Effective Communication Management for Industries with Stringent Regulations
The effective management of communication is a crucial aspect of industries that operate within highly regulated environments. By ensuring compliance and maintaining a high level of professionalism, organizations can implement a robust communication strategy that incorporates all necessary processes and procedures required by the industry.
This approach enables businesses to effectively inform all stakeholders, meet their needs in a timely and efficient manner, and uphold their reputation while demonstrating their commitment to regulatory compliance. Prioritizing effective communication management is a necessary step in achieving success in today’s highly regulated business environment.
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Data drives innovation. Effective use of data will determine who will be the market leader and who will be able to establish a lasting competitive advantage.
Data is also the key to attracting customers. Effective use of trusted data is the cornerstone of delivering a great customer experience. It starts with aligning your data integrity efforts with your customer communication practices.
U.S. businesses lose $1.8 trillion in revenue each year due to poor customer experience. Most people have once canceled a service or stopped visiting because of poor service. The problem is then further complicated when customers share their bad experiences with others. All the money you spend on acquiring customers and nurturing relationships can all be reduced to ashes with just one bad encounter with your company.
Access to trusted data is key
Delivering great customer experiences requires access to trusted data and real-time insights. Naturally, it can have a direct and meaningful impact on your bottom line.
Many organizations still struggle with effectively leveraging data to deliver great experiences to their customers. 48% of companies report that their biggest challenge when creating customer experiences is data accessibility, and only 12% of them fully integrate customer communications with their CRM software. Surprisingly, that 12% comprises new businesses with few legacy systems.
However, CRM is just the tip of the iceberg. Today, many companies have 10 to 20 different systems that touch the customer experience in some way. Without integration and real-time access to critical data, these organizations risk a fragmented customer experience and significant operational inefficiencies. They may also face significant challenges with data governance.
This last point is of particular concern for highly regulated industries. Organizations that store customer data in multiple systems typically find it extremely difficult to comply with privacy, security, and data sovereignty regulations. By simplifying and streamlining integration and eliminating redundancy in data storage, companies in highly regulated industries can greatly simplify compliance.
Build a fully integrated customer experience
The data silo issue also violates one of the fundamental elements of great customer service: integrated CX. Consumers expect consistency and transparency across all channels of communication. When customers receive mixed messages and organizations lack a 360-degree view of their customers, frustration, disappointment, and ultimately customer attrition result.
Many companies still use siloed communication solutions. Many companies have one or more IT solutions that support each communication channel. This makes it virtually impossible to deliver a consistent, fully connected customer journey where each communication and interaction is personalized for maximum impact and clarity.
A variety of IT challenges exacerbate this siloed approach. For example, having duplicate integrations for each core system and channel can quickly become cumbersome. It becomes difficult to communicate clearly and consistently across multiple channels. The seemingly simple process of obtaining approval from stakeholders can be difficult, needlessly consuming bandwidth and slowing down the process.
For some organizations, it can take up to 90 days to make seemingly simple changes to customer communications across all channels. 67% of CX leaders cite siloed communication systems and integration challenges as areas for improvement.
Benefits of fully integrated CX
Rather than integrating separate systems to manage each communication channel, forward-thinking companies choose an integrated approach and adopt cloud-based customer engagement platforms to create controlled and connected customers. We provide a journey. There, each communication and interaction is personalized for maximum effectiveness and clarity, and previous communications can be taken into account, regardless of the channel.
His unified Customer Engagement platform allows CX teams to manage, review, update, and audit all of their organization’s customer communications content from a single browser-based user interface.
Integrate once and benefit from clarity and consistency across all channels. When you’re ready to engage with customers on new channels, you don’t need to develop any further integrations. A single system provides everything you need today and expands to meet your future needs.
A fully integrated customer engagement platform makes your organization more responsive. For example, if a particular communication is successful in increasing contact volume to your call center, you can update the message in just a few minutes to ensure it adheres to clearly defined approval processes for regulatory and brand compliance. while quickly providing customers with the information they need.
If you are not sure what features your future CCM solution should have to meet your short-term needs and long-term digital transformation strategy or to learn how to better engage customers and turn customer experience into your competitive advantage, please contact us today! We are happy to share our more than years of experience in providing efficient CCM solutions to clients in different industries.
