Gauteng Business News

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MANAGEMENT: Why Interaction Management Should Be a Boardroom Issue


Recent Gauteng Business News

AS A business leader, are you aware of the risks and opportunities that arise from doing business in a world of omni-channel communication? A world where for the most part, customers are dictating how they wish to interact, transact and generally do business their service provider. The same world where customers are increasingly aware of their rights with regards to how these interactions are conducted, and the level of service that they should be receiving writes Cedric Boltman.

Be it telephonically, via email, through an application, or via various social media channels - it is imperative for organisations to record and monitor these interactions and transactions, so as to retain proof for a number of reasons. While interaction recording has traditionally been the province of IT or certain lines of business, the risk prevention and value of interaction management have significant business impact that. As a board member, can you afford not to prioritise it as part of your business strategy?

Today’s business is centred around the customer, and the customer should be the focal point of every business decision that a board makes. From the first interaction that a customer has with a business’s brand, to the moment that they make their purchase and beyond, every point of the customer journey should offer satisfaction. Interaction management offers a strategic approach to maximising the power of your customer experience while at the same time reducing your operational risk. It can be used as a tool for Human Resources, for financial planning, to improve or adapt customer service, for legal and process compliance and even to prevent revenue loss. The bottom line impact of interaction management should not be left only in the hands of an IT department or specific line of business.

Customer focus

In challenging economic conditions, one of the most effective ways for businesses to maintain their competitiveness is to differentiate themselves through exceptional customer experience.

At every turn, a business should be ensuring they are focusing on driving customer satisfaction, and interaction recording aids this in a number of ways. analysis of the data collected from interaction recording can bring to light a tremendous amount of valuable information. Not only can a business identify and pinpoint areas where service can be improved at the point of interaction (a great HR benefit) but it can also identify a host of other business pain points and drivers.

Interaction recording is a cost-effective method of understanding one’s customer, allowing the business through interaction play-back, to view the interchange from the perspective of the customer. This gives unique insights into the mind of the customer, as well as adding to the value of quality control. Through proper analysis of interactions, businesses can identify customer sentiment, buying patterns and customer reaction to product and service offerings.

At a board level, these key indicators can assist with decision making around tailoring a product or service list in line with customer demand or rejection. They can also determine where they are losing money due to unproductivity and use the data to optimise their workforce.

Risk prevention

Enterprise risk management allows business leadership to take proactive decision to mitigate risk. Risk is, or should be, a boardroom discussion. The board should have a view on the risks facing the business and what the potential impacts are. Among many forms of risk, the key concerns are related to company reputation and legal compliance risk, leading to potential loss of revenue.
Interaction recording acts as a vital check point to ensure all information is accurate and that terms are agreed to. Should any legal discrepancies arise, organisations can leverage their interaction records as proof of compliance and transaction.

Optimising your business

Generally, a business’s most strategic costly resource, is its human capital. Interaction management enables the business to monitor, improve and develop the performance of its staff by analysing the way they interact with various business stakeholders. Optimising these interactions will allow business management to achieve improved productivity, translating into bottom line cost savings and increased revenue.
Shortcomings or bottlenecks within your business processes and workflows, will be identified through effective interaction management. Empirical analysis through interaction management enabled management to streamline key functions within the organisation.

Interaction management - a boardroom tool

Board members are charged with the responsibility of guiding the business in implementing systems, tools and processes to more effectively manage customer experience, organisational productivity and risk mitigation. This responsibility should not be delegated to an IT department or other business unit. Doing so, board members and C-level management may be missing out on the opportunities presented for revenue growth, profit enhancement and customer experience management if they are not making interaction recording part of their strategy.
The question is no longer whether you can afford effective interaction management, but rather whether you can afford not to. How are you, as a business leader using the data that interaction recording provides to maximise your business success?

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