Driving business growth in a downturn might seem impossible but organizations that take advantage of productivity mining can achieve it.
Driving Business Growth with Productivity Mining
“Driving business growth in a downturn might seem impossible but organisations that take advantage of productivity mining can achieve it. The ingredients for growth include good customer service and interactions, streamlined processes, and skilled and engaged staff but hidden problems can break even the best designed interaction channel or process. They can become barriers to productivity that lead to employee attrition. With productivity mining technology you can uncover process related problems and get rid of them.
Uncovering Collaboration and Communication Issues
One example is where there is poor collaboration or communication between teams in any line of business. Take handling a product return and refund in ecommerce or a fast-food delivery error, when one team leaves notes and clear instructions for another team to follow but the instructions are missed or ignored. The situation inevitably leads to unnecessary contact by a dissatisfied customer. Typically, where it exists, the problem occurs often and provides a pattern in terms of process steps that can be discovered with productivity mining technology. The captured data can then be analysed for insights on how and why the instructions are not followed by the second team.
Addressing Legacy System Constraints
Another example is the tricky situation that mortgage lenders are in that is slowing them from growing their businesses. Inflation has pushed interest rates to record high levels in decades. As a result, lenders’ contact centres have become deluged with calls from customers seeking better deals, but legacy systems slow down contact centre agents when dealing with the customers. They are constrained by the program logic of their legacy systems and complicated process flows.
Enhancing Efficiency Through Automation
The same issue stops mortgage lenders from bringing new products to market. They must take time to work out how to get around the program logic and workflow of legacy systems to implement new products. Meanwhile mortgage default rates are climbing, and new business is in decline.
With productivity mining you can find the workarounds that experienced agents have developed for themselves to be able to deal with different types of customer requirements. You can then work out how to automate the workarounds to save your staff from doing them manually. These can be desktop automations that the agents activate with the press of a button when they need it.
Leveraging Insights for Growth
The workarounds could also guide and speed up the process of bringing a new mortgage product to market. Consequently, you will improve capacity by freeing agents to handle more customer calls, reducing waiting times. The agents can deal with incoming queries faster and better and so customer satisfaction goes up. You can grow the business by bringing new products to market faster, making the most of demand for alternative mortgage offerings.
Every organisation can gain valuable insights from its process data. Take advantage of the insights with growth in mind to find and address operational issues that hold back business development.