Customer experience – a crucial impression of a customer towards your company that can either make or break the brand.
From the early days of trading to the modern business era, customer experience (CX) retains as one of the most important aspects of a successful business. However, while many companies know why customer experience is important, they lack the strategy and technology to fully optimize their customers’ experience.
TOPdesk, a supplier of service management software in the Netherlands, shares its thoughts with Management Events on how organizations can provide great customer service experience.
A Snippet of TOPdesk
A provider of service tools, TOPdesk started in 1993 and has since garnered 10 million active users.
With 15 offices worldwide, the company offers service solutions that include enterprise service management, IT service management and facility management. TOPdesk also provides consultancy, tailored implementations and support to help their clients in service delivery.
DEFINING CUSTOMER EXPERIENCE
Different companies have distinctive definitions of customer experience. For TOPdesk, customer experience is a combination of culture, capabilities, and systems.
“The three aspects work in tandem, therefore, lacking in one of these areas results in tarnishing the customer and supplier relationship.”
Harvard Business Review echoes this sentiment, stating that oftentimes businesses either don’t have the systems and technology, processes and operational capabilities, or most importantly, customer-centric organizational culture.
TOPdesk also voices the vitalness of customer-centricity in a company, expressing that, “The client values interactions with a vendor that go beyond the services they provide. This is where company culture comes in.”
“Working in partnership with clients allows us to have a better understanding of the customer to drive continual improvement of products and services based on their needs.”
PUTTING CUSTOMERS AT THE CORE
In the past, customer experience and satisfaction were thought to be attained by the product itself or by the service given during the sale. What companies failed to realize at the time was that every encounter with a customer, from raising brand awareness to aftersales, is crucial in building and nurturing client relationships.
Today, businesses have to go even further in order to become a truly customer-centric organization, especially amid the COVID-19 pandemic.
“Being customer-centric means focusing on the client’s needs and adapting based on these. And we believe that creating an open dialogue with the customer is key.”
“This is the best way to get to know each and every customer, creating a personal connection, and understanding what they expect from us as an organization.”
“Facilitating this open conversation means taking an outside-in approach instead of inside-out – using customer feedback to drive changes and improvements.”
For TOPdesk, one of the most important characteristics of a customer-centric organization is transparency.
Other key characteristics include a highly engaged team that exists to learn, share knowledge, and form partnerships.
“Without the entire team buying into this method of service delivery, it is impossible to succeed.”
CUSTOMER EXPERIENCE EXCELLENCE OF TODAY
Over the years, there have been many customer experience optimization strategies with the core focus on building relations. But how is customer experience today? What has changed?
“While nurturing and serving customers has always been at the forefront of service delivery,” TOPdesk reveals, “the changes we have seen are in this being a priority during the initial stages of the sales funnel to the entire customer journey.”
“It’s no longer enough to just provide a service. It’s now expected that we go the extra mile.”
“For example, talk with each customer about how they define a successful relationship and involve them in shaping the process.”
This practice is highly encouraged at TOPdesk as the company understands the importance of providing a space for customers to share experiences with one another.
“This can come in the form of a customer event where clients can share stories, projects, and get new ideas to enhance their service experience. Or setting up a call between two customers in need of help and advice, or writing a case study to further promote their journey.”
Another key customer experience excellence trend is customer journey mapping, both internally and with the customers themselves. At TOPdesk, the customer journey maps look beyond the implementation of a tool to how they can continually support clients by identifying gaps.
“Service delivery is never ending. We must always be looking for ways to improve our offering and share our knowledge.”
ENHANCING DIGITAL CX CAPABILITIES
The arrival of the digital era brought great changes to the field of customer service, increasing organizations’ ability to maximize customer experience through technological innovations.
“The digital landscape offers a lot of scope when it comes to delivering great customer experience.”
TOPdesk observes that, “Digital tools provide an outlet for collecting both qualitative and quantitative data to influence improvements in customer experience.”
One example TOPdesk provided was their use of digital surveys to get product feedback, which can be passed onto the stakeholders in product development to prioritize enhanced features.
The company further believes that digital resources are also key for achieving great customer experience, naming podcasts, webinars, virtual events, blogs, ebooks, and case studies as top sources to help customers expand their knowledge and utilize their service better.
TOWARDS SEAMLESS CUSTOMER EXPERIENCE
With the multiple channels and stages of customer service, companies need to ensure that they provide a seamless customer experience throughout the entire customer’s journey.
As Forbes stated in their article, “Customers who love your solutions buy more and become natural brand advocates [while] customers who have a poor experience with your brand will take their money to your competitors. It is critical to provide a seamless and unforgettable customer experience across the various channels your brand uses.”
That’s why TOPdesk has experts at every touch point along the journey.
“For example, at the beginning of the TOPdesk sales cycle, our account managers must be attentive and be able to answer any commercial questions the customer may have.”
“Then, when implementation of the tool begins, a consultant must be on hand to provide knowledge, assist learning, and give advice on processes.”
“Once the typical sales cycle and implementation is complete, the customer support shouldn’t end.”
“This is where the TOPdesk customer success manager comes in. The customer success manager will reach out on a regular basis, is always available for a call, and able to triage any questions or problems to the right person or team.”
“Additionally, the TOPdesk support team is able to work harmoniously alongside the customer success manager, offering quick and effective technical solutions to ensure that the customer experience isn’t tainted by issues with the tool.”
However, TOPdesk emphasizes that internal communication is also crucial in order for the customer journey to be truly seamless.
“This way, everybody will understand the customer’s needs and be able to take the right approach in their service delivery.”
IMPROVING CUSTOMER EXPERIENCE
Customer service is continually evolving because customers themselves are constantly changing. Therefore, it’s essential for all businesses to be ready to make customer experience improvements, whether on the product or the level of service.
“TOPdesk values the feedback of our customers dearly, whether it’s service or tool-related. Via labs, we regularly consult our clients on new functionalities before they are released.”
“We also want to know how customers experience our support services and, therefore, ask for feedback after every incident.”
“Recently, the support team was rated out of 10 for: customer friendliness (9.6), knowledge level (9.4), and solution time (9.6).”
TOPDESK CX APPROACH
The first impression that a customer gets from a brand is crucial, regardless of which stage of the sales funnel they come in. At TOPdesk, customer experience starts at the first moment of interaction, not when they sign the papers and become a client.
“From the beginning of the sales funnel, we are focused on how each individual aspect of the TOPdesk tool can enhance the experience of an organization, its employees, and clients.”
“Our customer success managers are there to make sure that our customers are having the best possible TOPdesk experience, both with the software and the company.”
“We understand that people don’t want to have to rely on a service provider every time they come across a problem, which is why we strive to make our clients self-reliant: using the train-the-trainer approach.”
“But it doesn’t stop there – we encourage TOPdesk users to empower their customers through an accessible self-service portal and comprehensive knowledge base.”
TOPdesk is always looking for new ways to improve, and they want their users to do the same.
“We carry out health checks and maturity assessments to provide customers with the knowledge of where they’re at, what projects to take on, and how they can grow.”
TOPdesk upholds three core pillars, which make up the company’s DNA and shape the way they deliver services: standard and simple, shared service management, and service chain integration.
“We believe these are fundamental to the experience and satisfaction of our clients, therefore we aim to excel at each pillar to provide superior customer experience.”
You received a memo informing you that your organization has canceled all international and domestic road trips or flights due to the ongoing pandemic. Including that quarterly regional sales convention you have been prepping for months or that invitation to deliver a keynote at a B2B conference. So now what? How are you ever going to exhibit your impressive numbers and showcase your presenting skills?
Thankfully, in the ever-growing digital workplace, virtual presentations are on the rise. Consequently, with the right planning, decent internet connection, and video conferencing tools, you can deliver a high-quality, engaging presentation to the rest of the team in a virtual environment.
Virtual presentations, like in-person presentations, need to be meticulously designed. Small mistakes can make or break their success, particularly when you may not see your audience, which introduces another tier of challenges. Therefore, as a presenter, there are individual things that you should and should not do to deliver a seamless presentation.
The following are some general considerations and suggestions for running any virtual presentation and transporting live activities into a virtual setting. Note that the specific tools, features, and technological capabilities available will vary by platform.
Tip 1: Choosing a virtual platform
Choosing the wrong platform can be the difference between having a poor presentation or a great one. As the host or organizer, you get to pick the virtual presentation platform for the event. Carefully consider the size of the audience, bandwidth limitations of other attendees, and available features.
As the visiting speaker at an external event, you probably have little to no influence in choosing the platform. However, once you are aware of the selected virtual platform, ensure that you familiarize yourself with the platform, particularly if you will be switching between slides and or screen sharing. As a host or co-host, ensure other facilitators and participants receive proper training.
Tip 2: Dynamic Presentation
During an in-person presentation, we habitually employ various vital tips and tricks to keep our audience engaged. These include using appropriate facial expressions, maintaining eye contact, and hand gestures. Similarly, in a virtual presentation, you have to maintain a dynamic presence. Otherwise, statistics have shown that a passive display is one of the quickest ways to lose audience engagement other than an overly lengthy presentation. According to a Barco ClickShare study, 72% of respondents agreed that using multimedia elements made presentations more engaging.
Future predictions indicate that Augmented Reality (AR) and Virtual Reality (VR) technology will be at the forefront of virtual presentations. Businesses have already begun leveragingaugmented reality in presentations to engage their audience on an elevated level, sell their products and services more effectively, and more importantly, develop a memorable brand experience. However, for traditional slideshow presentations, endeavor to keep your slides minimal, clean & colorful; be creative and make use of multimedia (bold visuals, videos, and links) content to keep your presentation exciting and attention-seeking. The content they say is King in the virtual space.
Tip 3: Involve your audience
Another critical tip is the employment of several engagement tools to increase audience involvement, such as polls, quizzes, hands-raising, asking pertinent questions, with answers given auditorily or in the chat window. Notwithstanding, do not use these tools for the sake of inclusion. So, if a poll is inserted, ensure that the questions match your content and relevant to the presented topic.
Tip 4: The Three S’s (Stand, Stay Still & Smile)
Standing during a virtual presentation is an often-overlooked factor, particularly during the recent pandemic that forced most businesses to shutter their physical offices and workers to work from home. You may not always possess the choice of choosing whether to sit or stand. However, if you can stand, do so, as you may be able to convey more authority, avoid many potential presentation difficulties, and make it easier for your listeners to focus on you and your ideas.
Standing also improves your breathing by ensuring that you can breathe more quickly from your diaphragm and that energy can flow smoothly through your body. Additionally, standing makes it less likely for you to lean on a table or surface, which can be regarded as unprofessional. Employ hand gestures even when you are invisible.
While standing, it is crucial to remain still and in front of the camera. Balance your weight equally on both legs to keep your lower body still and minimize or eliminate shifting. Should your presentation involve moving around, gesture a bit higher than usual to ensure your audience can see them. Taking care not to move outside the camera’s viewing angle, keep your gestures contained and deliberate; doing otherwise would come off as amateurish and unprofessional.
Smiling or, at a minimum, keeping one’s facial expression neutral yet pleasant makes for a more relatable presenter. Do a few practice runs while watching yourself present. You may notice that you frown too much and or look overly serious in concentration. So, when practicing your presentation, also work on relaxing your face and smiling at appropriate moments. Eventually, you get comfortable with the content, and in turn, feel more relaxed and come across naturally.
Tip 5: Environment
Humans are highly visually stimulated animals, and our brains instantaneously register color. Thus, when setting up your camera, avoid setting up in locations with a messy or distracting background, as this may inadvertently draw the attention of your viewers away from you onto objects or other happenings besides your presentation.
Studies have shown that our brain registers color before anything else. Given that color is a powerful communicator, it helps to know how to use it effectively during presentations. Consequently, ensure you are correctly and adequately lit from above, wear neutral-colored clothing, and avoid all-black attires. From the viewer’s perspective, black-colored clothing tends to ‘swallow’ the presenter. If you have to wear black or a dark color, consider design and texture or introduce other colors to generate interest. Summarily, when choosing an outfit, think about how it fits with your overall branding.
Tip 6: Voice Modulation
Voice modulation is one of the most formidable weapons you can possess in your virtual presenting arsenal while delivering a speech. Not only does it reflect confidence, but it also helps in compelling your audience about your opinions or ideas. Many great orators have attributed their successful command over people partly due to voice modulation.
Use your voice to convey that passion and energy. When your audience cannot see you, your voice is all you have to keep your audience engaged. Therefore, your voice needs to be dynamic and engaging, or you will lose people’s attention. Practice by reading a script using exaggerated emotion, volume, and intonation. If you have a wireless headset on hand, get up and move around the room as you speak; doing this simple task may help you generate the right amount of energy in your voice.
Practice speaking at a measured pace, not too slow and not too fast. Occasionally, pause for 2 – 3 seconds when you have made a vital or transition point. Because your audience is reliant on your speech, a stillness will not only catch their attention but also return them to you.
Tip 7: Bring in a guest speaker or co-presenter.
When possible, particularly on lengthy presentations, consider bringing in a guest speaker or co-presenter to mix things up a bit. The changes in voice and style from having two presenters can keep the presentation interesting, and the audience engaged.
Still, it would be best if you choreographed the collaboration – as only one of you should be speaking at a time. Resist the temptation to interrupt each other or talk over each other. Depending on your content material and the audience, excessive inside jokes with your co-presenter might not be a good idea, as it can make the audience feel excluded.
Tip 8: Keep it short.
Lastly, presenting in person is already in itself a challenging experience. As discussed above, when we take presentations virtual, those challenges increase exponentially. During in-person presentations, we employ hand gestures, intentional body movements, track the audience’s engagement levels, use deliberate eye contact to connect with a drifting individual or sections of the audience, and redirect their attention back to us.
Virtual audiences can turn you off with a mouse click or a tap on their mobile device. Thankfully, this does not mean that all hope is completely lost. It is better to create or cover less BUT engaging content in the virtual world while keeping your presentation’s overall length to 10 – 15 minutes.
“It is not your customer’s job to remember you. It is your obligation and responsibility to make sure they don’t have the chance to forget you.”
Paying close attention and integrating these tips will undoubtedly assist in creating an engaging virtual presentation. Virtual presentations are here to stay. They are convenient, cost-effective, and gradually becoming the preferred choice for many organizations.
However, it will take some time and effort to radiate a strong virtual presence for the less experienced. Highly ranked and engaging presenters have had much-structured practice and development feedback under their belt to become masters of the art. Some have undergone coaching from skilled orators and presenters. All these merged made them the excellent presenters they are.
As time goes on, your virtual presentation skills will get better. Your knowledge and mastery of the software and various other complementary tools will improve. You become more efficient, taking less and less time to produce engaging content.
Supply chains have always been vulnerable to disruptions, from natural disasters to geopolitical issues. But supply chains of the modern era have never faced the level of upheaval as the one brought by the COVID-19 pandemic.
“Events like coronavirus are rare,”commented Samuel Mathew, Global Head of Documentary Trade at Standard Chartered, “but the impact of them are so much greater because the world is so interconnected.”
In these past months, the outbreak exposed the vulnerabilities of the decades-old globalization strategy of interdependent and multiple-tier sourcing, driving organizations to take a long hard look at their supply chain strategy for business continuity and growth.
RETHINKING SUPPLY CHAIN VISIBILITY
An often cited example of supply chain disruption is the shortages faced by automotive factories due to the devastating earthquake and tsunami that hit Japan in 2011.
The impact of the natural disasters was not only felt by local manufacturers. International assembly facilities and automotive brands were also forced to stop or slow production due to parts shortages by lower-tier suppliers located in the affected area.
The multi-tiering supply network combined with lack of data and information created a domino effect that spanned across the world. And 9 years later, organizations are facing the same issues brought by a new threat, COVID-19, prompting business leaders to emphasize further on end-to-end supply chain visibility.
Big Data and Analytics
Management Events’ recent Executive Trend Survey found that 64% of supply chain executives named data science and analytics as their top investment priority for 2021.
The finding corroborates with Oxford Economics’ research study, where 86% of executives believe that supply chain visibility and flexibility can be increased by the use of big data, which some organizations have been investing heavily in.
For example, Georgia-Pacific, a manufacturer of tissue, packaging, paper and other products, is working on a data consolidation project to merge all their data while using a data analytics logistics service to estimate delivery times.
Milind Balaji, Senior Supply Chain Manager at Georgia-Pacific, disclosed that the biggest problem is knowing where the products are, and that real-time insights could help with decision-making on rerouting or storing the shipments differently in the case of unexpected events.
“Supply chains are increasingly becoming data-driven, and businesses that lack visibility into core supply chain functions fall behind when it comes to making informed business decisions.”
Data analytics also play a key part in mapping and monitoring global suppliers, allowing firms to keep track of the locations and abilities of tier suppliers and preventing single-sourcing.
This analytics approach enables General Motors to determine, within hours, the impact of a disruption to their supply chain for the days and weeks to come, giving them “lead time to execute avoidance and mitigation strategies.”
McKinsey Global Institute seconded the strategy of mapping suppliers in their recent global supply chain report, mentioning that, “Creating a comprehensive view of the supply chain through detailed subtier mapping is a critical step to identifying hidden relationships that invite vulnerability.”
According to Fred Baumann, the Group Vice President of Global Industry Strategy at Blue Yonder, “[Big data and analytics within the supply chain] give the ability to navigate disruptions months in advance, rather than responding once they have happened. By identifying patterns in what can initially seem unrelated factors, businesses are in a better position to make immediate and effective decisions than ever before.”
Internet of Things (IoT)
The Internet of Things (IoT) is a game-changer in improving the visibility of every aspect of the supply chain, from shipment tracking to inventory management.
Although the primary use of IoT is still mainly on asset supervision, the emergence of the coronavirus has led business leaders to see the crucial role of IoT in real-time tracking and emergency planning.
Delivery optimization – While tracking of goods helps companies to determine the arrival and location of the products, the data collected by IoT sensors also enables businesses to identify delays and weak links in their supply chain and optimize their transportation routes for faster delivery.
Alternative routes – Additionally, IoT allows companies to make fast and data-driven route changes in case of unexpected circumstances, allowing flexible contingency planning and preventing lengthy delays.
Product monitoring – When faced with logistics disruptions, companies of old had no way to monitor the state of their products. But with IoT devices providing real-time data, companies are able to constantly monitor the conditions of their goods, especially perishable items, in their warehouses and transportation storages.
A prime example of IoT supply chain usage is DHL, which implemented IoT to predict market demand for cost saving and to track their trucks for increased visibility. Back in 2018, DHL launched DHL SmarTrucking in India, which leverages IoT technology for route optimization, predictive analyses, consignment tracking, and container temperature monitoring.
“Using a range of IoT sensor-equipped machinery throughout the supply chain means that potential problems or stumbling blocks can be flagged in real-time. Previously this would cause severe disruptive downtime. Instead, we’re seeing a systemic change in supply chain transparency and functionality.”
Based on the 2020 MHI Annual Industry Report, only 12% of supply chain executives currently employ AI in their organizations, with 60% expecting to implement the technology in the next five years.
Among the AI subsets, machine learning is often mentioned as a high-benefit technology for efficient supply chain management (SCM), and is also a top focus area for CIOs.
“Machine learning techniques, including a combination of deep analytics, IoT, and real-time monitoring, can be used to improve supply chain visibility substantially, thus helping businesses transform customer experience and achieve faster delivery commitments.”
Amazon, for instance, has been using machine learning for automated warehousing and drone delivery while giving its supply chain direct control over areas such as packaging, order processing, support and logistics.
Another giant with a massive product portfolio, Microsoft, employs machine learning techniques to develop a fully integrated supply chain system that captures and analyzes real-time data, and assists in risk mitigation and quick query resolutions.
During the pandemic, customers and businesses alike were faced with uncertainties on order shipments. But companies that modeled their operations with AI handled the disruption better than their counterparts.
“When you’re dealing with a situation like this, where information is changing constantly, machine learning models are very useful,” Bill Waid, the General Manager of Decision Management with FICO, explained in an interview on AI and supply chain. “It can very quickly crunch those numbers and make very informed estimates of what the forecast patterns are looking like.”
In fact, management consulting company, West Monroe, believes that machine learning tools “may eventually make better decisions than even the best supply chain managers.”
According to IBM, the concept has been around for more than a decade, but is getting increased attention from business leaders looking to effectively manage complex and siloed supply chain systems.
“In these volatile times, supply chain visibility and control have never been more important. Control tower concepts and data analytics capabilities must be upgraded to meet new demand patterns, support growth opportunities, and manage greater external risks.”
– Alexander Gunde, President of Global Technology Sector at DHL,
Hence, businesses seeking to implement control tower solutions need to have a clear purpose and defined function for the technology, whether it’s supply-chain visibility, scenario planning or alerting.
Supply chain management information resource, SupplyChainBrain, stated that, “Too often organizations aren’t clear on the scope of the control tower solution, the key functions that are included, and the span of control for the particular solution. That’s why control towers often fall short of expectations and benefits realization.”
The IBM Sterling Inventory Control Tower, for example, focuses on inventory management and provides a single almost real-time view of an organization’s inventory, including product availability, shortages, supply-demand imbalances, and supplier orders. The solution enables inventory visibility across the supply chain while identifying external impacts for faster response and better customer experience.
As control towers vary in definition and capability, supply chain leaders need to ascertain the right time for them to invest in the technology.
Christian Titze, the Research Vice President at Gartner, advises that, “A control tower only makes sense when the supply chain organization already has a certain degree of cross-functional integration in place — internally and with business partners. Otherwise, the tower won’t be able to observe enough signals to support accurate decision-making.”
ACHIEVING SUPPLY CHAIN GOALS
The development of data, IoT, machine learning and control tower in supply chain management substantially enhances an organization’s visibility into each stage of their product journey, enabling them to make adjustments to routes and inventories when necessary.
However, advanced technologies can only do so much. To achieve an effective and responsive supply chain, companies need to start with the problem statement.
“Ask yourself,” Anne Johnston Weaver, Global Supply Chain Intelligence Platform Leader at EY, said in an article on real-time supply chain visibility, “What problems are you trying to solve, and how does solving this problem help achieve your business goals?”
At the moment, there’s a significant gap between the need for visibility and the actual visibility of supply chains. But companies that take the effort to address and gain transparency will not just see cost savings, risk reductions and overall efficiency in their supply chain management – they will also be in an advantageous position to thrive in the markets of today and tomorrow.
The virus outbreak has pushed many companies to hasten the digitalization of their processes, especially with their back-office functions.
Facing challenges such as manual processes, paper-reliant procedures and limited operations visibility, C-suites are quickly realizing that their systems are in dire need of a digital overhaul.
Dany De Budt, Country Manager of the Benelux for Basware, shares how digitalization solutions help companies maintain continuous cash flow and business continuity even through the worst of times.
A SNIPPET OF BASWARE
A provider of cloud-based purchase-to-pay and e-invoicing software, Basware has helped to simplify invoicing and streamline procurement processes for clients in over 50 countries.
When it comes to digital transformation, many organizations tend to overlook the ‘back’ of their company, including finance and accounting.
With the emergence of the coronavirus and its effect on global trade, the digitalization of these essential operations are pushed even further down as companies shift their focus to business continuity tactics.
But why is digital acceleration so important? How does applied intelligence optimize business practices?
De Budt (picture left, from Computable) explains that digitalization helps firms to make strategic business decisions based on keen analytical insights from digital intelligence.
“Actionable intelligence has become a company’s most valuable asset. And while human intelligence is still important, it is not enough on its own.”
“A company needs to create a business intelligence framework that is based on human intelligence but paired with digital intelligence,” De Budt imparts. “Without digital intelligence, a company will be disrupted sooner or later.”
“With better availability and application of data and analytics, customers have been able to model and understand the ensuing impacts to their people and business faster and more accurately than before, resulting in reduced lead times from planning to execution to impact.”
He illustrates how digitalization, such as “transitioning from on-premise to cloud-based solutions”, helps reduce inefficiencies and costs, including physical overhead and human assets.
“It helps with an overall streamlining of systems, creating efficiencies that result in better visibility into your corporate operations.”
DEVELOPING DIGITAL TALENT
Although businesses across industries are adopting smart innovations and digitalization, a key issue most of them face is finding the right talents and training their existing workforce.
A trend survey by Management Events found that over 60% of business leaders named availability of key skills and talents as the biggest external impact to their business growth.
De Budt reinforces the finding, stating that digitalization has made the talent landscape more competitive.
“The skills needed for an evolving digital workforce – that has increasingly become remote – have become more critical.”
“Talent needs to adapt and embrace a flexible mindset and schedule,” he emphasizes, “They need to be self-disciplined, and much more organized, with excellent problem-solving capabilities. Digital transformation requires digital competence.”
De Budt names the Human Resources function as a critical part in an organization’s digital transformation.
“With each new digitization initiative, having highly-skilled, technology-savvy talent to deliver the best omnichannel customer experience will determine overall deliverable timeframes,” he remarks.
“It places HR in a crucial role since employee engagement, training and onboarding are its domain.”
TRANSPARENCY OF OPERATIONS
One of the prevalent issues that companies had during the lockdowns, and before the outbreak, was the visibility and accessibility of their finance and accounting processes.
“Many companies were caught off-guard by the COVID-19 pandemic,” De Budt relates. “While many firms have business continuity programs, most of those were templated, basic versions of how to handle temporary disruptions.”
In fact, a survey by Gartner discovered that only 12% of companies around the world are highly prepared for such crises. Other studies found that some organizations are ill-equipped with the right technology to remotely access and manage invoices, which are still heavily paper-reliant and locally stored.
“Transparency into operations is vital to a company so it can take a snapshot of its financial health at any time.”
De Budt points out that, “Investments into technology that improves processes, get a handle on spending, and create 360-degree visibility will be a significant factor in business continuity planning, allowing them to manage business risks and pivot during supply chain disruptions.”
“For Basware, we’re able to deliver those types of solutions because we’ve employed them ourselves.”
He further states that, “Using Artificial Intelligence, advanced data and predictive analytics, we provide automation with machine learning that results in increased transparency into a company’s finance, procurement, and supply chain operations.”
POST-COVID-19 SUPPLY CHAIN
The pandemic gave organizations a long, hard look into their progress of digital transformation, or lack thereof. While a majority of organizations were in the midst of digitalizing their business, most companies were not progressing far enough to face COVID-19 unscathed.
According to De Budt, one of the most impacted business aspects is the supply chain.
“Supply chain complexity has grown from simple domestic supply chains to more complex and global supply chains that are vulnerable to third party risks,” he reveals.
He also discloses that as firms address their business continuity issues, they realize there are supply chain blind spots that the outbreak exposed, particularly in the transparency of their supply chain.
“Suppliers from all over the globe are delivering to locations worldwide, exposing companies to risks created by an unmanaged supply chain and lack of visibility.”
“At Basware, we see Visible Commerce as the future.”
“Being able to have complete visibility across all the flows of money, goods, and services around the world is what we call Visible Commerce,” De Budt reveals. “It’s a state where transparency and data lead to more effective and ethical decision making – a better world economy for all.”
FINANCIAL IMPACTS OF THE SUPPLY CHAIN
The coronavirus impact on the supply chain consequently affects the financial flow of organizations.
De Budt comments that since companies lack visibility on their supply chain, they don’t have a full grasp on their finances.
“Companies that gain visibility into their supply chain are in a much better position to avoid or pivot when an issue comes up. Still, they won’t get there unless they invest in the advanced technology that’s available to them.”
“The challenge here, of course, is the risk of doing nothing.”
He proclaims, “For those that are unable or unwilling to adapt or change, they’ll suffer financially and increase their exposure to supply chain risk, with potentially catastrophic results. Inaction is not an option.”
To give companies a clear view on their financial operations, Basware offers a Financial Impact Analysis. Highlighting their current stand on finance, values and savings, the solution allows businesses to make informed decisions using actual real-time data.
USABILITY AT THE FOREFRONT
However, technology advancement is not the only focus of Basware’s services. From the accounts payable and accounts receivable solutions to their source-to-pay AP Automation and e-Procurement, usability remains one of their core focus.
“The role of digital capabilities is to make everything – everything – easier for our user clients,” De Budy stresses.
“Just like friction in a supply chain can wreak havoc, so can user friction when navigating an application. An intuitive user interface, coupled with automation and machine learning, makes for exceptional user experience, increasing user adoption and productivity.”
LEADING THE DIGITAL CHANGE
Digitalization, or any big corporate change, are usually expected to begin from the top management, but De Budt begs to differ.
“While it’s important for leaders to lead by examples,” he conveys, “expecting change from ‘the top’ is unlikely to occur in this current COVID-19 environment.”
“Change more likely needs to be driven from the bottom up.”
He continues to explain that the planning and vision for digital transformation start at the top, but the change itself begins from the bottom, to be built piece by piece, ensuring the strongest foundation possible.
Digital acceleration is indeed crucial to ensure continued business growth and competitive advantage, but it needs to be, as Forbes put it, “guided by the broader business strategy”.
“A leader’s decisions shouldn’t be made off instinct or gut feelings alone,” De Budt cautions. “A leader may have the final say, but their decision should be based on reliable insights from trend analyses using big data to reveal patterns to better future-proof their businesses.”
“Data and analytics gathered by intelligent technology can be used to inform business decisions and bring further efficiencies, transparency, and scalability to a company’s operations.”
De Budt deeply believes that digital advancement is a vital, and necessary, contributor to business development.
“Collaboration between customers, partners – and even with competitors to an extent – are key to success,” De Budt imparts. “But technology will lead the evolution to a better state of business. One that allows for increased transparency, automation, and remote working capabilities.”
