Customer Satisfaction on Total Return to Shareholders (TRS)

Customers are the Kings and the service providers are very much concerned to serve better to the kings in every facet of life . Our industry i.e Agri warehousing & Collateral management is no other world than this . When companies rethink their customer experience, digitization allows them to work backward from what customers would like to see instead of getting bogged down in incremental improvements.

As per an recent article published in mckinsey.com......two lessons to help companies capture the greatest value from improving their customer experience.

First, how do you find out what really matters to customers? Companies that excel at this do two things: they streamline their operations and take out cost, and they create new experiences and tap new sources of value. Many organizations simply take a “problem view”—treating internal processes as a cost that needs to be reduced, and looking for customer pain points that need to be eliminated. That’s a good place to start, but if it’s the only view, it misses out on the idea of creating additional customer value.

In Warehousing companies as a warehouse Service Provider ( WSP) where lots of manual paper work intervention is there , the customers suffers a lots and they will slowly avoid coming to that warehouses where they get their invoice late , get their goods receipt note after 2 days and bla bla. Customers prefer to go to the warehouses where they gets the invoices instantly , get their GRN immediately and so on . One mobile Appe investment in the company may add value to the customers where Customer Satisfaction on Total Return to Shareholders (TRS) is very high to get all those requirements as mentioned above.

In a WSP company due to presence of many intelligent and so called old thought of mind , in order to combat the risk management at high , the management goes on writing the lengthy SOPs without even taking the concern from the customers and users at their field will simply delay the delivery of the Customer services and ultimately make their customers unhappy. Here the WSP will have very low Customer Satisfaction on Total Return to Shareholders (TRS).

In the earlier case , the WSP used this understanding of customer pain points to create a new mobile app that enables a goods to be delivered in the warehouse within a couple of minutes, sends messages to update customers on the status of their inventory, and provides real-time processing and GRNs. To create additional value for customers, the WSP went a step further and created a function that allows customers to make appointments with a repair shop directly via the app.These all are the value creation and increasing the Customer Satisfaction on Total Return to Shareholders (TRS).

Warehousing professionals needs to look at simplifying process and quick service deliveries are the key deliverables of the hour.

Idea generated by self experience & recent article published in mckinsey.com