Why do so many organisations fail when it comes to their own digital transformation projects?
For most, it's because they lack clear goals set out at the very start.
At FourNet's recent Digital Transformation Summit 2023, Oliver Bareham, our Customer Experience Director and Alan Linter, Group Consulting Director, explained how organisations can now 'Benchmark Your Way to Customer Excellence'.
With over a decade of experience working on huge CX transformation projects, Oliver and Alan shared insights on how FourNet uses CX standards benchmarking as a driver for successful change.
In this blog, we recap their session and show you how FourNet uses industry benchmarks to ensure digital transformation projects are successful. We also outline how our best practice benchmarking is now leading the sector and changing how our customers think about customer experience (CX).
"Between 69% and 85% of Digital Transformations Fail"
Digital transformation has been a key goal of many organisations for a number of years. This was catalysed further by the impact of the COVID-19 pandemic as organisations were forced to transform basically overnight. At the end of the COVID-19 pandemic, digital transformation had been accelerated by at least three to four years according to McKinsey & Company.
So why is this important to our customer experience benchmarking?
Due to so many organisations prioritising digital transformation, many are undergoing such projects without taking the time to properly assess their current capabilities.This means that projects are being initiated without real analysis and understanding of what their challenges are, what they struggle with and what they need to improve on.
Oliver suggested that without a proper understanding of the root cause of an organisation's challenges, the solutions that are chosen aren't likely to realise the ultimate goals.
To illustrate this point, analyst research found that the key reason why digital transformation projects fail is due to 'Lack of Clear Goals & Objectives'.
What is FourNet's CX Benchmarking?
Our benchmarking process is at the heart of all our CX projects now. When we first start working with a customer, we take the time to properly assess their current capabilities. We do this through a combination of data analysis and on-site analysis.
Once we have completed this analysis, we then compare capabilities in more than 100 areas against our best practice industry benchmark scale.
Our benchmarking analysis has been designed across a huge range of sectors, broken down into function and then into customer journeys.
Why is this useful?
Our analysis of a customer's capabilities against sector benchmarks gives us a clear picture of exactly where they are falling down and what they need to improve to reach their goals.
Above is an example of what our analysis will show. The outer orange ring is the industry benchmark level for each process and the inner blue line is an example organisation's capability. This shows us your strengths and what areas need improving.
However, even if an organisation has a low level against the benchmark in a particular area, it doesn't necessarily mean that they need to invest in improving it. This is where our on-site analysis and understanding of a customers' customers, comes in handy.
For example, if your customer base is predominantly made up of older demographics, then having strong 'Live Chat' capabilities might not be essential as many older customers prefer to use 'Inbound Telephony' to contact organisations.
With this in mind, we can then assess your capabilities, look at what you're trying to achieve through your transformation project and provide in-depth recommendations on the technology that you need to achieve it.
We pride ourselves on guiding our customers through the entire CX transformation project and our benchmarking capabilities are at the heart of how we do it.
Are you looking to transform your CX?
FourNet provides an end-to-end CX Transformation service, where we can help you assess your capabilities, provide transformation recommendations, deliver the best technology and provide managed services and maintenance.