Benchmarking Digital Transformation

Going digital is a logical goal for most companies. Digital customers are better engaged, tend to self-serve more, and overall are higher value customers who drive more revenue.

One question companies should be asking themselves as they undertake digital transformation is “How do we know how we’re doing?”

There is really only one way of knowing if your plans to “go digital” are working and that is to organize around journey principles rather than separate channels or specific touchpoint experiences. Sure, you can talk to the digital payment folks and find out how well their process is working. And you can talk to the call center, find out how many payment calls they are taking and even, anecdotally, how many customers mentioned that they’ve tried the website.

Only a customer journey perspective can reveal inefficiencies across the overall payment process. Companies need to take a macro-view of the journeys that matter—managing accounts, paying bills, filing disputes, etc.—before they can properly measure where they stand in their digital transformation.

The highest level benchmark might be as simple as what percentage of customers have a digital login compared to the total size of the financially active customer base. Once you know this number, it is possible to set a goal for the digital transformation such as a percentage increase over a certain period of time.

Measurement is critical regardless of how far along the digital transformation path a company believes itself to be. One company might have a terrible mobile app and low engagement while another has a robust app and high digital usage, but without holistic measurement powered by journey analytics they are equally blind to the impact of any changes.

A perceived uptick in one channel is not reflective of overall improvement. The managers in mobile, web and the call center can report individually on payments via their channel. If they each require and collect different information, however, there is no continuity to enable you to assess the customer experience. Without a holistic view of customer journeys, you don’t fully know how customers are interacting with the company. Once journeys are mapped out, it becomes possible to see key details. You might realize that almost all disputes come in through agent interactions rather than using the less costly online functionality you invested in. The next step is to find out why this is happening.

In the absence of a journey-based analysis and journey management, it can be hard to gauge why changes are made at all. Rather than making data-driven decisions, companies act based on anecdotal reporting of what customers say to call center agents right before making some change to their account. If a company wants to measure change in that environment, someone will need to write a series of SQL queries to extract and analyze the pre- and post-state and then map those results to other channels. It can take months to get answers in such a disconnected environment.

With a journey analytics platform in place and significant journeys mapped out, a change that is made feeds data to a system that readily and continuously reveals impact. Newly generated data will be reflective of the change, so success can be measured immediately. Journey owners within the company can see a customer's experience across channels and make recommendations to enhance the end-to-end flow of the customer experience, identify steps to build and bolster functionality that encourages self-service, and develop effective communication plans to drive customers through the optimal journey.

In other words, a company not only transforms digitally simply for the sake of it being the thing to do, but because it is a true, measurable engine for change.

Read more in the latest blog in our Digital Transformation series:New Call-to-action

 

Written by Matt Oberlin

Matt is a Sr. Manager on the ClickFox Business Solutions team. Matt oversees journey analytics programs for some of the largest companies in the world and has been with ClickFox for 8 years.

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