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https://runfrictionless.com/b2b-white-paper-service/
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http://www.capgemini.com/technovision
Digital Transformation Drives 2021 IT Investmentsrun_frictionless
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https://runfrictionless.com/b2b-white-paper-service/
How to Win at Digital Transformation: Insights From a Global Study of Top Executives
Forbes Insights and Hitachi surveyed almost 600 executives across industries and geographies to learn about their digital maturity. IT and business leaders revealed the complexities, roadblocks and gains they face as they transform their organizations to digital enterprises.
In prior research, we showcased how digital leaders are using investments in digital technologies to transform key capabilities across customer experience and operations. However, in today’s volatile and disrupted world, capability leadership is not enough. As well as having the capabilities in place, organizations need to be nimble and flexible – dexterous – if they are to respond to ever-changing technology advances, emerging competitive disruptions, and changing customer needs. Enterprises that excel in both qualities – capability and dexterity – are digital organizations. This ‘digital elite’ reported that they outperformed their competitors on multiple key performance indicators including profitability, customer satisfaction, innovativeness and growth.
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Our TechnoVision 2014 introduces a fresh, provocative and innovative approach to today's business technology landscape. Here's a platform business and technology leaders can use to create a new, different dialogue on how these disruptions will affect the near- and long-term business environment, and how you can leverage them to exploit market opportunities for sustainable competitive advantage. TechnoVision 2014 is a strategic asset that can help drive Digital Transformation across your entire enterprise.
http://www.capgemini.com/technovision
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Asset and Wealth Management might be the next targets, facing the up-rise of new Robo-Advisors quickly gaining market
share on their devoted playground until now.
Traditional Asset and Wealth Managers should anticipate and react, building on their knowledge and assets in order to contain this new trend but this will require that they adapt and probably more globally rethink their business model, to avoid the commoditization of their activity.
The aim of this document is to present how Asset and Wealth Managers can take advantage of the digital revolution / emergence of Fintechs to become more competitive and attract more clients.
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GE is betting big on software and analytics to bring about its transformation, with Jeff Immelt stating: “I took over an industrial company, now it will be known as an analytics company”. GE’s focus on data analytics was clear back in 2012 when it set aside up to $1.5 billion for small take-overs to boost its presence in analytics. GE currently monitors and analyzes 50 million data elements from 10 million sensors on $1 trillion of managed assets daily to move customers toward zero unplanned downtime.
GE’s digital transformation is not the result of being in the right place at the right time. Instead, it is the result of a structured approach that involved a strong top-down digital vision, capability development, achieving all-round buy-in and a constant focus on innovation.
While many digital natives, from FaceBook to Uber, continue to take much of the limelight, this 120-year-old giant of the corporate world shows that digital agility is not just confined to the new Millennial corporates.
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But what about Corporate & Investment Banks (CIBs)? Where do they stand in terms of multichannel for corporate clients?
Especially, what are the trends and opportunities in digital channels for them and what are the implications?
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It is the age of the digital customer. And digital customer experience is something that most companies have on top of their agenda. It is not hard to see why. In a survey, 70% of respondents said that good service had a considerable influence on their loyalty and 69% would recommend the company to others. The reverse is also true. Poor customer experience drives customers away. Research shows that nearly 89% of customers walk away from a company after a single poor customer experience. And this can have a significant impact. Businesses are estimated to lose as much as 20% of revenue from poor customer experiences. And this is precisely the reason we chose to focus the sixth edition of our Digital Transformation Review on Customer Experience. How can organizations create compelling digital customer experiences that work? We posed this very question to a diverse panel from around the world. Our panel for this edition includes industry leaders, academics, startup founders, platform vendors and technology gurus. They come from all over the world, including the home of innovation in the digital age — Silicon Valley
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Changing market dynamics are propelling Asia-Pacific businesses to take a highly disciplined and focused approach to ensuring that their AI initiatives rapidly scale and quickly generate heightened business impact.
Unlocking the Power of Digital Transformation: Freeing IT from Legacy Constra...Brocade
Global study shows legacy decisions, technology and perceptions are impacting innovation and business performance. View the full report, here: http://www.brocade.com/content/dam/common/documents/content-types/infographics/brocade-digital-transformation-legacy-constraints-wp.pdf
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The groundswell that is today impacting massively retail banking is now impacting all banking businesses. Opportunities offered by new digital technology such as Big data & analytics have not been fully explored yet by Asset & Wealth Management actors, and new technologies are mainly confined to improve shared platforms and reporting flexibility. But the turn might come soon now with the aggressive launches of Fintechs investing all parts of the banking business, including its most exclusive territories.
Asset and Wealth Management might be the next targets, facing the up-rise of new Robo-Advisors quickly gaining market
share on their devoted playground until now.
Traditional Asset and Wealth Managers should anticipate and react, building on their knowledge and assets in order to contain this new trend but this will require that they adapt and probably more globally rethink their business model, to avoid the commoditization of their activity.
The aim of this document is to present how Asset and Wealth Managers can take advantage of the digital revolution / emergence of Fintechs to become more competitive and attract more clients.
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How can a company that is over a century old transform itself to thrive in a digital economy?
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GE is betting big on software and analytics to bring about its transformation, with Jeff Immelt stating: “I took over an industrial company, now it will be known as an analytics company”. GE’s focus on data analytics was clear back in 2012 when it set aside up to $1.5 billion for small take-overs to boost its presence in analytics. GE currently monitors and analyzes 50 million data elements from 10 million sensors on $1 trillion of managed assets daily to move customers toward zero unplanned downtime.
GE’s digital transformation is not the result of being in the right place at the right time. Instead, it is the result of a structured approach that involved a strong top-down digital vision, capability development, achieving all-round buy-in and a constant focus on innovation.
While many digital natives, from FaceBook to Uber, continue to take much of the limelight, this 120-year-old giant of the corporate world shows that digital agility is not just confined to the new Millennial corporates.
Developing and managing a multi-channel approach has been
a key issue in retail banking.
But what about Corporate & Investment Banks (CIBs)? Where do they stand in terms of multichannel for corporate clients?
Especially, what are the trends and opportunities in digital channels for them and what are the implications?
To better understand the call center agent coaching environment, Knowlagent conducted Coachpalooza, a focus group series. This summary report includes all 20 distinct key findings as well as all survey response data.
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The Post-Recession Call Center
1. The Post-Recession Call Center – The Focus, the Spend and the
Opportunity
After 18 months of a grim economy, companies are emerging from one of the most volatile
business environments in recent history. Some are still feeling the pinch, while others are
optimistic about what 2010 will bring. Regardless, companies are – for the first time in a long
while – looking ahead, exiting survival mode and focusing on how they are going to gain a
competitive advantage in a post-recession environment.
This is especially true in the call center. In December 2009, Knowlagent conducted a survey to
determine the impact of the last 18 months on call center performance and budgets. The survey
was also intended to determine the areas where call centers will be focusing their improvements
and investments in the coming year.
The survey was conducted through an email questionnaire and yielded 121 respondents. Of
these, more than 50 percent represented contact center managers and approximately 18 percent
represented contact center operations titles. The sizes of call centers represented in the survey is
diverse; approximately 50 percent small (1-100 agents), 22 percent medium (101-500 agents)
and 28 percent large (501+ agents).
At a high level, the survey yielded two key observations. Firstly, the call center is more important
than ever to today’s enterprises. Roughly 72 percent of respondents said that the call center’s
perceived value to the company increased in 2009. Secondly, it appears that the days of cutting
staff and slashing budgets are coming to a close. The majority of respondents have no plans to
reduce headcounts or slash budgets again in 2010. They plan to do more with what they already
have (51 percent) or make additional investments with high discretion (30 percent).
With these fundamental observations in mind, the purpose of this whitepaper is to enable call
center leaders to determine where to make their investments and maximize their current
investments.
The Post-Recession Call Center: An Overview of Impact
As mentioned before, the participants in the survey reported that budget cuts are on the decline in
2010 as compared to the previous year. Approximately, 31 percent of respondents are planning
for a higher budget compared to 2009, 32 percent planning for less and 38 percent planning to
operate under the same budget.
The call center cost reductions that occurred in 2009 had a range of impact on operations. While
one would assume that cost reductions would yield either improvements in efficiencies or,
conversely, declines in key metrics, this was not necessarily the case for the call centers
represented in this survey. Of the 75 percent that reported they had made significant cost
reductions in 2009, 29 percent said they experienced no adverse effects from the reductions,
while 24 percent experienced a negative impact. On the flip side, nearly 22 percent actually saw
an improvement in the call center following major cost cutting measures.
2. Similarly, the impact that the overall economy – regardless of cost-cutting measures – had on call
centers in 2009 also varies greatly between respondents. Surprisingly, half (50 percent) of
respondents said it had little effect, while nearly a quarter (22 percent) said the effects were
largely positive. This is evidenced in the key performance indicators (KPI) tracked in 2009
compared to the previous year.
KPI Same Better Worse
Average Handle Time 44% 40% 16%
Average Speed of 43% 38% 19%
Answer
First Call Resolution 40% 52% 8%
Customer Satisfaction 50% 40% 10%
Quality 45% 47% 8%
Key Sales Metric 42% 42% 16%
Key Collections Metric 34% 55% 11%
Meeting the 2010 Call Center Mandate
As enterprises enter a post-recession economy, the focus is no longer on how to do more with
less in the call center. Most companies are being told to do more with the same resources, while
many others will have access to more resources in the coming year. Regardless of budget, the
recession has once again proved the importance and opportunity that lies within the call center. It
continues to be the front line of customer support and satisfaction – and therefore an opportunity
to grow revenues. Accordingly, enterprises are looking for creative ways to make the call center
more effective and productive.
When asked to select the ways they wish to increase call center effectiveness and productivity,
the majority of respondents identified technology investments, process improvements and/or
increased training as the three areas where they will make investment.
In 2010, call centers are recognizing that an increase in the frequency of key development
activities and processes, such as hiring, training, communications and coaching, will be critical to
meeting the mandate for increased effectiveness and productivity. Nearly 55 percent of
respondents plan to increase training regularity and 54 percent will increase coaching. The
occurrence of agent communication also stands to increase, with 44 percent of respondents
planning to increase, or at least maintain, the current rate of communications. Of note, only 22
percent of respondents plan to increase the frequency of the hiring process, while 34 percent
actually plan to decrease the amount of hiring.
3. The increase of these processes clearly demonstrates how enterprises plan to use the call center
(i.e. the front lines) to gain a competitive edge coming out of the starting gates of this post-
recession environment. The biggest challenge, however, is how call centers will achieve such
powerful results if they’re relying on “more of the same” processes and tactics.
The Investments & Tactics
Increased investment in technology, process improvements and training will be part of many call
centers’ 2010 strategic operational plans. Interestingly enough, the area where call centers are
most likely to spend to meet their 2010 goals is technology. The technology budget, compared to
2009, is expected to grow in 2010 (according to 35 percent of survey respondents) or remain the
same (48 percent).
To meet the mandate explained above, call centers are planning to invest in new technologies
and/or upgrade their existing systems over the next 12 months in the following areas
• IVR – 42 percent (especially medium and large call centers)
• Workforce management – 38 percent (especially small call centers)
• Quality monitoring – 45 percent (especially small and large call centers)
• Performance management – 34 percent (especially small and large call centers)
• eLearning – 28 percent (especially large call centers)
• Hiring assessments – 18 percent
• Analytics – 25 percent (especially small and large call centers)
4. Other tactics that call centers plan to use in 2010 to increase effectiveness and productivity within
their operations include a mix of at-home agents, outsourcing, reducing headcount, increasing
headcount and increasing self-service. While the survey did not report any across the board
trends in the projected usage of these tactics, there did seem to be micro-trends based on the
size of the call center.
o At home agents: Nearly 41 percent of respondents (mostly large call centers)
plan to use more at home agents in 2009, while 44 percent aren’t planning to use
at all.
o Outsourcing: Nearly half of large call center respondents are planning to
outsource more in 2010 (42 percent), while an overwhelming majority of small
and medium centers don’t plan to do it at all (70 percent and 68 percent,
respectively).
o Reducing headcount: A significant amount of respondents will scrap this tactic
in 2010, as 38 percent have no plans to reduce headcount, 11 percent plan to
make fewer reductions, 34 plan to change little from 2009 and 17 percent (mostly
large call centers) plan to make more reductions.
o Increasing headcount: Approximately 25 percent of survey respondents plan to
increase headcount, while 30 percent plan to keep hiring at 2009 levels. Only 12
percent plan to do less hiring, and 34 percent of respondents said they were not
planning to add to their current headcount at all.
o Increasing self-service: Perhaps the most ubiquitous trend across all call center
sizes, 71 percent of respondents plan to increase self-service in the year ahead.
5. The Opportunity for Call Center Talent Management
As companies seek to meet call center mandates, they have an opportunity in 2010 to take
advantage of a healthier technology budget to increase call center performance. However, many
companies will be doing this with the same or less headcount, and – in the case of the largest call
centers – a more disparate staff structure (note the increase of at-home agents and outsourcing
in the section above).
And, while self-service investments may lead to many financial and performance benefits, the
performance of the call center agent will still be directly proportionate to customer satisfaction
levels. As part of call centers’ 2010 technology planning, Knowlagent recommends that call
centers integrate talent management solutions into their infrastructure to manage performance
and ultimately customer retention.
If the overall industry could increase CCSI scores by just
5%, churn would decline by 22% and recommendations
would improve by 5%.
Contact Center Satisfaction Index 2009
Traditionally, call centers haven’t addressed talent management as strategically as other parts of
the enterprise. Because of the changeable nature of the typical call center workforce, as well as
the unique operational pressures of the environment, many enterprises have not had the
corporate buy-in, funding or will to address talent management as a strategic initiative.
Unfortunately, this inaction ill-serves the enterprise - especially given that there are 150 million
customer interactions each day at the call center level that impact customer retention and
profitability.
Another challenge is that talent management solutions are relatively new to the call center. While
they are commonly used in other areas of the enterprise to hire, retain and coach talent, they
haven’t been widely used within call center operations as they rarely provide a holistic view of the
agent lifecycle – from on-boarding to training and coaching. The reason behind this is simple –
the talent management approaches and technology available today aren’t designed for the call
center environment. Talent management solutions that may work well with a sales or R&D
department aren’t necessarily pertinent to the call center as implemented, and definitely aren’t
suitable for such a reactive, time-dominated environment.
For call centers to receive the maximum benefits of a strategic approach to talent management,
they need technology solutions that accomplish the following:
• Focus narrowly on call center-specific talent management challenges. Talent
management solutions must reflect the challenges inherent in the agent lifecycle. This
includes hiring and retaining the right talent, improving time to efficiency, and effectively
delivering ongoing training and continual coaching without negatively impacting
operational metrics.
6. • Deliver training and coaching on demand. A traditional talent management solution
may facilitate pre-scheduled training for a sales team. That works well when a sales
staffer can schedule an hour ahead of time and has the flexibility to attend a classroom
training session. In contrast, the call center agent doesn’t have a dependable schedule
within their workday. They are required to be on the phone as volume dictates. Therefore,
training has to be delivered in a way that is concise (i.e. it can’t require much time) and
integrates into their current workflow. The ability to deliver training on demand, during low
call volume times is critical to ensuring training is actually capable of being delivered.
• Accessible to every agent – whether in-house, outsourced or at-home. Today’s call
center agent can be found in the physical call center, in a foreign country or in a home
office. The disparate nature of the modern call center staff makes it impractical if not
impossible to deliver training and coaching through traditional mediums like the
classroom or webcasts. Today’s agent needs to be able to access training anywhere,
anytime. Therefore, call center talent management solutions are ideally suited for web or
hosted delivery versus premise-based software models.
The case for call center-specific talent management solutions is clear. In today’s business
climate, call center agents constitute a critical cost lever with high ROI opportunity. On average,
call center agents cost companies $2.4B every day. What if they became 10 percent more
efficient? The decrease in cost would be enormous, and the increase in productivity could
translate into millions of dollars of new revenues.
Furthermore, the call center represents a highly overlooked area of opportunity. Fortune 500
companies spend three times as much developing corporate staffers as they spend on call center
agents who have thousands of customer interactions each year. Again, this missed opportunity
translates into lost revenue opportunity and higher call center costs.
Conclusion
The next 12 months will undoubtedly be a state of flux for most enterprises. The ability to improve
customer service and satisfaction levels at a minimal investment will be instrumental in
determining who will thrive in a post-recession business climate.
As call centers prioritize their budgets for 2010, they should focus their investments in areas with
the most potential to eliminate process inefficiencies and improve agent management. Managing
the talent of the call center to effectively execute on the goals of the enterprise represents the
largest opportunity for cost reductions and revenue improvement. The challenge will lie in finding
a solution that reflects the call center’s greatest hurdles and can be as on-demand as the very
nature of call volume.
7. An Introduction to Knowlagent Call Center Talent Management
Knowlagent is the only talent management solution provider with an offering that is specifically designed
for the call center. For call centers of all sizes, Knowlagent increases agent performance and
productivity by dynamically scheduling off-phone activity during agent downtime. Its on-demand solution,
offered in a cost-effective software-as-a-service delivery model, offers the following key capabilities:
• Knowlagent Training: Pushes training and updates to agent desktops during unscheduled
downtimes. As a result, call centers can decrease training costs with fewer agents needed per
shift by as much as three percent and continually improve agent performance against specific
key metrics.
• Knowlagent Coaching: Automates standard coaching processes and finds time for coaching
in the unpredictable schedule of the average call center agent. This increases the supervisor
span of control by as much as 20 percent and dramatically increases the amount, frequency
and effectiveness of coaching.
• Knowlagent Hiring: Establishes a scalable process that drives decision-making for recruiters
and candidates. In effect, Knowlagent Hiring improves interview-to-offer ratios by as much as
30 percent and allows call centers to hire and keep more of the right people.
For more information on Knowlagent’s Talent Management Solutions for the call center, please
visit www.knowlagent.com.