My Take on Technology Trends in 2021

by | Jan 28, 2021 | CEO-Corner | 0 comments

As we leave behind the year 2020 that was troublesome for the entire world and step into the new year 2021, the technology companies around the world have come up with their versions of the technology trends for the new year. Predominantly, overwhelming trends have focussed on digital transformation, automation, and some focused-on areas such as Artificial Intelligence, Anything-as-a-Service, Internet of Behavior (IoB), Cyber Security, Multi-Cloud.

Though the trends articulated by experts may stand true, but I perceive it a bit differently. The focal and focus point, no matter how much you automate or implement emerging technologies, the holy grail will always remain – Customer Experience. Customers’ digital experience excellence will be a paradigm shift in the next new normal, though it always been paramount in the past.

The other day I was reading an interesting article on customer experience excellence, which defined a new formula – Customer Experience = Realities ÷ Expectations, the article went on to explain – When a customer interacts with an application to access the desired outcome, they want — quick hassle-free access, easy to find, avoid risk, simplified process, save time, efficient and. When end users accomplish a task in this process, we are enriching and enhancing their digital experience.

Let me illustrate the customer digital experience with some success stories of the projects we executed in 2020, (mostly executed during lockdown with teams working from home) that enhanced, improved, and enriched the end-users’ digital experience.

Los Angeles Film School (LAFS), California, USA – The system earlier was manual/multi-step in application submission, processing, tracking, and follow-ups. We implement a cloud solution that:

  • Automated application submission, tracking, processing, and approval
  • Eliminated duplication, incomplete, incorrect applications
  • Significantly reduced email/calls-based follow-ups
  • Greater engagement between employees/applicants
  • Overall, the Digital Experience of the applications is taken to the next level

Investment Bank in Dubai, Middle East – Legacy/disparate systems, Semi-automated/manuals cumbersome processes, limited budge forecasting – all culminating into inefficient processes and customer dissatisfaction. We helped with:

  • Digitalization with Cloud-based automated processes
  • Processing run in 60 seconds vs 20 min in the legacy system
  • 360-degree view of enterprise-wide data helped in making informed decisions
  • Drastic reduction in maintenance and IT costs
  • Accurate budget forecasting enabled in enhanced customer experience
  • Greater collaboration and engagement between employees and customers
  • Improved efficiency, increased productivity, and enriching customer experience

A large Hi-tech Company in Sydney, Australia – On-premise applications, surge in customer base resulting in inferior performance, user experience comprised due to sluggish server response, depleting customer base, revenue losses. We empowered the customer with:

  • Migration of applications and data from On-premise to Cloud
  • 45% cost reduction from migrating from On-premise to cloud
  • Maximum uptime enabled a 71% increase in efficiency and productivity levels
  • Reduced man-power dependency by 67%
  • High-end system protocols ensured data security
  • Speed, agility in applications performance enhanced customer digital experiences

Bottomline

All these projects, distinctly different from each other has one common, focal point and that is – Enhanced, Enriched Customer Digital Experience. 

The year 2021 may usher in the most innovative technologies, but in the end, it all boils down to the point of customer experience. It is the customer experience that makes or mars not just the technology but the business itself.

We are living in an era of Customer Centricity-world, the pandemic has only heightened the need for improving customer experience. According to a research study, 59% of consumers say the experience plays a bigger role in impacting which brands they support

The key essentials for realizing customer experience importance in my view are – empathy, compassion towards customers’ business. Our customers are at the top of the mind in every decision we make. And that focal point of the decisions is always – Customer Satisfaction.Please feel free to write to me on anji.maram@criticalriver.com. I will be happy to respond to your queries.

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