Fast Fish Forum key take-outs 15 Mar 2017
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This document summarizes key points from two presentations at a Fishbowl event on using customer data and insights to drive strategies and improve customer experience. The first presentation discussed engaging with customers through in-depth interviews and exercises to better understand their needs and decision-making. This provides insights that can be combined with existing organizational data to create strategies and ensure the business is responding appropriately to customers. The second presentation focused on how a bank used data science to break down silos, prioritizing a shared customer experience vision and insights that address both short and long term value. It was emphasized that different areas must collaborate to holistically serve customers and that metrics should demonstrate the impact of changes made based on customer data and insights.
Fast Fish Forum key take-outs 15 Mar 2017
- 1. Fishbowl artefacts 15 March 2017
- 3. Topic 1 take-outs Creating strategies by combining customer needs and your existing data Presented by Derek Martin, Principal Consultant, BSG
- 4. BSG’s Principal Consultant Derek Martin Today’s way of working distances us from how our customers interact with our brand. Surveys and quick telephone calls with customers aren’t sufficient to drive the innovative and competitive responses required. Customer insights drive profits, required to keep business going. The right data is required to predict our customer’s responses and truly understand them. Many organisations lack sufficient customer information to drive the right strategies to maximise customer value. Start off by defining the problem to solve, then the data to be used. Rich but dispersed operational data often goes untapped because it resides in organisational silos, which limit access and inhibit a common data view.
- 5. BSG’s Principal Consultant Derek Martin Engaging with customers in more personal 1-on-1 interviews often yields surprising results, as they freely share information you might not learn otherwise. We play games with customers to get them to open up and understand their thinking and reasoning behind decisions e.g. Monopoly money to see how they would invest it. This allows an organisation to assess how they should be responding to clients’ requirements. BSG has found an iterative approach works best, in short three week periods. Many organisations actually know far less about their customers than they should or think they do. Some organisations are over reliant on certain data methods, while others need to be capturing more data. Today’s business needs an in-depth understanding of their customer to define their strategy. This is not easy to obtain, but combining data with interviews gives an organisation an approach to help in moving the business forward.
- 6. • Still a challenge to service customers seamlessly • Organisations need to realise how to unlock the value of their data • The right questions have to be asked of customers • Make business decisions based on information gleaned from customers • Business units can’t be territorial over data – data must be shared and understood across the organisation • Despite a focus on UX – it needs to be more of an integrated journey • Understand customers across channel engagements • Technology should be used as an enabler © BSG. All rights reserved CONSULTING | TECHNOLOGY Key take-outs: Topic 2
- 7. Topic 2 take-outs Use of data science to break down silos in support of customer experience (CX): using our financial expertise to do good Presented by Trinesha Reddy, Head: Strategy & Insights and Pedro Rhode, Executive: Sales & Service Effectiveness, Nedbank
- 8. Nedbank’s Executive: Sales & Service Effectiveness Pedro Rhode To remain relevant, organisations need to concentrate on being client focused. Collaboration can be used as a competitive advantage. Organisations need to invest in deeply understanding customers. Utilise data science to answer the difficult questions that have longer tails on ROI, don’t only concentrate on pursuing low complexity items which impact the bottom line and require less effort. Change must be led from the top down, to sit at the centre of the organisation.
- 9. Nedbank’s Head: Strategy & Insights Trinesha Reddy Create a shared customer experience vision, focusing on customer strategy. To create the CX required, start with a clear customer strategy. This will focus insights on questions which can be answered. Insights and business need to work together: business is accountable for identifying opportunities and outlining metrics / KPIs, while data needs to be decoded to make the insights understandable to business. Create incremental plans and roadmaps combining short and long term value. Utilising data enables the shifting of strategy to change the scorecard, which can lead to changes in behaviour. This links to cultural change, required to overcome the silo challenge.
- 10. © BSG. All rights reserved CONSULTING | TECHNOLOGY Summary: Topic 2 • Need to work in partnerships across organisation, to serve a “single” customer • Organisations must be able to adapt quickly to changes in market demand and embrace disruptive opportunities • New ideas must be practical and relevant to the market and attractive to the organisation’s customers • Metrics and measurements can show the road to success • The underlying reasons behind customer problems need to be unpacked and resolved • Diverse teams work well, with access to data science skills • Use learnings from previous experience to assess what is realistic
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