CX is a long-term investment, not a short-term expense

During challenging economic times, businesses are always tempted to focus on cost-cutting measures en masse. With every new day comes another notification about employee layoffs, frozen budgets and doing more with less.?

But the reality is not all costs are created equal. This point is especially evident in certain industries, like banking, where tackling the reality of legacy technology systems, non-banking competitors and increased regulatory scrutiny require ongoing strategic investment.?

In a recent Forbes article, author Steven Culp makes an astute observation:

…managing cost shouldn’t be a series of one-off, short-term actions. It requires discipline and a deliberate strategy. Truly effective cost-management programs require a holistic, integrated approach working across technology, human resources, controls, and third-party expenditures. It’s not just cost-cutting; it’s cost transformation.

At OvationCXM, we believe cost transformation is a two-pronged approach focused on streamlining business processes while consolidating redundant operations to reduce costs and administrative waste. Understanding which areas of the business to cut and which ones to invest in is key to taking a balanced approach to cost transformation.

Investing in improving the customer experience is, hands down, one of the most important areas to help position any business for long-term success. To recession-proof their operations, organizations of all shapes and sizes must lay the foundation of understanding their customers' journeys, scaling them up, automating tasks, and empowering employees to respond in real-time to drive customers towards completion. Additionally, expanding business ecosystems demand investment in technology that connects partners to customer journeys, providing visibility and transparency across the board while reducing the need for manual follow-ups.

To quote Steven Culp again:?

Modern cloud-native platforms reduce the transformation timeline while allowing migration and the launch of new products to be done progressively. This cuts risk and improves ROI. Making this investment in the near-to-medium term can actually help an organization get to a sustainable level of lower costs and operating in the long term.

Fortunately, customer experience transformation and cost transformation go hand-in-hand with OvationCXM. In fact, that’s part of our origin story. We built our software from the ground up because we were tired of making investments in disparate technologies that led to administrative waste, redundant tasks and inefficient processes when we directly assisted with activation journeys. We lived that life once before, and neither we - nor our clients - are going back there again.?

The fact is companies can never hit the pause button on selling, onboarding and servicing their customers, regardless of industry they are in. OvationCXM’s CXMEngine? platform is built to consolidate your internal tools as well as your business and partner ecosystems to provide end-to-end journey orchestration because we know the quality and speed of a journey progression can make or break the customer experience. And customers who have a good experience are more likely to use a company’s products and services, even when times are tough.?

Making technology investments in an environment of cost-cutting may seem unpalatable in the short-term, but it can lead to long-term benefits like reduced opex and increased customer satisfaction. In fact, some of our clients have tripled their satisfaction scores, significantly reduced operating expenses via automation, and plugged sources of revenue leakage in under three months. Curious? We’ll show you how to unleash the full potential of your technology stack and partnerships with OvationCXM.?