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How to make change management happen in the most effective way

Many things can put your business at risk, including changes to your organisation, people or technology. The current pandemic has put many businesses under unprecedented pressure, and some even teetering on the brink of survival. Crises like this quickly turn change...

Future-ready part 2: Diversity – an essential ingredient for a future-ready organisation

In his seminal 1937 essay, “The nature of the firm,” the economist and eventual Nobel laureate Ronald Coase argued that corporations exist to avoid the transaction costs of the free market. Yet with transaction costs plummeting (spurred by rising connectivity)...

Future-ready part 1: What does a future-ready business look like in the new normal?

The pressure to change had been building for years. Well before the COVID-19 pandemic, senior executives routinely worried that their organisations were too slow, too siloed, too bogged down in complicated matrix structures, too bureaucratic. What many leaders feared,...

Organisation Design: Restructuring or Reshuffling to enable Strategy

Customer expectations are not just changing; they are exceeding the ability of a business to deliver on time. They are looking for alternatives, with more emphasis on experience and convenience. To keep up, companies are evolving their offering to meet the...

How to fill the gap between Strategy and Execution

Organisations are great at setting their strategy and identifying their goals, but they fall short when it comes to their operating model review and redesign, the key component that enables the strategy and drives the achievement of goals. Operating models consist of...

Culture PART 2: The role of leaders in a culture shift

In the previous article in this series we examined the effect of COVID-19 on an organisation’s culture. Now, we turn the focus onto the role of leadership and technology in leveraging culture. When an organisation decides to change its culture – be it planned or...

Culture PART 1: Did COVID-19 signal the end for hierarchical organisations?

According to the Organisation for Economic Co-operation and Development, human capital is defined as: “the knowledge, skills, competencies and other attributes embodied in individuals or groups of individuals acquired during their life and used to produce goods,...

Meet MAC’s Executives: Karina Jardim, Senior Executive

“Exceptionally talented consultant” “An absolute pleasure to work with” “Driven by a desire to see people grow” If you know Karina Jardim, you know that these phrases used to describe Karina ring undoubtedly true. She is a name that is valued to every MACer, whether...

Thriving in the Age of Digital Adoption: Embracing the Workforce Ecosystem (part 2)

In the first part of this series, we looked at how the fears of technological innovation are resulting in an unproductive resistance toward modernisation, even as it gains extraordinary pace in 2021. We also delved into the importance of a growth mindset in allowing...

Thriving in the Age of Digital Adoption: Overcoming the Fear of AI (part 1)

“What if artificial intelligence takes over my job? What if I become redundant?” Every one of us has experienced technology encroaching on our lives, more and more so with each year that passes. It appears that technological innovation is a certainty that is only...



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Solutioning for the customer through data

SOLUTIONING FOR THE CUSTOMER THROUGH DATA

Taking Control of Information

We live in a time where consumers have the power. With choice and access to information at their fingertips, consumers can flip between service providers with relative ease. Attracting and retaining customers is more about customer service than anything else. Provide good customer service and you will be rewarded with loyalty but offer customers a negative experience and you will lose their business.

Customer service has become about more than just offering a good quality product and managing complaints, although these are still of utmost importance. In any organisation or industry, a business needs to know their customer in order to offer their customer exactly what they want.

Just as customers have an information advantage, so too do organisations – if they know how to use it.

Take a bank, for example. Effectively using the data to which the bank has access will give them a full view of their customer. Apart from knowing all personal details and the financial standings of customers, , banks know the spending patterns of their customers in detail, their behaviour, and external product holdings, to name a few. Using this data, a holistic view of the customer can be developed, giving banks the ability to service their customers end-to-end. Banks potentially have the ability to provide solutions for their customers as they move through every stage of life, meeting all of their banking needs along the way – whether customers realise their own needs or not.

Imagine a bank that proactively offers you an extended home loan for home improvements, because they notice your recent spending at a building supplier. Or a bank that knows that your vehicle will soon be paid off and offers you an investment option for your soon-to-be spare funds with an attractive interest rate. The opportunities for a bank to effectively meet their customers needs are endless.

It is one thing to have access to data and a completely different thing to make effective use of it. 

Ingesting data is a complex issue and a journey that should not be underestimated. Sourcing the right, quality data, with the correct architecture and governance in place, is key. This needs to be managed and integrated end-to-end across the business, and constantly aligned to strategy to ensure that the data sourced will allow leaders to make the right decisions. Once established, advanced capabilities such as machine learning and artificial intelligence can be incorporated to analyse the data, make decisions for the business and elevate the data capability within any organisation. However, the basics need to be in place first.

While the complexity of harnessing data differs across industries, the principle remains the same – use as much data as you can to fully understand your customer and adapt your value propositions and offerings as your customers’ needs change. In short, organisations should focus on using data to offer their customers the best service and offerings that they can.

If customer service is key to business success, data should be a strategic priority for any organisation.

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