TELL A STORYTell the story of a bank that knew about fraudulent calls made to its customers. And you happen to receive such a callWhat did they do about it? Let’s say that they issued a press releaseDo you expect more?
You do expect more. We do.Let’s take the example of the Wireless industry. 30-40% new customer leave due to dissatisfaction.And acquiring new customers is expensive… The average cost of customer acquisition is between $300 to $400 (http://www.wirelessweek.com/Archives/2006/01/Balance-Swings-to-Customer-Retention/).It is also commonly acknowledged that the cost of acquiring new customers is 5-10 higher than the cost of retaining an existing one (HBR)We expect better interactions with the companies we do business with. More personalized interactions.
Superior customer experience requires making it easy to do business with your organization. In this day and age, with the rise of digital and mobile technologies, we expect to do business digitally and that is good for your business.Let’s look at what each document costs you. When you factor the labor cost to file a document, search for it in file cabinets, the cost of physical storage for the document and the cost to retrieve and distribute it.And physical documents get lost and are expensive to recreate. You add it all if you need to create and manage 100K documents.Yes, it is expensive.
And it is not just dealing with paper and correspondences to deliver superior customer service.It impacts your day to day jobs as well. Often times, our ability to quickly find the right information impact our customers experience and the perception that they have of our company. How responsive can you be? How productive can you be? What about the idea of regaining a day a week? What would that do to your ability to get things done?
Despite our relentless focus on making our customer experiences better, we also live in tough economic times and we also need to do more with less. And sometimes, less can be costly.Look at forced delay in foreclosures could cost banks $6 billionForced delay caused by human error, lost paperwork; or lack of controls, false notarizations, forged signaturesBenefit fraud and error cost £3 billionCaused by the inability to identify abnormal patterns in an environment with complex rules, IT systems that are not integrated, and where there is poor process compliance. This lead to significant rates of human errors and high potential for errors.
In the end to ensure that you provide the best possible customer experience, you need to provide the right balance being control, process and agility. You need the right tools to do that. Do right, the implications are significantSEARCH:If we’re doing our job right, you’d never need to search. An enterprise employing 1,000 knowledge workers wastes $48,000 per week, or nearly $2.5M per year, due to an inability to locate and retrieve information, IDC report, August, 2001DECISION: 80% of Business leaders make major decisions with incomplete or mistrusted information, Council for Information Advantage, 2010COMPETITIVENESS: Thousands of IT global project results found that 66% of IT projects prove unsuccessful in some measure, whether they fail completely, exceed their allotted budget, aren't completed according to schedule, or are rolled out with fewer features and functions than promised (see www.standishgroup.com/sample_research/PDFpages/q3-spotlight.pdf ) - Standish Group International StudyCompanies that are agile grow faster.RISK MANAGEMENT: 85% of information is unmanaged -Enterprise Strategy Group, 2009That is potentially a ticking bomb for your organization.
You need the best platform in the business… that brings together communications, capture, content and compliance with the case as the central artifact. And Case is central to bringing it all together to help your business make optimal decision that will positively impact your customers’ experience.
Let’s look at the picture without xCP. You need integration at all levels: collaboration, ECM, etc.xCP provides a true end-to-end solution
Primer - Leverage the 5 C's with EMC Documentum xCP
Leverage the 4 C's with EMC Documentum xCP<br />Capture, Correspondence, Case, Content and Compliance<br />5<br />David Le Strat, xCPProduct Management<br />Get the full presentation on EMC World 2011 OnDemand@ http://bit.ly/j6lPyc<br />
“What would your organization do if it knew about this scheme?”<br />Do you Expect Superior Customer Service?<br />
$325<br />30-40%<br />COST TO ACQUIRE A NEW CUSTOMER<br />NEW CUSTOMER ATTRITION DUE TO DISSATISFACTION<br />
Paper is Expensive<br /> EACH DOCUMENT COSTS YOU…<br />$146 x 100,000= $14.6M<br />+<br />5,000 x $2000 = $1M<br />=<br />Total: $15.6M to create100,000 documents<br />$146 per document<br />$ 20in labor to file<br />$120in labor searching<br />$ 1per document to store<br />$ 5per document to retrieve<br />…AND ON AVERAGE, 5% OF DOCUMENTS ARE LOST<br />Average Cost of $2k per document<br />25 hours to recreate<br />
25%<br />6-10 hrs<br />SPENT SEARCHING FOR THE RIGHT INFORMATION TO COMPLETE A TASK<br />HOURS SPENT SEARCHING FOR INFORMATION EACH WEEK<br />
Processes Matter<br /><ul><li>Forced delay in foreclosures could cost banks $6 billion
Benefit fraud and error cost £3 billion</li></li></ul><li>Implications<br />1,000 knowledge workers waste nearly $2.5M per year, due to an inability<br />to locate and retrieve information<br />Wasted Resources and <br />Reduced Productivity<br />80% of Business leaders make major decisions with incomplete or mistrusted information<br />Poor Decisions<br />Agile companies grow 37% faster and have 30% higher revenue <br />Competitive Threats<br />85% of information is unmanaged<br />Increased Regulation and<br />Litigation Exposure<br />
DOCUMENTUM xCP<br />Graphical<br />Toolset<br />Process<br />Snippets<br />Forms Controls<br />Best Practices<br />UI Widgets<br />Community<br />CASE COMPLIANCE AND ANALYTICS<br />CASE APPLICATION COMPOSITION<br />Retention<br />Management<br />Security<br />Dashboards<br />Audit Trails<br />KPIs<br />End-to-End Solution<br />CASE MANAGEMENT INFRASTRUCTURE<br />External<br />Systems<br />Customer Communications<br />“Documentum xCP has brought about a sea change in our philosophy and approach to deploying business critical applications. …We’ve been able to explore other technology areas in which we could eliminate redundancies and consolidate applications on a single platform.”<br />Dr. Lynn Vogel, CIO, MD Anderson<br />Capture<br />Collaboration<br />BPM<br />Content<br />Enterprise Content Management<br />
The 5C’s in Practice<br />See the 5C’s in Practice and get the full presentation on EMC World 2011 OnDemand @ http://bit.ly/j6lPyc<br />