to your business, at scale. While Einstein Object Detection leverages customizable models to recognize and count distinct objects within images, providing granular details like size, count, and location of each object. o Einstein Voice Talk to an AI assistant is just like experiencing a real conversation. Talk to Einstein Voice Assistant to get daily briefings, make updates, and drive dashboards. It also helps create and launch your own custom, branded Voice Assistants with Einstein Voice Bots. With Service Cloud Voice, Voice assistant, and Voice skills, it will serve the customer in a whole new way. Needless to say, Einstein Voice is a game-changer with the power of the voice and the intelligence of Einstein. 2. Accelerating transformation with Salesforce – A digital reinvention Today’s business world is undergoing the process of transition. With newer technologies evolving, industries across the globe are determining new processes as older ones may no longer be enough. Customer expectations are constantly evolving. They are more connected, informed, and unprecedentedly technologically savvy that they expect the organizations to be likewise up to date. Digital transformation starts with customers. Digital transformation is as much a cultural shift as a technological shift. Leveraging the industry-leading Salesforce solutions and its innovative applications is one of the best ways to achieve quality, efficiency, and scalability faster. Salesforce helps you make it easier for businesses to sell more and grow with the help of CRM solutions. It helps you focus on individual relationships with customers, service users, colleagues, or suppliers. It even helps in finding new customers, winning their business, and providing support and additional services, and much more. 3. Designing Seamless Customer Experiences – Customer 360 Journey This is a customer-driven era where customers expect connected experiences across channels and departments, and no matter what, you want to fulfill that. Being a #1 CRM, Salesforce enables your organization to meet these expectations by building online customer communities for clients to share their ideas and resolve a problem. These communities allow agents as well to connect more easily with customers through a variety of channels and resolve even the most critical problems of customers in just a few clicks. Design experiences across channels to help your business drive customer delight and deliver the seamless experiences they expect. 4. Unifying the Customer Experience – MuleSoft Capabilities with Salesforce As we discussed, customers expect connected experiences. They want to avoid experiencing the layers where your systems and departments meet. MuleSoft’s Anypoint Platform and Salesforce Integration Cloud help connect every experience by making it easy to connect any application, data, and device with APIs — Application Programming Interfaces. APIs take requests and tell a system about the user’s needs and requirements, conveys system response to that user as well. This process helps optimize a reusable process and enables organizations to accelerate IT delivery, increase organizational agility, and deliver innovation scalability. MuleSoft works as a Salesforce Connector. It can connect any system, application, data, and device to unleash the power of the Customer 360. The integrated capabilities of MuleSoft and Salesforce enable companies to unlock data across systems, develop scalable integration framework, and ultimately create differentiated, connected experiences at a rapid pace. 5. Data Virtualization: Multi-Org Strategies with Salesforce and Heroku Multi-Org Strategy enables a customer to own multiple Salesforce Org. Data and applications are split in different Orgs based on various factors like business units or product lines. Salesforce Multi-Org. The strategy helps you with data separation, reduces the risk of exceeding Org limits, improves time to market, gives freedom to innovate, simplifies Org-wide setting management, reduces the risk of teams to be impacted by shared updates, reduces complexity within a single Org and more. Here comes Heroku Connect to make a difference. It helps Salesforce to share data with your Salesforce
Driving Transformation Beyond Digital
Digital is no longer a differentiator. It’s just table stakes. The word ‘Digital’ is almost clichéd now. Everyone has heard about it, and they have all jumped on the bandwagon. If you are an established bank or a lender, you must have already incorporated digital into your long-term strategy, and you are most probably thinking: “Oh, you mean that ‘everything-online,’ ‘integrated customer experience’ and ‘connected enterprise’ thing? Yeah, we have a plan for that.” Unfortunately, the brash new startups that are entering the lending scene are not thinking that way. For them, online and connected are already a given, the bare necessities. For them, ‘Digital’ is a means to ‘Disruption.’ You have surely come across some of the more famous ones among these upstarts, right?Have you heard of ‘Kabbage,’ the lending platform that offers nearly instant loans to small businesses, based on creative, alternative data – like the number of UPS packages sent or received by the industry? Or ‘Tala,’ which approves microloans for borrowers from underserved economies who lack credit history by crunching out myriad data points ranging from financial transactions to mobile games played? And what about the aptly named ‘Upstart,’ which uses data such as education, employment history, and whether applicants know their credit score to underwrite and price loans? Upstart’s algorithms are supposedly so well-trained that they now approve 47% of loans with zero human intervention and yet manage to have one of the lowest default rates in the industry! Get digital already. There is no time to lose! Going digital is no longer the endgame. It just places you at the start-line for the sprint towards innovation and disruption. Therefore, if you have a long-term, multi-year digital roadmap, you have lost the race even before you have started. You need to go digital right now—within weeks—so that you can compete on level terms and give yourself a chance to race with (and fend-off) these new-age disruptors. If you are a bank or a lender with HELOC offerings, Tavant VΞLOX product suite can help you do just that. It offers a ready-to-use toolbox of services, integrations, and interfaces that propel you instantly to a fully digital-ready enterprise within weeks. Do not waste your time and energy on figuring out how to get digital. Tavant has that covered, which means you can focus your precious resources on figuring out how you will unleash the power of digital for innovation, disruption, and market leadership. FAQs – Tavant Solutions How does Tavant drive transformation beyond basic digital initiatives?Tavant drives comprehensive transformation through cultural change management, advanced analytics implementation, ecosystem integration, and innovation frameworks that extend beyond simple digitization. Their approach includes organizational redesign, new business model enablement, and strategic technology adoption that fundamentally changes how lenders operate. What transformation capabilities does Tavant offer beyond digital technology?Tavant provides change management consulting, business process reengineering, cultural transformation support, and strategic planning services. Their comprehensive approach addresses people, processes, and technology to achieve sustainable transformation that improves business outcomes beyond technology implementation. What does transformation beyond digital mean?Transformation beyond digital means comprehensive organizational change that includes cultural shifts, new business models, reimagined processes, and strategic innovations that go beyond implementing digital tools. It involves fundamental changes in how organizations operate, compete, and create value. Why do digital transformations often fail?Digital transformations often fail due to insufficient change management, lack of clear strategy, resistance to cultural change, inadequate leadership support, poor communication, and focus on technology without addressing underlying business process and organizational issues. How can organizations achieve successful transformation?Successful transformation requires clear vision and strategy, strong leadership commitment, comprehensive change management, employee engagement, cultural alignment, continuous communication, and holistic approaches that address technology, processes, and people simultaneously.
Unlocking the Secrets of Digital Transformation with Salesforce
Today’s consumers expect hyper-personalized and seamless user experiences when they interact with brands that include high-value communication across multiple channels and devices. Delivering that at every phase of the consumer lifecycle can undeniably strengthen a brand’s relationship with its audience; however, it requires data insights and a deep understanding of the customer journey. Companies of all sizes must consider deploying Salesforce to automate and manage their marketing, sales, and customer service functions, and to drive digital transformation and innovation. By integrating Salesforce with other leading digital technology platforms (i.e., AI/cognitive computing, IoT, mobile, live video, image recognition, etc.) business can transform the way they engage, retain, and grow their customer base. Why is Salesforce a critical component for driving a successful digital transformation strategy? 3. It gives the ultimate customer experience: CRM + UX + CX Amidst the fourth industrial revolution, many businesses have joined the race to deliver connected customer experiences. However, providing these experiences requires more than just providing products and services on time. It requires creating organic connections with real people at every touchpoint of their journey The element of customer experience will soon exceed price and product as the key influence on customers’ purchasing decisions, and 86% of buyers will be happy to pay significantly more for better customer experience, according to Walker’s Customers 2020: A Progress Report. This is in line with Gartner’s prediction that by 2022, two-thirds of all customer experience projects will make use of IT, up from 50% in 2018. Customers don’t just seek products or services in and of themselves; they also at the same time demand more convenient processes throughout the entire engagement lifecycle. It is vital for organizations to live up to these demands and offer customers the ultimate experience. These stats clearly indicate that an organization’s customer relationship management (CRM) software should provide a richer, faster, and more efficient user experience, and help bring new, innovative applications to the market for a more significant competitive advantage. Salesforce platform helps companies achieve the necessary customer experience excellence by delivering a modern user experience that bridges the gap between customers and businesses. Specifically, Salesforce Lightning helps companies provide a smarter and faster experience for customers and allow IT and business users to bring new applications to market faster to meet customer demands. 2. It helps in unleashing the power of data According to IDC, business across the globe will expect 175 zettabytes of data worldwide by 2025. The growth of this data will be the result of the amalgamation of intelligent agents that leverage ML and AI to evaluate the growing amount of data generated by the digital things in our lives. According to Salesforce.com’s latest market studies, enterprise sales professionals spend only about a third of their time interacting with prospects. The rest of their workday mostly comprises of administrative tasks such as gathering lead data, time that the cloud company is working to free up. To make Salesforce recently released new features for its flagship Sales Cloud aimed at helping workers find the information they need to be productive faster. Interestingly, most of the capabilities use Einstein, the company’s artificial intelligence system, under the hood that organizations can leverage to unravel the power of data and improve the pipeline. 1. It empowers your customer with information to increase loyalty, retention, size and average order size Technological advancement has enabled and given customers control over the experience of purchasing products and services. Organizations have thus shifted their paradigm from a focus on mere products and services to overall experience during the entire engagement lifecycle. Organizations must improve each touchpoint of their user experience (UX) to successfully adapt to this trend, which coincides with growing user expectations. Being a customer can often be frustrating; system inefficiencies create a gap between delivering the products and ongoing services desired. Because customer loyalty is so important to business success, and because that loyalty is so hard to win, being aware of customers’ experience over time is incredibly important. It is helpful to think of the totality of this experience the customer journey. ` Historically, absent infrastructure and information, together with rapidly scaling business growth have made tracking customer journey quite tricky. With the advent of new technologies such as IoT and cloud services, businesses now have access to this information—if they want it, and if they are willing to take steps to extract it. Making the right decisions about which technologies to implement is going to be the difference that makes the difference. Simplify by putting intelligence into your Salesforce CRM & create exceptional CX with Tavant The future of every CRM software is anchored to the fluid architecture of the overall system, including its flexibility to accommodate rapid changes in the market and deliver on ever-evolving customer expectations. Salesforce powerful capabilities are massive steps in this direction, as the entire framework puts Salesforce in a strong position to conquer the all-important “disrupt or be disrupted” philosophy that has taken hold of the modern-day business environment. Tavant’s Salesforce services modernize CRM applications and processes using automation and cognitive intelligence. The result is an increase in conversions, a surge in sales volumes, and increased customer retention. Tavant has been enabling successful Salesforce implementations and integrations over the years. Reach out to us at [email protected] or visit here to explore our Salesforce offerings.
Top 5 Sales Challenges that Salesforce Can Resolve Effectively
Impeccable customer service isn’t just a way of building customer loyalty; it’s also what sets you apart from your competitors and reflects your digital readiness. Salesforce® has been the game changer in achieving this. Today, customers expect you to deliver the right answer the first time, every time, on whichever channel they choose. Keeping up your customers’ expectation means more than just providing the right answer at the right time. It indicates delivering a personalized experience for every customer and efficiently collaborate internally. Gathering customer’s data at this stage is important to be able to qualify your lead effectively. Businesses must boost their sales process and invest in the right tools and intelligent technology to stay ahead in the digital world. Organizations not well-equipped for this face regular challenges like: No single unified view– One of the main challenges lies in integrating data from various disparate sources and create a single unified view. For example, a customer’s data might be stored in a CRM, or their order history information might be in a custom legacy system, their purchase data might be lying in some POS system such as Shopify during their social media data on Instagram, Facebook, Twitter and the like. Lead qualification is a crucial part of the sales process. Long customer decision time frames-Long sales cycles are a nightmare for all sales staff, which means delayed ROI and uncertainty about winning the deal. If the existing systems can’t provide complete visibility at each stage, the customer acquisition cycle prolongs. Disjointed sales processes- It results from the fact that every sales team member without unified software for streamlining sales management, applies different methods to handle the sales process. Bringing transparency to the sales process- Managing nitty gritty about deals, the accounts they are dealing, and the number of potential sales scattered can be quite a challenge for sales managers. The communication gap between sales and marketing- Sales and marketing being two different worlds existing in parallel with each other is the status quo. The lack of communication between these two important teams eventually leads to their poor performance. According to the [i]E-consulting study, four out of five US customers don’t believe that the common brand understands them as an individual. Personalization depends on your customer and in many cases, that’s where small and large companies fall short. Another report by a major analyst indicates that organizations that deploy CRM strategies such as Salesforce will return at least 25 percent better ROI than those that don’t. The Salesforce solution has the capabilities to enable you to successfully manage your sales process throughout the stages of qualifying to closing and follow-up. Understand your potential on Salesforce A robust 360-degree view helps businesses to reduce costs by providing a single source of clean, integrated customer data. Successful organizations understand the potential of Salesforce goes beyond it and know ways to integrate & enhance their existing system’s capabilities. It undeniably enables organizations to drive better marketing, increase sales growth, understand their customers’ behavior deeply and, most importantly, deliver unique personalized customer experience. In conclusion Investing in reliable automation software such as Salesforce undeniably pays off in the long run while providing employees with the right tools. Applications developed and integrated on Salesforce enable organizations to achieve shorter sales cycles, create efficient proposals, and improve sales and marketing collaboration. Tavant’s FinLeads product does all of this and goes beyond it. It’s a Salesforce-based customer engagement and aggregation platform that acts as one-stop-shop for Sales & Marketing teams to quickly convert your leads to customers. To gain more insights, visit our Salesforce partnership and FinLeads pages or just say [email protected] to schedule a meeting. [i] https://www.mckinsey.com/business-functions/marketing-and-sales/our-insi…
Re-invent Dealer Experience with AI Platform
The automotive and automotive aftermarket industries are some of the oldest and most established industries. Historically, these industries have faced less disruption than their equally-established counterparts. But aftermarket industry as a whole is drastically affected by several major disruptions, in particular, digitization, shifting competitive dynamics, and changing consumer preferences. And, unlike other sectors, it is changing faster, and the shift has been dramatic. First, new players are beginning to enter the automotive market and established companies have been changing their business models – a trend that is expected to continue in the future. When it comes to consumer preferences, millennials are less interested in car ownership while stricter regulations on emissions are giving rise to electric vehicles. Additionally, with the sudden expansion of next-gen technologies such as AI, IoT, cloud computing, and human-machine interfaces, the automotive aftermarket is facing a wide range of challenges. Some challenges faced by enterprises today in the aftermarket industry include: Aftermarket processes suffer from high latency and lagged response due to legacy and disjointed systems, Lack of customer analytics across channels Increasing regulatory, quality and environmental compliance needs Long cycle time for ‘detection to correction’ in case of issues to be resolved Revenue leakage to spurious spare parts in the market Lack of feedback system for gauging the effectiveness of change management, warranty management Legacy systems are not enabling the customer to do self-service Yet, along with these challenges, warranty management remains one of the industry’s most important and imperative issues. Auto manufacturers and their dealers must leverage an effective warranty management system to win and retain customers. Adopting a few important approaches can help businesses address these challenges, optimize their warranty costs, and enhance their customer experience. Consolidate warranty systems & processes Build extensive validations into the claims entry processes to capture accurate and consistent claims data to manage entitlement verification, pre-warranty authorization, claims verification, and approvals automatically. An efficient and streamlined claims process is important to automate warranty management. Instead of maintaining several systems, centralize all aspects of warranty management including analytics, registration, claims, part returns, and supplier recovery. An integrated system that provides a single view of all information will undeniably cut down duplicate manual efforts and also improve the data consistency. Minimize repeat part returns to reduce warranty cost Companies should only request returns if they need to perform failure analysis or drill down the trends in consumption to proactively identify future problems. For this, it is crucial to automate your supplier claim process to: Decrease the amount of time from failure to claim Minimize the corrective action cycle to avoid continuing to manufacture defective products Reclaim more warranty costs faster from a broader base of suppliers Create a more credible and cleaner supplier claim data Promote supplier collaboration in cut down warranty costs Improve Warranty, Quality, and Reliability Analysis Gaining good failure data from customers, dealers, and distributors will enable brands to enhance product quality and recover a higher percentage of warranty costs from suppliers. Businesses need to analyze warranty data to identify and address emerging issues and factors contributing to warranty costs. Also, to prevent further warranty failures, organizations need to monitor key warranty metrics such as warranty as a percentage of revenue, cost per unit (CPU) Incorporate warranty management into your analytics and decision support systems Managing a warranty in a reactive mode is no longer adequate in today’s digitalized manufacturing industry, which is under a lot of pressure from evolving customers’ expectations. Companies need to react to customer demand more efficiently, and for this, they need to have proactive warranty management to make an analytics-driven decision in three significant areas, such as: Issue prediction, detection, and warning Warranty and accrual forecasting Service parts demand management and service contract optimization Based on this data, organizations can anticipate emerging issues and determine potential recall, predict future warranty costs, scrupulously forecast spare parts demand, and subsequently, plan inventory and production accordingly. Build customer experiences from meaningful insights Businesses must integrate the customer data, store the information in place and keep it integrated for a personalized experience to delight their customers. Get a unified 360-degree view of your data to enrich personalization, segmentation, behavior analysis, and loyalty programs to improve your customer experiences. The Road Ahead: The digital transformation can lead to a significant opportunity for aftermarket businesses to streamline their operations. It can be done by shedding non-value-adding functions and unlocking capital from redundant infrastructure while taking in a broader service portfolio that contributes to better margins. The task of optimizing controls on warranty spend is daunting. The needs of the dealer as well as customer experience, both are of paramount importance at every stage. However, leveraging an intelligent aftermarket platform, organizations can realize a significant reduction in warranty costs, increase operational efficiency while improving product quality and customer satisfaction. Reshape business with AI Our customized warranty solution with its artificial intelligence and machine learning capabilities can help you increase aftermarket revenues, calculate accurate warranty pricing – as well as manage claims and warranty reserves. Tavant Warranty On-Demand is an AI-powered enterprise warranty platform offered on the Salesforce cloud. The on-demand platform offers end-to-end warranty lifecycle management and is the only solution of its kind on the force.com platform. It provides cross-functional integrations with legacy and ERP systems for data consistency and integrity and enables organizations to reduce warranty costs, increase supplier recovery, and improve aftermarket efficiency. Want to Explore More? To gain better insights and to learn how to optimize your warranty cost mail us at [email protected].
Empower your Aftermarket Business with Intelligent Decisions
The Changing Aftermarket Industry According to a global strategic business [i]report, the global automotive aftermarket industry is expected to reach $722.8 billion by 2020. This rising demand for aftermarket parts and services is driving new growth and revenue opportunities for automotive aftermarket organizations. Moreover, digital transformation is re-imagining the automotive industry. Platform-based innovation and hyper-connectivity are shaping the new world of the automobile. Interestingly, aftermarket, the secondary market of the automotive industry is also experiencing this paradigm shift from traditional legacy systems to the digitalized world powered by AI, Machine Learning, IoT, Big Data, Analytics and Mobility. Rising Customer Expectations There is a significant change in the customer buying behavior which has acted as a catalyst in the progress of automotive aftermarket. Interestingly, today’s consumers are keeping their vehicles longer and are more aware of the importance of preventive maintenance and scheduled servicing to maximize the lifetime value of their vehicles. Furthermore, in today’s modern parts marketplace, the millennial customers have become more sophisticated and mobile-oriented while staying connected with their local automobile retailer. They are more in control of the buying process than ever before – with the ability to price, source, and obtain products and parts from a wide variety of sources, including spurious parts suppliers who don’t have the same overheads as the OEM. Needless to say, the consumers are now expecting a seamless experience spanning via omnichannel including physical retail supply shops, apps, websites and so on. Data, Data Everywhere The exponential growth of connectivity and data in manufacturing is drifting aftermarket services towards a new era. The next generation of tools and processes is equipped with next-gen technologies that enable unprecedented collection and transmission of data, which can be exploited to improve aftermarket operations. However, the aftermarket value chain is still highly segmented in disparate data silos. Each player focuses on its perimeter, where it exercises a strategic control thanks to its assets (parts IP, integrated offering, global network, and so on). Business models are still primitive and rely on service contracts (diagnosis, repair, parts, and maintenance) using a transactional mode (cost per operation). Artificial Intelligence & Machine Learning to Rescue Leveraging IoT technologies and platforms built into devices have increased the potential for new revenue streams through innovative data sharing/insight opportunities. And the good news is the large volumes of data generated by IoT devices can now be understood, acted upon and monetized with the help of AI and ML. Organizations can consider integrating IoT data with the existing warranty data to obtain new insights into their customers, products, and operations. In turn, this can lead to optimized product service, enhanced support processes, and the provision of new and differentiating customer experiences, all of which can help in driving revenue. Eventually, improved warranty performance has a direct impact on the customer experience; for example, if a consumer feels that a company acknowledges when products fail to meet up with their expectations, they are more likely to stay in the future, building brand loyalty. The time to act is Now If you are looking to implement a world-class warranty solution without investing heavily in infrastructure or the resources required to deploy & maintain the solution at your premises; our on-demand solution is tailor-made for you. By applying AI and machine learning algorithms to massive amounts of customer data, Tavant’s enterprise warranty solution TWOD on the Salesforce Cloud combines its warranty solution expertise with industry best practices to offer end-to-end warranty lifecycle management. It provides enhanced visibility and proactively populates business opportunities for the sales, service, and marketing teams in their CRM. Want to Explore More? To delve deeper, attend our engaging session on ‘Artificial Intelligence, Machine Learning and the world of making smarter, faster and better decisions’ at WCM 19 and learn how to unlock your sales and revenue potential or just say [email protected] to schedule a meeting.
Transforming Customer Experience with AI
Eighty-five percent of customer relationships will take place without human interaction by 2020 and AI-derived business value will more than triple to $3.9 trillion by 2022, according to Gartner. By 2019, 40 percent of digital transformation initiatives will be supported by some cognitive computing or AI effort as predicted by IDC. Furthermore, Servion has forecasted that AI will be able to power 95 percent of all customer interactions by 2025 and it will do it so effectively that customers will not be able to ‘spot the bot.’ Many organizations are at the center of this digital transformation and are turning to the emerging technologies such as chatbots, intelligent ad targeting, recommendation engines, personalized communications, and image recognition to gain business value, bolster their relationships, differentiate themselves from their competitors, and increase revenues. AI is quickly becoming a mainstream technology in consumer devices and services. In 2018, the business conversation in boardrooms on Twitter, LinkedIn, blogs, print media, and conference keynotes about AI, machine learning, RPA, chatbots, and virtual assistants have reached the new pinnacle. Surprisingly, nearly two-thirds of consumers are already using AI without even realizing it with products such as Alexa, Siri, Cortana, and Watson. Thanks to the adaption of AI into CX, we are witnessing how enterprises are attempting “true” personalization with predictive capabilities in real-time. This indicates better listening to your customers, understanding the context and providing them with a CX. Organizations are embracing AI to enhance the customer experience by: Intelligently augmented self-service technologies Collating data to enable price and feature comparisons Gathering data by smart assistants Using sentiment analysis to track customer emotions and respond accordingly Forecasting customer needs and then responding proactively Gaining more information about the customer based on data patterns Discovering user interaction on websites to determine if they need help Giving recommendations based on the behaviors of similar customers How can AI Enhance CX? Customer Insights Bring Important Findings for Businesses Leveraging AI can help unleash actionable customer insights that can help in driving impactful business decision-making. AI has also transformed how organizations get customer insights. Leveraging the vast amount of data that is available on customers today, AI can keep a track on trends and predict what customers’ need in the future. One of the best examples of this is Spotify, which used data from its more than 100 million customers to create a compelling ad campaign. The Use of Personalization Improves Customer Experience In customer experience, personalization is a significant advantage to AI. Modern customers expect offers to be tailored to their needs—a blast email with some general offer won’t appeal to nearly as many people as a targeted offer that directly addresses what precisely a customer wants. However, creating those personalized experiences is extremely difficult and tedious for humans. AI can quickly sift through millions of pieces of information to figure out exactly what matters to customers to create a personalized experience. Process Automation Increases Business Efficiency Streamlining repetitive tasks is a big change happening across industries. Deploying AI to automate the process efficiently and effectively can save time and increase efficiency. It provides a seamless experience for the customer by having a near 0% error rate. Additionally, it becomes easier for service representative relaying information and responding to the customer’s needs. This efficiency enables them to take care of more people in a much shorter amount of time. By automating processes and allowing for real-time data integration, communications are significantly improved. Looking ahead AI is undeniably a powerhouse when it comes to customer experience. This technology will not only allow organizations to create faster, more personalized experiences but will also help in gaining customer insights to deliver better customer experience in the future. Companies must unleash the potential of AI and act now to reap its possible rewards to gain a better competitive advantage in their business. Reach out to us at [email protected] to know how we can enable your business garner customer loyalty, improve experiences, and help you stay relevant in the business.
Customer Experience (CX) – The Secret Sauce of Digital Transformation
The past few years have seen a tumultuous change in the mortgage industry as many servicers struggle to keep pace with stringent regulatory requirements, increasing per-loan servicing costs, operational challenges, fragmented view of the customer and rising consumer expectations. But what if this reaction could be less about just keeping up with the changes and more about a paradigm shift to a focus on what the borrower wants and needs? Recently, when Fannie Mae surveyed mortgage executives, one of the notable points of the survey was the use of next-gen technologies to improve the consumer experience across the loan life-cycle. However, most lenders agreed that there are many significant barriers including cost, implementation, and integration issues that are holding them back. 38% agreed high costs is the biggest challenge 23% said implementation of next-gen technologies is too difficult 20% found integration as a complex issue Two-thirds of lenders have not used next-gen technology vendors at all So, what are the ingredients of the ‘Secret Sauce’? Well! It’s the Customer Experience, which is a Journey of Expectations Personalization is more important than ever Customers expect personalized services, and it can be difficult for consumer lending organizations to deliver. Not because they do not have the desire, but because of legacy systems and regulations that restrict them to the traditions of the past. These constraints hold them back, even while they recognize that location and products alone are not enough to attract and keep empowered customers. A Good CX Means a Loyal Customer The customer is equipped with loads of information before even making the first contact; they are not that loyal as they look for the best deal and are likely to maintain a relationship with more than one financial institution. A recent report from Deloitte (Reshaping the retail banking experience for the customer of tomorrow) reveals the importance of positive customer experience: 90% of customers trust a recommendation entirely; they are seven times more likely to trust a reference than an advertisement. If a customer encounters poor customer service, he or she may never come back and will advise their friends as well to do the same. Transform Destination into a New Beginning Of course, integration of multiple systems is complex and one of the major challenges faced by lenders. But that should not impact the experience when it comes to quickly processing a loan. Think if your customers get an even better digital experience towards ending of processing cycle, the chances are bright when they are looking for next loan. The opportunity for change: How many loans originated this year? How much do you want to grow loan revenue? How many loans are processing on average? Do you want to raise this number? How long does it take to process a loan? Average wait time and processing cost? Are you expected to reduce these costs? If yes, then by how much? The answers to these questions can help you refine your vision for the future of your lending activities, and nurture discussions with your solution partner helping to pave the way to measurable improvement. LOOKING AHEAD The digital transformation underway in the mortgage industry is undeniably not a fad. Digital solutions address numerous industry challenges. The technology and process transformation will provide a single view of the customer and personalize the customer experience, spur innovation within services and products offerings, increase compliance and cut down origination costs. Lending companies and mortgage servicers must embrace digital solutions to stay relevant. Migrating from a legacy mortgage model to a digital-solutions-based model will require dedicated organizational alignment. Remember, digital is not just a box to be checked or leveraged only for pointed solutions to specific problems. Are you off late having a train of thought? How to modernize, measure and manage a mission-critical runtime environment and partner ecosystem that is high-performing, robust, efficient and responsive to change? Tavant’s AI-powered digital lending solution can help you: Reduce application processing time Reduce the cost of the overall process Better control over the process and reduced error rates High visibility on loan application status across the organization Increase customer satisfaction and business, and enhance employees’ efficiency Do you wish to explore further? E-mail us at [email protected] to schedule a meeting. Innovative Lenders have altered their way of doing business to not only roll with the industry changes but also thrive in – and even help drive – the transformation. We will discuss this in our next blog.
The Magic of Clubbing Customer Experience & Text Analytics
Analytics-driven customer experiences are redefining the Customer Journeys in the Digital 2.0 world now. According to Gartner, “By 2020, with the help of AI, customers will be able to manage 85% of their relationship with the brand without interacting with a human.” Today’s digital-savvy customers live in an omnichannel world and transact with businesses in many ways. When they set out to accomplish a task over time, they expect a seamless hand-off among devices and channels. The entire journey needs to be consistent, contextualized and connected to satisfy these increasingly demanding and fickle customers. Customer experience can drive superior revenue and is critical to growth and competitive differentiation for business. Data insight is one of the primary tools for CX enhancement. An enhanced CX clubbed with an in-depth data is an opportunity window for smooth customer journey. However, the practical challenge for organizations is to integrate all their digital and traditional channels to manage a friction-less experience. It is likely that data is trapped in siloed systems across marketing, sales, commerce, and service. Unlocking the potential of unstructured data hidden in the customer journey If structured data is so big, then unstructured data is enormous. It is known that organizations exploit only structured data that represents only 20% of the information available. That suggests that 80% of the data is lying mainly in unstructured form and there is a tremendous potential waiting to be leveraged in the analysis of unstructured data. Unstructured data usually includes comment boxes in feedback forms, is undoubtedly a significant way to gather consumer views on a brand or a service. Unstructured data is highly valuable when merged with structured feedback since it helps in visualizing the consumer’s journey with the brand. Making sense out of unstructured feedback is hugely complicated and organizations that decode this, gain a better grasp of the customer experience. Moreover, when monitoring customer feedback, the element that brings a couple of benefits is Text Analytics. This Text Analytics can help bridge the gap between customer expectations and the experience provided during entire customer journey. These days customer feedback data are coming from the emerging channels such as social media and mobile devices enabling companies to rely more on text analytics. Organizations that are quicker to identify emerging trends have drastically improved the survey experience with much shorter questionnaires where their questions are getting answered easily and are also realizing the potential of non-verbal expressions like emoticons in conveying customer’s sentiment in feedback. Business Value of Text Analytics Analyzing the overall sentiment of the conversation and ‘what, who, where, when, why’ transforms the unstructured data into structured data and enables organizations to pay attention to all of the conversations. An essential goal of analyzing unstructured data such as customer complaints, opinions or comments is to catch the pulse on what users perceive about an entity. It also helps organizations recognize what do the customers think of the various attributes of a company’s product such as quality, price durability, safety, ease of use. The key to digital transformation lies in combining the Text analytics pieces together with a well-thought customer journey at a strategic level. In conclusion The use of text analytics is burgeoning quickly, and organizations are unleashing the potential that is possible if textual data are analyzed and integrated with decision making. Given the exponential growth of unstructured data both outside and within the organizations, text analytics will continue to expand. Organizations need better insightful text analytics to understand the most relevant drivers to improve the customer experience, ultimately leading to ‘Delightful Customer Journeys’. Text analytics is undeniably actionable if it supports decision making optimally and if the results of the analytics can be shared in a way the business is empowered to act.