CATEGORIES: COMPANY CULTURE, OPERATIONS & EXECUTION
Chip Royce, Flywheel Advisors – February 25, 2023
Executive Summary:
Companies that use technology for back-office operations and customer-facing experiences are, for all intents and purposes, technology companies. The use of this technology has provided multiple benefits, including productivity gains, data to enrich the customer experience and optimize business operations. However, companies must also address gaps and find ways to reconnect with customers for better experiences and greater loyalty.
In today’s world, it’s hard to find a company that isn’t using technology in some way to manage its operations or customer experiences. But for many of these companies, technology isn’t just a tool, it’s the very essence of their business. From back-office operations to customer-facing experiences, companies rely more heavily on technology to drive their growth.
The benefits of using technology in this way are clear.
Technology has enabled companies to automate many processes, freeing resources to focus on higher-level tasks. Automation can help companies reduce costs and improve efficiency while reducing the risk of errors and ensuring consistency.
In terms of customer-facing experiences, businesses have benefited by offering personalized experiences that drive customer loyalty. For example, e-commerce retailers can use machine learning algorithms to recommend products based on a customer’s purchase history or browsing behavior. Healthcare providers can use wearable devices to track patient health data, allowing them to provide more personalized care.
In today’s business landscape, companies must be able to keep up with technological advancements to remain competitive. Those that fail to do so risk falling behind their competitors and becoming obsolete. As such, companies must utilize technology and embrace it as a core part of their operations.
However, this increased reliance on technology can also have drawbacks. As companies become more insulated from their customers, there is a risk of leaving gaps that must be addressed. Despite the benefits of technology, customers still crave personal connections and meaningful experiences with the companies they do business with.
To address this challenge, companies must find ways to reconnect with customers on a one-to-one level. This means going beyond technology to improve the customer experience and finding ways to personalize interactions and build customer relationships. By doing so, companies can create greater loyalty and build lasting connections with their customers.
Flywheel Advisors has two different services to help companies restore these customer relationships. Ask us how this works and rebuild your customer relationships.