The logic behind developing a detailed customer transaction fact book is that every customer contact can be explained through root cause analysis. A time-in-motion study allows the business to understand contacts by specific type, volume, cost and customer impact. With this knowledge contacts can be prioritised for attention, creating real value from enhancements to people, processes or systems.
Creating a Fact Book
If your business is looking to build a channel strategy, or simply trying to understand the nature of your contacts, then your ability to achieve this is significantly influenced by the quality and granularity of the contact data available.
At a high level channel strategies often look very similar, but most fail at the critical point of implementation because they don’t have the detail to inform and guide specific initiatives. A time-in-motion (T-i-M) study delivers the necessary detailed facts to ensure a robust and measurable set of outcomes.
The advantage of a T-i-M approach is:
- The data is captured to be in synch with the guiding channel strategy that could be focused on cost reduction, effectiveness, customer experience, or sales
- Clear benefits can be directly extrapolated to support investment decisions
- It typically delivers return on investment within weeks by highlighting opportunities that can be resolved without technology changes
- It is modelled specifically to your staff skills and true competencies, ensuring early buy-in/engagement from your people
The T-i-M study and resulting fact book, drives the creation of a detailed action plan highlighting:
- Contacts that can be eliminated – as they add no value to the customer or business
- Automation opportunities – given these contacts add little value to the business but are of some value to customers
- Events that can be simplified – where customers don’t want to interact but the business can extract value • Contacts that can be leveraged – where both customers and the business gain value
- Sales opportunities and how they could be harvested
- Value creation opportunities including ways to improve the managment of debt
- Ways to leverage emerging technologies and customer preference trends specific to your business
These all combine and align to the overarching strategy, showing the key evidence of where costs can be removed from the business, sales increased, and customer satisfaction/NPS lifted.