Turn Vision into Reality
The theme for this conference can be captured best in a quote from the Harvard Business Review: “Of the $1.3 trillion that was invested in digital transformation in 2018, $900 billion has been wasted” $900 billion wasted. That’s a lot of money. Sadly, we have been here before: in the late 1990s into the early 2000s, huge IT investments were made in ERP systems, CRM systems… and a lot of those investments under-delivered. One might think we would learn from such an experience but in many cases, we are just repeating history. A recent Oliver Wyman report entitled “WHEN VISION AND VALUE COLLIDE: The State Of The Financial Services Industry 2020” predicts a conflict between people with the vision mindset and people with the value mindset. When the value mindset dominates the thinking within firms, the result is many small changes with known but low-impact outcomes. When the vision mindset dominates, aggressive amounts of spending can go into transformation efforts that don’t yield results -- perhaps not for years, perhaps not ever.
So what we wanted to emphasize in this conference is that while Vision is important – there is no creation of the future without vision – we also need to live in reality. And in business, reality demands a return on investment. And this means that one should apply DX technologies in a way that improves an important process that can deliver material value. The key to success is to understand your objectives before formulating a digital transformation strategy -- and to avoid bringing in the technology until you have gone through all of these exercises. Once you have a clear objective and create a strategy, only then should you begin to develop the tactics needed to achieve each goal. And then the tactics will determine the technology. The technology fit will be determined by the tactics and the strategy. All too often technology replaces strategy.
The Convergence of Three Imperatives: DX, CX and Compliance
Three trends in customer communication have now converged: one is the need to comply with regulations: privacy regulations, accessibility regulations, SEC regulations, etc. This is vital for obvious reasons. A second is digital transformation (DX). And the third is customer experience (CX). For some verticals -- insurance and finance, for example -- the customer-facing document is the essential tool through which your customers experience your brand. Creating documents that are easy to understand, concise, colorful, full of useful information, universally accessible and omnichannel is a smart way to deliver a great customer experience.
And so digital tools that consolidate your 360 view of the customer, tools that create visually attractive customer-facing documents, tools that deliver these documents in a universally accessible way via whatever channel the customer prefers is a good use of time and energy. These are investments that yield value. So where DX meets CX there is material value. You can call it CCM – Customer Communication Management – you can use AI and analytical tools, you can use RPA, AR, all kinds of things – but at the end of the day, improving the customer communication process delivers value. That is what this virtual conference is about.