Nitin Rakesh is the CEO and Managing Director of Mphasis and coauthor of the award-winning book “Transformation in Times of Crisis.”
Who would believe a reliance on horsepower heavily shaped the American economy in the 1870s? Horses not only did all of the heavy lifting the Second Industrial Revolution demanded regarding the mass movement of goods and people, but they were also at the heart of rural and city life. Yet by the early 1900s, the automobile, electrified railways and mechanized transportation replaced horses and horsepower—setting off a series of changes that transformed the American rural and urban landscape, livelihoods and industries.
At the heart of the shift was the consumer who wanted to move away from an outdated, “dangerous” and unsafe means of transportation to a cleaner, safer alternative led by “dustless and odorless” cars running “noiselessly” over city streets.
In today’s context, it may not yet be clear what the current combination of financial, political and technological developments will lead to regarding the next big innovation that will transform our lives. However, what remains unchanged and supremely relevant is the centrality of the customer. This is why even as businesses are being buffeted by the effects of geostrategic conflicts, unyielding labor markets, the rise of advanced tech and climate change, it is crucial for them to remember that the customer—now more than ever—is king.
Customer pain points, if compared to sickness, need a trusted doctor’s empathetic, attentive ear now more than ever—an unbiased hearing of the “symptoms” to understand and address the pain points customers are finding hard to fix.
In this context, technology may seem like the last thing that could stand in for such a role. However, if you consider its evolution over the years, it has gone from being a system, a tool and a process to an intuitive “intelligent” capability. It can operate on a large scale not only systemically but also, increasingly, highly personally.
Let’s take a look at how some of the applications of advanced tech can enable businesses to serve as doctors with a keen eye so they can attentively gather reported symptoms and provide customized, effective solutions.
Moving With The Cloud
Consider, for example, cloud computing. It can serve as a game-changer for CEOs looking to prioritize customer satisfaction in a time of flux. One of its major benefits is the cloud’s ability to seamlessly leverage customer data analytics from across locations. Cloud platforms are primed to gather and analyze customer interactions across a variety of touchpoints as they occur in real time.
This data can help reveal hidden patterns in customer behavior, highlighting areas of frustration or inefficiency. With these insights, CEOs can then make data-driven decisions that effectively address customer pain points, improve product or process features and boost the customer journey.
A March 2023 Market.us report projected the cloud computing market to reach $2.32 trillion by 2032, achieving a CAGR of 16% from 2023 to 2032. This growth will ensure leaders and businesses wanting to address customer pain points with the help of cloud-based tools and platforms can do so at scale.
Another way in which CEOs can use cloud technology to better address customer frustrations is by fostering a more customer-centric culture within their organizations. Cloud-based customer relationship management (CRM) systems provide a centralized platform for managing every kind of customer interaction. Sales, marketing and support teams can all access real-time customer data, thus personalizing communication according to changing needs and situations.
Cloud-based solutions also offer the agility and scalability CEOs need to adapt to fast-evolving customer needs. Platforms built on the cloud allow for rapid deployment of new features and functionalities. This ensures businesses can move with the times and address customer pain points as they emerge iteratively.
Deploying AI
Another technology that has often been viewed as a business disruptor—AI—has the potential to not only help CEOs ask about and understand consumer “symptoms” but also “prescribe” highly customized solutions.
For example, the technology’s capacity to analyze massive datasets helps AI quickly identify customer frustrations from a variety of locations, including social media posts, reviews and support tickets. Once identified, CEOs can then ensure a company’s resources are harnessed correctly to target the problems that matter most.
AI can also enable CEOs to better understand customer pain points by embedding AI-powered chatbots into their customer-facing touchpoints. According to an October 2023 Google Cloud study, 48% of U.S. bank executives intend to use generative AI technology to bolster their customer-facing chatbots and virtual assistants. This growing implementation is poised to fuel greater acceptance of interactive chatbots among consumers.
Once introduced, these bots can step in to provide 24/7 support, answer basic questions and even personalize recommendations. Further, in freeing up human agents for complex issues, these bots can help expedite resolution times and improve customer satisfaction. As an unintended bonus, they can also gather additional customer data during customer interactions.
Predicting To Avert Problems
Given how connected everyone and everything is, change—when it occurs—happens in an instant. This is why AI’s ability to analyze behavior patterns helps it both foresee and predict potential problems. This provides CEOs with a powerful tool to initiate proactive interventions, including preventative maintenance or targeted notifications, which can go a long way in reducing customer frustration and fostering brand trust.
As businesses make their way through multiple challenges posed by unpredictable and volatile macro environments, CEOs should prioritize keeping their eyes peeled on what is at the heart of every business operation—the customer. No matter how big or advanced companies are, it’s only by remaining attentive to their customers’ changing needs, frustrations and requirements they can remain robust and relevant for the future.
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