Make those minutes count

The Front-Office Transformation of the Modern CIO

Customer ExperienceTraditional thinking often relegates technology employees – even executives like the CIO and CTO – as back-office positions, supporting the day-to-day operations of a company without directly interfacing with customers or impacting the bottom line. However, as customers move their business interactions to an increasingly online and social media-driven world, CIOs find that the customer experience is increasingly within their purview. The savvy CIO will finds ways to focus resources on improving the customer experience, which can make a big difference across the entire sales funnel.

Reputation Economies

Reputation economies are growing fast in today’s digital and interconnected world, with word of mouth having a direct and proven impact on sales. With low online barriers for both complaints and praise, customers are likely to take to Twitter, Facebook, and other social media platforms to call out outstanding customer experiences – and disappointing ones. In fact, poor word-of-mouth alone is estimated to cost US companies $41 billion each year, and that number doesn’t count the cost of customers who have a bad experience and simply turned away, never completed a purchase, or never returned.

More and more of a customer’s experience with a company is filtered through the online and technological presence of the company. Between 2015 and 2016, for the first time in history, consumers became more likely to make purchases onlinethan in a brick-and-mortar store, and everything from fresh groceries to B2B enterprise data solutions are moving onto the internet. This means that a CIO is positioned to control one of the most important front-office fields within a company.

Managing the Customer Experience

Content management systems (CMS) and customer relationship management (CRM) systems are two of the basic platforms for managing the customer experience. The CRM system monitors and analyzes customer response through a variety of points of contact, from website hits to call center interactions, delivering actionable data to CIO teams. Meanwhile, the CMS tailors a customer’s experience to their needs and preferences.

For example, the CRM for a design software company might track statistics on website hits, and discover that marketing and product information pages are overwhelmingly visited by designers with high-resolution, multi-monitor setups – whereas later in the sales funnel, orders are placed by executives on mobile devices such as tablets, or more middle-of-the-road desktops with monitors. Understanding this breakdown allows a CIO to target each visitor persona with a website experience modeled for their unique environment, leading to positive responses from the customer.

Bringing the CIO and technology staff into the front office may require a hard look at the scope of the position, as well as re-training, clarifying business goals, and auditing existing processes. But the results can bring the power of digital transformation to the company’s growth and sales.

How Businesses Benefit from Fast Data Analytics

shutterstock_328634297As the Internet of Things (IoT) expands in popularity, people are using more devices with interconnectivity. This includes using smartphones and tablets to control home security systems, appliances, fitness tracking devices, televisions, and many other systems to maximize convenience. Because of this interconnectivity, IoT has given businesses access to better raw data that helps them understand their customer base and the performance of their products.

Fast data analytics can allow many companies across a wide variety of industries to develop better processes for customer service, marketing, and other aspects of their business.

Following are some examples of how certain businesses can utilize fast data analytics to their benefit.
Financial Companies Can Closely Monitor Business Transactions

Many financial firms handle millions of transactions with customers on a daily basis, which means it can be difficult to effectively detect delays or breaks at any given moment.

Fast data analytics has allowed financial companies to more easily monitor business transactions, from specific processes to complete transactions. Firms can use automated algorithms to make sure that every moment of every transaction receives the same level of attention through monitoring software. These algorithms can determine if flows have any issues that need to be addressed, allowing for quicker responses.
Insurance Firms Can Experience Faster Processing of Claims

Similar to financial firms, insurance companies often deal with millions of claims every day. In some cases, insurance companies might work with monitoring systems that are outdated, causing them to potentially miss certain issues and spend more time and resources identifying and solving them.

A faster data monitoring service can help insurance companies detect delays in claims processing, bringing issues to the attention of IT professionals who can address them faster.
Securities Firms Can Meet Industry Compliance Requirements

2010 saw the introduction of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which is a U.S. federal law that was intended to regulate financial institutions and help avert crises in the industry. To avoid legal troubles, securities companies must remain in compliance with this Act.

Dodd-Frank compliant businesses will have the ability to report SWAP trades within minutes, which is made possible by fast data analytics. This technology provides securities firms with the real-time monitoring they need to say within Dodd-Frank regulations.

These are only a few of the many instances where fast data analytics can help businesses in both customer experience and accountability. Fast data analytics implementation helps companies make positive change.