Transforming data into assets
- 1. Copyright TLC Intelligent Solutions PTY Transforming Data into Assets Point Of View Document Version: Final Date: 27-01-2017 Author: Thomas Lucey
- 2. Copyright TLC Intelligent Solutions PTY Thomas Lucey 27-01-2017 2Slide Customer Strategies Fundamental Shift – enterprises in the past built growth & strategies by looking-out at product & services performances; today with the power being with the customer and “experience” being the new differentiator so building Outside-Looking-In strategies has never been so important as it is today Customers expect a lot more from financial institutions and wont wait around to get it Outside-Looking-In Strategy This is how it is … In the world we live in … customers now have the power, tools, resources & time to critically review, compare & select enterprises value propositions, products & services for the best deal Every day … customers are reviewing, comparing & selecting but not necessary telling you about it, until it is far too late in the day & they have already left you for some one else But … building Outside-Looking-In strategies are extremely complex because it’s no longer about the product, but rather about the consistent customer experience throughout the value chain, where experiences are vaguely specified for actionable outcomes & direction strategies So… if you approach the Outside-Looking-In strategies working backwards from experience promises to journeys to actions & then to data you will ensure a structured & effective execution path through all this customer & intermediary channel & interaction complexity This way … you strategy will have a specified experience outcome delivered by a promise at a particular journey point and with it the business action and data requirement to avoid any over reach Don’t forget … strategy is not a strategy until it is implemented and organisational cultural of the enterprise is adequately transformed and continuously improved over time
- 3. Copyright TLC Intelligent Solutions PTY Thomas Lucey 27-01-2017 3Slide Working Hypothesis – the value of customers experiences & positive customer behaviours will increase business advocacy and therefore profitability growth between 2.3% and 4.4% year on year when correctly applied How it fits together High quality data enabling greater data utility enabling effective actions delivering on promises resulting in positive customer experiences & customer behavioural changes The Business Benefits Identify 1. Lead Routing other LOBS & vice verse (while on the telephone) 2. Identify up sell opportunities within existing customers 3. Identify cross sell CI to other LOB’s and brands 4. Identify New opportunities within the corporate customer book of business 5. Grow the book by partnering, broker lead sharing & broker digital offerings 6. Grow new markets by adopting new White Label, Digital & Mobile sales channels Attract 7. Provide brokers & customers with a Gold, Silver & Bronze Omni Channel experience 8. Appropriate offerings by cultivate leads and opportunities prior to sales pipeline entry 9. More competitive pricing based on the complete customer picture (Whole account view) Retain 10. Proactively action churn risk customers by timely executing Next-Best-Actions & Offers 11. Re-enter claimants & lost opportunity prospects into the sales & renewal pipeline 12. Activate Gold, Silver & Bronze service offerings as a part of renewal process
- 4. Copyright TLC Intelligent Solutions PTY Thomas Lucey 27-01-2017 4Slide The challenge – is very often low & inconsistent levels of customer data quality & integrity as well as an absence of front line customer data availability Data Quality Index 1 2 3 4 6 7 8 5 Market Segmentation Appropriately timed offerings Appropriate Omni sales & marketing channel Appropriate customer conversation Appropriate products & offerings Customer Centricity at the point of engagement 10 20 30 40 50 60 70 80 90 100 Member Recognition (Golden Record & Unique customer ID) Contacts Demographics Life Stage Holdings Performance Preferences Needs Behaviours Member assumptions Desired Business Capabilities Attributes of a complete view of Members Special Note: Data Quality Index is scored based on customer data Correctness, Completeness & Consistency
- 5. Copyright TLC Intelligent Solutions PTY Thomas Lucey 27-01-2017 5Slide The Cause – The TLC IS IMF Capability assessment reveals key causes which are often loosely connected customer data capturing & provisioning processes causing Customer Identify, Attract & Retain inefficiencies Untapped Business Opportunities Identify 1. Lead Routing other LOBS & vice verse (while on the telephone) 2. Identify up sell opportunities within existing customers 3. Identify cross sell to other LOB’s and brands 4. Identify New opportunities within the corporate customer book of business 5. Grow the SME book by broker partnering, broker lead sharing & broker digital offerings 6. Grow new markets by adopting new White Label, Digital & Mobile sales channels Attract 7. Provide brokers & customers with superior Omni Channel experience 8. Effectively cultivate leads and opportunities prior to sales pipeline entry 9. More competitive pricing based on the complete customer picture (Whole account view) Retain 10. Identifying churn risk customers and timely executing Next-Best-Actions & Offers 11. Claimants & lost opportunity prospects re-entry into the sales & renewals pipeline The Cause The Effect Information Management Framework
- 6. Copyright TLC Intelligent Solutions PTY Thomas Lucey 27-01-2017 6Slide TLC Intelligent Solutions – Takes an holistic end to end approach to data quality & utility from strategy & concept right through to planning & implementation Customer MDM Operational Analytics Customer CRM Strategy & Design Plan & Implement Target Operating Model “It Is All About The Data” Strategy & Design: We disseminate the business strategy into 4 key capability; Trusted Customer Data, Correct & Timely Customer Insights, Confident Customer Interactions, and Target Operating Model so business success becomes clear and a balance set of balanced requirements can be formed MDM: Define & direction set what Master Data Management means for the enterprises in the form of data quality and availability to enable to Identify, Attract & Retain customers CRM: Define & direction set what is the appropriate Identify, Attract & Retain sales force automation functionality for front line staff to hold the right conversation with the right customer for the right outcome Analytics: Define & direction set what is the correct customer Identify, Attract & Retain insight to be developed for each individual customer and the journey they are on with the enterprise Target Operating Model: Define & direction set the customer centric business & support processes, data model, ownership model, roles & responsibilities & governance framework to sustain how the future state of customer data quality & utility Plan & Implement: We provide program planning design & support as well as program implementation execution support so the strategic commitments and business benefits don’t become lost in the overall program execution detail Business Case: Business problem or goal/aspiration definition, root cause analysis and to be concept design and business benefits identification and stakeholder engagement Project Plan: Concept to implementation by disseminating MDM, CRM, Analytics & TOM capability goals into actionable user stories & sub-stores that form the basis for proof of concept, vendor selection and project Epics, Sprints, Spikes initiation Project Implementation: Project direct, the project Epics, Sprints, Spikes from concept to initiation which includes MDM, CRM, Analytics & TOM artefacts detail design and implementation there of including stakeholder and change management • Business Process Standardisation • Organisation centralisation & off shoring • Data Governance / Data Council & Data Stewardship • Solution sourcing and Implementations
- 7. Copyright TLC Intelligent Solutions PTY Thomas Lucey 27-01-2017 7Slide How – by reverse engineering the business objectives (Actions, Promises & Experiences) back into MDM, CRM & Analytics capabilities and sustaining them through a fit for purpose Target Operating Model Well thought out customer technology strategy … Business Value … Fit For Purpose Solution Landscape
- 8. Copyright TLC Intelligent Solutions PTY Thomas Lucey 27-01-2017 8Slide Why – Because customer experiences are emotional outcome from data enabled actions aimed at fulfilling customer promises which determines customer behaviours and how customers will relate to products now and in the future The What 3. Actions 1. Identify customers – analysing internal & external data, and deploying traditional & white label above & below the line marketing campaigns 2. Attract customers – using data to hold timely, business & life stage applicable conversations with propositions that are meaningful & relevant 3. Retain customers – proactively utilise data to improve claimant journeys and to predict & deploy at risk to churn customers mitigation actions 4. Promises 1. Coverage of known & unknown risks (products) 2. Competitive, relevant & timely offerings & services 3. Varity of product & service options (brads) 4. Accommodate your life style & business needs 5. Provide channel flexibility and product options & alternatives 6. Value your relationships & sphere of influences 7. Reward you as an valued customer 8. Easy to deal with & freeing you up to live life 9. Respect your decisions, your choices & your information 5. Emotion 1. Needs met 2. Value for money 3. Accommodating 4. Honesty 5. Trust 6. Secure 7. Importance 8. Understanding 9. Belonging 10. Advocate 6. Impact Vision – Become the company of choice 1. Customers providing Enterprises with quality business relevant data 2. Agencies prepared to place more business with carriers 3. Agencies wanting to partner & collaborate with carriers 4. Customers remaining with enterprises for the duration of their lifetime 5. Customers having all their financial service products provide by 1 company 6. Channels effectively cross & upsell products & services 7. Intermediaries & Customers advocating the company they just dealt with Customer Experience; is not one off achievement but rather a continuum of data quality & data utility enabling business actions 1. Data Quality 2. Data Utility
- 9. Copyright TLC Intelligent Solutions PTY Thomas Lucey 27-01-2017 9Slide Thomas Lucey’s Profile Managing Director of TLC Intelligent Solutions Executive Consultant, Thomas is a qualified Management Consultant and talented business strategist with over 20 years’ experience in business strategy development within the areas of Enterprise Resource Planning (ERP) Master Data Management (MDM) and Customer Relationship Management CRM). Thomas has been leading ERP MDM & CRM consulting projects for multinational clients across the Financial Services Sectors as well as Manufacturing and Oil & Gas industries within Europe and Australia. Thomas track record in both business and IT has resulted in Thomas successfully supporting companies achieve great results in solution adoption by playing a key role as the conduit between business and IT from Strategy development to Solution implementation Key Strengths Developed a cross industry customer & distributor management framework that evaluates value propositions, business capabilities and management structures against enterprise strategic goals Strong leader and can communicate throughout the management hierarchy while working well with ambiguity & complex environments Understands the underlying need for change & identifies identifying change agents Able to think conceptually and out of the box while remaining focused on the task at hand Determines the exact requirements needed to make the change happen Demonstrates focus and determination in achieving results Working with solution providers during service purchasing and contract negotiating M +61 41 665 91 80 thomas@tlcis.com.au
- 10. Copyright TLC Intelligent Solutions PTY Thomas Lucey 27-01-2017 10Slide Reference Customers Data Mgt Business Case Data Governance MDM Strategy Design CRM Strategy Design Data Quality Business Case Data Mgt Business Case CRM Strategy Data Governance CRM Strategy Design MDM Strategy Design Data Governance CRM & MDM Strategy ERP – LMS Implementation MDM Strategy ERP Business Case ERP - Procurement ERP – Capability Assessment Leadership Strategy EMEA Resource Mgt Manufacturing & Logistics Data Governance Data Quality MDM POC & Business Case MDM Strategy Design & Implementation Data Governance Design & Implementation Target Operating Model Design & Implementation MDM Strategy Design CRM Strategy Design Data Governance Design