Episode 57
Invest in Outcomes, Not Just Inputs, for Successful Digital Transformation and Customer Experience Initiatives
The world of digital transformation and customer experience initiatives is booming. Companies all over the world are looking to invest heavily in their technology outputs, believing that this will go towards optimum customer engagement and satisfaction.
However, this is far from the truth – investing only in technology rarely leads to successful digital transformation. We must focus on outcomes rather than just inputs for successful customer experience initiatives, but how do we do that?
In this episode of the Mind The Innovation Leadership Podcast, Cynthia Kellam, a leading expert in digital transformation, shares her insights on the importance of investing in outcomes, not just inputs, for successful digital transformation and customer experience initiatives in B2B companies. By focusing on the desired outcome and unlocking the full potential of digital transformation through the digitization of data, processes, and customer experiences, companies can improve their operations and enhance the customer experience. This must-listen episode is a valuable resource for anyone seeking to understand the power of digital transformation for B2B companies.
Host
Sannah Vinding
Guest
Episode
E57
Key takeaways
The aim of self-service is to enhance human interaction by making it easily accessible to customers whenever required.
Digital Transformation Boosts Customer Experience
Digital transformation is revolutionizing the customer experience, allowing businesses to provide customers with a personalized and seamless experience. By embracing technology and data, companies can deliver an unmatched customer experience that meets the needs of the digital consumer. Around four out of five businesses surveyed have reported that the pandemic led to an increase in their digital transformation budget.
Customer experience is an essential factor in digital transformation that can increase a company’s revenue by 20-50%. Technological advancements and excellent customer experience have raised the standard for digital customer experience, making it important to optimize end-to-end CX for every digital business. According to Mckinsey, B2B companies have experienced a revenue growth of 10-15% and cost reduction of 10-20% through digital transformation in customer experience processes.
Leadership requires a mindset that is comfortable with taking various types of risks, including investments that may not have a guaranteed return.
What is digital transformation?
Digital transformation is a process of integrating digital technology into all areas of a business, resulting in fundamental changes to how the business operates and the value it delivers to its customers. It involves changing how companies interact with their customers and providing them with an experience whenever they need it.
Companies that digitally transform are creating highly engaged customers who are more likely to try new products, refer the brand to others, and make purchases with their preferred brand. Customer experience and customer satisfaction are key influences for businesses when deciding to implement a digital transformation strategy.
Digital transformation can offer many benefits, such as increased revenue and growth potential, enhanced customer engagement, and more. Companies with higher digital transformation maturity reported 45% revenue growth compared to those without such strategies in place. Understanding the needs of the new digital customer is essential for delivering a better customer experience. Digital transformation is not just about evolving tech devices; it’s about implementing intelligent technologies into business operations to meet the needs of modern customers. By leveraging data-driven insights, businesses can create personalized.
The emphasis must remain on developing talent, coaching for change management and enhancing proficiency in the use of digital platforms and capabilities.
Optimizing and Maximizing Internal Operations and Customer Experience through Digital Transformation
Digital transformation can optimize and maximize the use of digital technologies for internal operations and customer experiences by focusing on key areas such as process automation and data analytics. Automation allows businesses to streamline processes, save time, minimize errors, increase efficiency, and improve customer experience. Data analytics helps businesses better understand their customers’ needs, behaviors, interests, and preferences in order to create personalized experiences that drive engagement and loyalty. Additionally, integrating customer feedback and insights into business decisions helps organizations understand their customers better and optimize product performance. Finally, leveraging cloud solutions allows for real-time scalability to ensure maximum cost-effectiveness when managing user demand.
Balancing Technology and Human Interactions
Self-service websites can provide a balance between technology and human interactions by giving customers the option to use the website for completing simple tasks, such as ordering products or checking on an order status. At the same time, it provides access to support representatives who can help with more complex issues. This allows customers to quickly complete mundane tasks without waiting for assistance from an employee and frees up staff members to be available for more complex situations that require personal attention. Self-service websites also promote transparency and access to accurate information, providing convenience and peace of mind for both businesses and their customers.
The goal of self-service is not to eliminate human interaction but to enhance it by making it available to customers whenever they need it. By allowing customers access to a self-service portal or website 24/7, they are able to get the information and help they need in a more convenient manner. This can mean faster resolutions to their problems and quicker access to the solutions they need. Additionally, by providing a self-service method of obtaining information, companies are freeing up resources like staff time to further focus on other areas that require more in depth conversations with customers such as complex issues or sales enquiries. Self-service ultimately provides a fuller customer experience while still providing those key personal interactions when needed.
Why is a Leadership Mindset Needed for Digital Transformation?
Digital transformation is a process of change and innovation that requires a leadership mindset that is comfortable taking various types of risks, including investments that may not have a guaranteed return. Leaders need to be able to understand when traditional models and ways of working no longer apply, so they can make the necessary changes to ensure success in the new digital landscape.
The ever-changing nature of technology means there will be challenges along the way, but with proper risk assessment, decision-making, and a willingness to take informed risks, leaders can successfully implement digital transformation initiatives and lead their companies into a prosperous future.
Invest in outcomes for successful digital transformation and customer experience, track progress with clear objectives, take a strategic approach for comprehensive transformation and exceed customer expectations while maximizing ROI.
Successful digital transformation and customer experience initiatives are built on investing in outcomes – not just inputs. By creating clear and measurable objectives to track your progress, you’ll have the data necessary to understand what is working and figure out areas for improvement. Taking a strategic approach toward developing a comprehensive digital transformation strategy will ensure you’re able to exceed customer expectations while maximizing your ROI.
Cynthia Kellam
Cynthia Kellam
Global Head of Digital, Customer Experience & Marketing data, Insights and Analytics, at TE connectivity
Skilled leader in driving customer-centric business transformation. With a focus on digital enablement, product innovation, and the development of an omni-channel customer experience strategy, design, and delivery, Cynthia is dedicated to delivering results and improving the customer experience. With extensive experience in this field, Cynthia is a valuable asset to any organization looking to enhance its customer-centric approach.
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