Innovation - The key to enhance Customer Experience


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Innovation - The key to enhance Customer Experience

  1. 1. Innovating to Improve Customer Experience by Rajit Mehta Executive Director and Chief Operating Officer Max New York Life1
  2. 2. To thrive in an increasingly competitive world, organizations need to derivegreater value from limited resources Organizations are tasked to… However … Increase Limited return on Capital investment & Scarcity of right skill Provide profitable & Competition & sustainable Regulatory Flux growth Need sharp understanding of customer’s (both prospect and current) needs2 Need for Analytics
  3. 3. Future is competing on analytics: “’the new science of winning” Analytics is the extensive use of data, statistical & quantitative analysis, explanatory & predictive models, and fact-based Champion management to drive decisions and actions analyticsSophisticated analytics enable companies to generate a new and from thelasting competitive advantage top Create single analytics initiative What ? Why ? How ? Establish an analytics cultureAt a time when companies in many industries offersimilar products & use comparable technology, many ofthe previous bases for competition are no longer viable Hire theDifference between winning and losing is smart & quick rightdecision making and execution peopleMore companies will choose to compete on analytics as Use thetheir distinctive capability in the next five years as a way rightto outperform their competitors technology3
  4. 4. Organizations need to understand in which analytical spectrum they are operating andhow can they push their analytical boundaries to derive maximum value Most organizations fail in their analytical endeavor because they are ‘unable to embed’ the analytical output in business processes Enables organizations to gain a ‘Competitive Advantage’ Helps leaders in decision making through ‘Root Cause Analytics’ Helps business in understanding ‘Key Levers’ Primarily centers around ‘Information Management’4
  5. 5. Further….organizations need to sharply embed analytics across the customerlife cycle to derive business valueHIGH Although analytics can be used across the entire spectrum of customer life cycle….it is important to identify ‘key Increasing business value from a customer pain areas’ and target those through heavy duty analytics Share of wallet Retention Customer Service Onboarding New Customer AcquisitionLOW LOW Time spent with the organization HIGH5
  6. 6. Why efforts to create an Analytics driven organization fail Change Management “I don’t know “I don’t agree “What’s in this “Where does how to do to the for me ?” this fit ?” this” output!” Individual people Lack of holistic Data quality benefit not Lack of training view concerns communicated No overall vision Internal Generic training Inability to – documented customers are and not accept new and share being impacted functional insight Changes in If not made here, No single Training not well people’s role or then its not business case attended status correct Delay between It does not Lack of benefits Makes people’s training and first capture field tracking job harder use insights6
  7. 7. Thus…there are 5 critical success factors to make an organization analytically driven Key Success Factors Capture data Build Embrace Embed Monitor Expertise Culture / Outputs Model is as good Constantly Mindset measure impact as the data: Equally It is important to “Garbage in important to integrate of Analytics Garbage out” Senior analytical output through understand Management with last mile controlled technique and Centralized data buy in is critical. processes to experiments business repository Successful derive value projects are top driven Executive sponsorship and clear ownership of analytics capability7
  8. 8. To Sum Up In order to succeed, Leaders in an organization need to extensively make use of the ‘three tenants of analytics’ Hindsight Insight Foresight What Why did it What happened? happen? will happen?8
  9. 9. THANK YOU9