By McKinsey & Company
McKinsey & Company says that companies like Apple & Amazon deliver products & services swiftly; with a seamless user experience has raised the bar of user expectations. Customer wants their services from utility to bank operations to be done instantly. Customer would pay a premium for services that are around-the-clock available, real-time fulfilment, with a personalized treatment, global consistency, and zero errors.
To meet such demands companies should not only digitize a single business process but reinvent the entire business process by reducing the number of steps, go paperless, faster query resolution, automated decision making, dealing with regulatory and fraud issues, etc. Such organizational changes results in reduced operating costs, and 90% of turnaround time.
Digitization will also provide customer data that can be analyzed to provide the right offer to the right person at the right time to increase revenue through up-sell & cross-sell. Companies have to get accustomed in providing digital services to their customers in this digital age.
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